By Shruti Menon Seeboo
The 9th Pension Funds and Alternative Investments Africa (PIAfrica 2026) Conference kicked off on February 11 at the Hilton Mauritius, marking a pivotal moment for a continent whose institutional investors now command a staggering $2 trillion in assets. The atmosphere was one of concentrated purpose; as delegates from over 25 countries gathered, the discussion quickly moved past generalities to address a fundamental question: how can Africa’s own capital be the primary engine for its own development?
Delila Katanga, serving as the Master of Ceremonies, set a sophisticated tone for an event that has evolved from a simple networking hub into a high-stakes war room for continental development. As the rhythmic pulse of the “Welcome to Mauritius” video faded, leaving the audience with images of a nation that has successfully bridged the gap between island charm and global financial hub status, the tone shifted to the technicalities of institutional capital.
Mahad Ahmed, the Chief Executive Officer of AMETrade, opened the proceedings with a sense of historical perspective. Having steered the conference through years of global upheaval, Ahmed observed that the African pension sector is currently undergoing a “strategic shift”. He noted that institutional investors are no longer passive observers of global markets but are increasingly becoming the primary architects of local growth. For Ahmed, the collective capital present at the summit represents a testament to the continent’s ability to translate long-term savings into sustainable economic impact.
The industrial and developmental weight of the conference was further underscored by the lead and platinum sponsors. Selim Basak, the Co-Founder and Head of Origination at Gemcorp Capital, stepped to the lectern with the confidence of a leader who has already put theory into practice. “Gemcorp Capital is a fund manager headquartered in London, but with a long local presence in Africa,” Basak began, grounding his global perspective in local grit. He spoke not as an outsider looking in, but as a stakeholder with deep roots across West, East, and Southern Africa.
For Basak, the numbers tell the most compelling story of African resilience. “We have deployed 6 billion dollars in Africa over the last 11 years,” he noted, detailing investments that span the critical pillars of infrastructure, trade finance, and predominantly, energy. In an era where many global investors have retreated to the safety of developed markets, Basak’s report was a defiance of that trend. He revealed that Gemcorp has generated over 11% net returns in US dollar terms for their investors—a figure that effectively silences the narrative that Africa is a “risky” market.
The highlight of Basak’s address was the unveiling of a new vehicle for growth: the Pan-African Infrastructure Fund. Anchored by Gemcorp and the Sovereign Wealth Fund of Angola, this new fund represents a maturing of the African investment landscape. “We really hope that other African pension funds and sovereign wealth funds and other institutional investors will join this fund as investors,” Basak urged, extending a direct invitation for a collective African buy-in.
The philosophical core of the morning was Basak’s reflection on the “capital shortage” myth. “Last year… one of the key messages was that yes, Africa often has a capital shortage problem to bring projects to life,” he recalled. “But the key message was that, in fact, Africa’s solutions to this problem actually lies in Africa”. He pointed to the staggering aggregate of over $1 trillion held in African sovereign wealth, pension, and insurance funds. This, he argued, is the catalyst that will show the rest of the world the true performance and potential of African infrastructure.
Following him, Wola Asase, Deputy Director and Head of Syndications at the Africa Finance Corporation (AFC), brought a sharp focus to the role of collaboration. Asase’s presence underscored the growing trend of “syndication”—the idea that no single fund should carry the burden of massive infrastructure projects alone. He noted that by pooling resources and expertise, African institutions could finally bridge the continent’s infrastructure gap. His remarks echoed the sentiment that the “African narrative” is now being written by those who control the capital, shifting the reliance away from external aid toward internal investment.
The morning reached its crescendo with the keynote remarks from Dr the Hon. Avinash Ramtohul, Minister of Information and Technology, Communication and Innovation. Standing in for the Minister of Financial Services, Ramtohul brought a technologist’s edge to the financial discourse, greeting the delegates with a reminder of Mauritius’s unique position as a “multicultural nation” defined by “unity in diversity”.
“I think way after it was actually said for when the World Cup was organised in South Africa, I think it’s now really the time for Africa,” Ramtohul declared, drawing on his own extensive background leading tech companies across Nigeria, Sierra Leone, Mozambique, and Djibouti. He spoke of witnessing the evolution of the continent’s gateways—from the old airports of Nairobi and Lagos to the modern hubs of today—but warned that the next phase of growth requires a different kind of infrastructure.
“The digital divide was way above acceptable levels,” he noted, reflecting on the early days of mobile penetration. But today, with Africa set to host the world’s largest youth population by 2050, the Minister argued that Artificial Intelligence offers a “second opportunity” similar to the mobile phone revolution. However, he was clear that this opportunity rests on one thing: data sovereignty.
“Some people say data is the new oil… others say data is the new gold. I would say that data is the future,” Ramtohul stated. “And where the data is, the dollar will be there”. He challenged the investment community to view infrastructure not just as hospitals and schools, but as the fibre cables and data centres required to keep African intelligence on African soil. “Decisions are now also being made by machines,” he observed, pointing to the rise of Large Language Models (LLMs) and specialized “GPTs” for investment firms that can predict yields with surgical precision.
Ramtohul’s vision for Mauritius as an International Financial Centre (IFC) is one of proactive resilience. He highlighted the “ICT Blueprint” and the “Rethinking the Future of Financial Services 2025-2030” strategy, designed to keep the sector relevant in a “VUCA” world—characterised by Volatility, Uncertainty, Change, and Ambiguity. He also spoke candidly about the challenges, acknowledging a dip in the corruption perception index and affirming the government’s commitment to transparency through the Freedom of Information Act and a new National Cyber Resilience Agency.
“Resilience for the financial sector comes from two key elements,” the Minister concluded. “An up-to-date legal framework… and also the people”. He looked forward to a decade where African countries would launch their own digital currencies, requiring 24/7 security and a secure virtual space.
As we closed Day 1 of PIAfrica 2026, one message was clear: the conversation around Africa’s institutional capital has matured. The 9th edition opened against a challenging global backdrop—geopolitical tension, higher interest rates, tighter financial conditions, and policy uncertainty. Yet Africa’s institutional capital base is now approaching $2 trillion. That is a structural shift.
The key question posed was simple: how do we balance fiduciary duty with developmental responsibility in an era of uncertainty? Across the day’s sessions, discussions were around: Infrastructure and alternatives can deliver competitive returns when structured with discipline. The constraint is not capital scarcity, but the pipeline of bankable, well-governed projects. Digital infrastructure, AI, data governance, and cyber resilience are now central to competitiveness—and institutional capital has a role to play.
The biggest barrier is ultimately confidence: in regulation, governance, trustee capability, and exit pathways. Africa has capital at scale. Africa has investment needs at scale. The bridge between the two is built on governance, preparation, collaboration, and trust. Today, on Day 2 of the conference, we continue with a focus on implementation—moving from debate to structured action.
