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The $6.4bn Bet That Came Undone

Trajectories — Portrait No. 2 Ursula Burns took over a company whose product was being erased by the internet, and spent $6.4bn — the largest acquisition in Xerox’s history — buying a different business to become. Six years later the group was split back in two under pressure from an activist holding roughly 15% of...

Suing for a Dial Tone

Trajectories — Portrait No. 1 Strive Masiyiwa spent five years and most of his money in court, arguing that Zimbabwe’s telephone monopoly was an assault on free speech. He won, switched on his network, and then left the country for twenty-six years. The infrastructure group he built from exile is now being tested by the...

Narrative Doesn’t Fund Anything Any More: What LPs Actually Want from African Managers

The money hasn’t left Africa. It has simply become much harder to convince. Institutional investors are no longer asking whether the continent holds promise; they want to know how that promise is being captured, measured and converted into liquidity. Two fund managers — Anza, based in Johannesburg, and Farmties Capital — agreed to describe what...

Twenty-four markets, one integration: Tola Mobile’s bet on African payments

A payments stack that clears transactions in Lagos will not necessarily clear them in Nairobi. What performs in Accra can stall in Kampala. That fragmentation is the wall most companies hit when they try to scale across the continent — and it is precisely the market Tola Mobile has chosen to occupy. The payments infrastructure...

The Slowest Asset Class

Africa’s capital markets have become more selective, not smaller — and selectivity puts the pressure on execution rather than on money. Oxford Saïd arrives at AFSIC 2026 as a headline sponsor betting on the input that takes longest to build: people. Foreign direct investment into Africa reached roughly $70bn in 2025, down from an exceptional...

Beyond the Pitch Deck: What Investor Readiness Actually Means

Ask a hundred founders whether they are investor ready and ninety will show you a deck. Fifteen slides, a chart bending up and to the right, a market size with eleven digits. The document is clean. It proves nothing. A deck describes what a company wants to be. Investor readiness describes what it is —...