PIO Notes
The quarterly recordof private capital.
PIO Notes is our quarterly publication exploring private capital, real estate, private markets and the ideas shaping long-term capital allocation across Africa.
Each edition is shared privately. Provide your details and we will email your copy.
Available Editions
Q1 2026
Alternative Investment For Long Term Capital
August 2026
The conventional framework of portfolio construction being a balanced allocation between equities and fixed income is facing its most significant test in generations. For decades, this approach delivered dependable, risk-adjusted returns. Equities provided growth, bonds offered stability, and together they formed the foundation of institutional and private portfolios globally.
Q2 2026
The Open Door Private Markets, Stewardship and African Family Capital
August 2026
For most of financial history, the most rewarding corners of the investment world were closed to all but a few. Private markets: the businesses, infrastructure, and credit that sit outside public exchanges were the preserve of large institutions and the wealthiest families, protected by high minimums, decade-long commitments, and relationships that took generations to form. That world is ending. New rules, new fund structures, and new platforms are converging to open private markets to a far wider group of investors than at any point in their history.