Dream VC and the A&A Collective dropped a first-of-its-kind report on African investment salaries.
Called the African Investment Salaries Report 2025, it surveyed 216 pre-partner pros across venture capital, private equity, and impact investing.
Here’s highlights from the report:
Who’s in the Game
- Gender Split: 57% male, 43% female—decent parity, but women thin out in top roles like Principals and Directors.
- Job Levels: Junior roles dominate—Associates (24%) and Analysts (19%) lead, while Directors (4%) are rare.
- Nationalities: Kenyans (27%), Nigerians (18%), and South Africans (7%) top the list, with Ghanaians (8%) rising fast. Some Americans and French (2% each) crash the party.
- Education: Over 50% have Bachelor’s, 40% Master’s (20% MBAs), and 39% studied abroad.
Show Me the Money
- Salary Ladder: Interns scrape by at $5,700 (median), Analysts hit $22,032, Senior Associates climb to $50,800, and Portfolio Managers cash $72,600. Averages skew higher—e.g., Senior Associates at $45,947.
- Location Pay Gap: Outside Africa pays better—Analysts get $28k vs. $21k inside; Investment Managers, $110k vs. $70k. Gaps balloon at senior levels.
- Bonuses: Juniors get crumbs, but Portfolio Managers can snag $1k to $1.8M.
- Carry: Almost zilch for Analysts (0–0.8%), up to 10% for Principals—though most get squat.
- Perks: Health insurance (52%) and PTO (50%) rule; 17% get nothing.
Firm Vibes
- Boom Years: 2022 was huge for new firms, with 2019 and 2021 close behind.
- Assets (AUM): Ranges from $0 to $5B. Median’s $50M, but big dogs push the average to $202.92M. VC medians at $50M, PE at $87.5M, impact at $56M.
- HQ Hotspots: Nairobi, Lagos, Johannesburg lead.
The Big Picture
Africa’s investment scene is young, educated, and growing—but pay lags global norms, especially inside the continent. Women are gaining ground, though senior gigs remain elusive.
Firms are smallish (median AUM $50M), hinting at scaling potential. USD rules salaries (54%), and remote work’s big (26% fully remote).
Dream VC and A&A Collective want this annual report to spark transparency and talent wars.
Why It Matters
With post-pandemic firm growth and a global eye on Africa, this data’s a playbook for fund managers and job seekers. Next stop: closing that pay gap and boosting carry for the big shots.
Quick Hits
- Top Currency: USD (54%).
- Remote Trend: Fully remote tops at 26%.
