H1 2024: Milestones and Memories

As we reach the midpoint of 2024, I find myself reflecting on a journey filled with both joy and sorrow. The past six months have been a whirlwind of emotions—marked by the profound loss of two cherished individuals, leaving a deep ache in my heart.

However, it has been marked by strategic initiatives, impactful engagements, building new relationships and strengthening existing ones, making significant advancements in empowering healthcare and fintech startups across the continent,

H1 Highlights

● 35+ events in nearly 50 cities across Africa, Europe, and North America

● 520+ Meetings

● 44 Flights

● 110 Portfolio Value-Add Activities

Global Engagements

Representing HealthCap Africa, I participated in over 35 events spanning nearly 50 cities across Africa, North America, and Europe. Highlights include the Women in Venture Capital Summit in Half Moon Bay, the JP Morgan Healthcare Conference in San Francisco, the GPC Conference in New York, the African Private Capital Association (AVCA) Conference in Johannesburg, the Invest Africa Ltd Africa Debate amp; FDI Showcase in London, Katapult Future Fest in Norway, the GITEX AFRICA Conference in Morocco, the Milken Conference in LA and the Qatar Economic Forum.

These high-level engagements are pivotal in building our global community and driving forward our mission to transform the African healthcare and financial services sectors.

HealthCap Africa: A Leading Force

Africa has firmly established itself as the leading investment firm specializing in healthtech and fintech on the continent. With an impressive track record, including a 5x Distributed to Paid-In Capital (DPI) in our first fund, we are not only among the top-performing funds in Africa but also rank in the top quartile globally in terms of financial returns.

Our strategic focus on healthtech and fintech allows us to tackle critical macroeconomic challenges, such as the high cost of healthcare and the significant portion of GDP allocated to it across Africa. By investing in innovative solutions that lower healthcare costs and enhance financial inclusion, we are actively contributing to the continents economic growth and development. We are particularly proud of having executed over 100 value-add initiatives, providing substantial support to our portfolio companies.

Despite the global economic downturn, our portfolio companies have not only weathered the storm but have also continued to thrive, securing additional funding and reaching significant milestones. While we are still in the process of raising my Fund 2, we have already warehoused several deals some of which have yielded returns almost 10x MOIC (multiple on invested capital) already. This means that investors in our fund are benefiting from our commitment and entrepreneurial spirit, as we consistently put substantial skin in the game before seeking external investment. Taking calculated risks ahead of our investors is a principle I stand by, reflecting my entrepreneurial approach to investment.

One of my H1 highlights was I having the incredible opportunity to listen to and meet one of my all-time favorite investors, Ken Griffin, the founder and CEO of Citadel. I have long admired his remarkable track record and strategic acumen in the financial industry.

Ken Griffins approach to investing has been a source of inspiration and learning for me. His ability to identify undervalued assets and execute complex, high-impact deals has set him apart in the world of finance.

By studying his investment strategies and the successful transactions he has spearheaded, I have gained valuable insights into the art of deal-making and risk management.

Speaking Engagements

Those who know me are well aware of my passion for advocating for Africa and its markets at conferences around the world.

What is less commonly known is that by 2100, Nigeria's population is projected to surpass that of China, and Africa as a whole will have a population ten times larger than China’s. While economic growth doesn't always correlate directly with population growth, it very often does & the potential for such growth in Africa is one of the many reasons I'm deeply optimistic about the continents future. To explore more of my perspectives on Africa, you can watch my video on the business case for the continent here.

Education

My journey toward a PhD continues, with a focus on the interplay between monetary policy transmission, digital currencies, and fintech. With our investment strategy strongly centered on fintech, I believe that developing deep subject matter expertise is essential. One key insight Ive gained from the venture capital landscape in the last year is that specialist funds often outperform generalist ones due to their focused expertise. Delving deeper into cryptocurrencies, digital currencies, monetary policies, and the future of money has been both fascinating and valuable to me. If you are interested in digital currencies, I invite you to watch my video on the topic here.

Health and Wellness

This year, I have made a conscious effort to increase my protein intake, driven by my commitment to more intensive resistance training. Interestingly, reaching a daily intake of 90 grams of protein has not only supported my fitness goals but also unexpectedly improved the strength of my hair and nails—a pleasant surprise. Additionally, I’ve increased the frequency of my resistance training sessions, and the results have been incredibly rewarding.

Grief and Growth: Lessons Learned from the Passing of Two Mentors

Late last year, I experienced the profound loss of Mr. Bode Agusto, the Chairman of GreenTree Investments, the first fund I managed. His passing taught me a lesson that resonates deeply: to spend time where people spend time. Mr. Agusto dedicated 4-6 hours to playing golf, a pursuit I never fully understood. You're just walking around slowly; I don't think you'll burn any calories that way, I would jest whenever he invited me to join him.

Looking back, I now realize that the value of spending time with someone lies not in the activity itself, but in the connection and presence shared. I regret not playing that "boring' game with him, simply because he loved it. If given the chance now, I would embrace that opportunity without hesitation. He started off as my chairman, then became my mentor, but over the years evolved into a father-like figure for me whom I ran my major decisions past.

As I entered the new year, still grappling with Mr. Agosto's loss, I was struck by another devastating blow: the passing of my friend, mentor, and guiding light, the oracle of Isiokpo, Herbert Wigwe. His departure was not only a personal tragedy but a loss felt across Nigeria. In his memory, I wrote an ode that captured the essence of a man whose wisdom and spirit will continue to inspire us all. You can read my tribute to Herbert Wigwe here.

Its hard to fathom that just two years after I tweeted my gratitude for their unwavering support during my transition into financial services, both of these remarkable men were gone within six months of each other. Their absence leaves a void, but their legacies will continue to shape and inspire my journey.

Looking Ahead

As we move into the second half of the year, our focus will remain on supporting our portfolio companies and advocating for policies that enhance the startup ecosystem in Africa as we continue to raise our new fund, We are committed to driving impactful change and fostering innovation in the healthcare and fintech sectors. To learn more about our work reach out to us at: [email protected]