How do you manage political risk?

These risks are a fact of life all over the world. There is a perception rightly or wrongly that they are more elevated in Africa. Perhaps. The important thing is to ask: Are we being adequately compensated for the risk we are taking on? The answer I think, as demonstrated by the Fund’s >23% CAGR over 5 years is a resounding yes. That said, part of our 8Ms process, discussed in the Information Memorandum is to look at “Macro”. Where macro risks are unacceptable to us, we don’t invest. We don’t invest in the Sahel region, for example, or Sudan, other than one limited exposure in Mali (Senegalese telco, Sonatel, which we own also operates there), and some minuscule South Sudan business conducted by one of our Kenyan bank exposures. Africa has 54 countries. There is a whole spectrum of risk.