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Women hold 33% of investment committee seats across Africa’s private capital ecosystem, nearly three times the global average of 12%. Yet African female founders secured just 0.9% of the $3.2 billion in startup funding deployed across the continent in 2025, the lowest share in four years, despite evidence that firms with majority-female investment committees allocate almost half their portfolios to women-led businesses. Africa has made significant progress in diversifying who allocates capital, but funding outcomes remain deeply unequal. If women are increasingly shaping investment decisions, what is preventing that progress from translating into capital for women-led businesses?