African pension funds are increasingly looking for offshore artificial intelligence investment opportunities given some remarkable global growth in the space and relatively slower AI build out within Africa, Malcolm Fair, Chief Executive of consultancy RisCura, tells MandateWire. While smaller funds are accessing the space via multi-managed or index funds due to offshore investment curbs, larger African pension funds are turning to offshore private markets. 

AI growth accelerates, but access remains uneven 

Artificial intelligence is rapidly reshaping global investment markets, but for many African pension funds, meaningful exposure to the theme still lies beyond the continent’s borders. As worldwide AI spending continues to accelerate, African asset owners are increasingly looking offshore to participate in what is becoming one of the defining investment opportunities of the decade. 

Regulatory limits and the search for scale 

In the article, Malcolm explains that while interest in AI is growing across African pension funds of all sizes, local opportunities remain limited. Regulatory constraints and a shortage of bankable domestic projects mean that smaller funds often rely on multi-managed or index funds for offshore exposure, while larger funds are turning to private markets to access infrastructure, private equity and venture capital opportunities linked to AI’s expansion. 

Infrastructure, valuation and indirect exposure 

Malcolm highlights data centres and the supporting energy and utilities infrastructure as critical enablers of AI’s growth, and areas where investment demand is intensifying globally. He also notes that African investors already have indirect exposure through listed technology stocks, including companies with significant AI and platform exposure. Despite strong market performance, he points out that Chinese AI-exposed mega-cap stocks remain more attractively valued than their US counterparts, potentially offering downside resilience in the event of a market correction. Assessing these relative value opportunities and the risks across global markets, Malcolm notes, requires deep manager research and experience across both public and private market strategies. 

Why venture capital matters for future technologies 

Looking ahead, Malcolm argues that offshore venture capital plays a vital role in accessing primary technologies such as artificial intelligence, quantum computing and nuclear technologies ─ sectors that are not yet readily accessible within African markets.  

While Africa continues to offer opportunities in secondary technologies like fintech and agri-tech, global diversification remains essential for pension funds seeking long-term exposure to transformative innovation. 

This content is our own summary of an article originally published by MandateWire in December 2025. The full article is available directly from MandateWire.