African Allocator Podcast

African equity markets are beyond an inflection point. That’s according to Thea Jamison, managing director, CHANGE Global Investment. “I am quite optimistic about the African markets. They are beyond an inflection point. The markets are re-rating, liquidity is improving dramatically, and this is all happening on domestic investment flows,” she said.

In a recent interview on the African Allocator Podcast, Jamison shared her insights into frontier and emerging market investing, with an emphasis on Africa. CHANGE Global Investment currently has 20% of its allocation to the African continent.

Founded in 2013, CHANGE Global Investment focuses on emerging and frontier markets, with public equities as a key area of investment. Jamison explained the distinction between emerging and frontier markets, emphasising accessibility rather than economic growth. “Emerging markets are very easily accessible for investors anywhere, while frontier markets still have some accessibility challenges, which could also be opportunities,” she noted.

She highlighted the firm’s investment approach which prioritises dominant market players with significant upside potential. “We’re looking for blue-chip companies that have multi-bagger upside,” she stated. “Market dominance comes with excess profits, and those excess profits are a terrific way to invest or grow, as well as minimise the downside.”

She continued: “[The] gap between perception and reality creates pricing inefficiencies [in African markets]. I like to say that in my work, I arbitrage one with the other, and I find it very professionally as well as personally rewarding.”

LISTEN TO THE FULL INTERVIEW.

© African Allocator, 2025

Founded by journalist Chipo Muwowo, the African Allocator Podcast exists to tell the stories of serious investors who are allocating real dollars across the continent. These leaders, with ‘skin in the game,’ represent the worlds of institutional investment (i.e. pension funds, sovereign wealth funds, family offices), asset management (i.e. public equity, private equity, venture capital, and other alternatives), and business operations (i.e. CEOs and CFOs running diverse African businesses). Subscribe today!