This book examines the evolution of sovereign wealth funds in Africa and their growing significance as instruments of state capitalism and transaction-based economic development. The potential of African sovereign development funds to serve as drivers of economic transformation and an evaluative framework of their dimensions are highlighted. New frontiers for sovereign investment, including sovereign debt reduction, trade value chains that support intra-African and global commerce, artificial intelligence infrastructure and its workforce development, critical minerals and climate finance, are explored. It assesses how state capacity, policy entrepreneurship, and coalitions shaped the creation and governance standards of some of the continent's early funds. The book provides a strategic guide for African countries seeking to establish or strengthen sovereign wealth and development funds, including countries without substantial natural-resource endowments. It will be relevant to fund managers, policymakers, development professionals, commercial investors, students, and researchers interested in sovereign investment, state capitalism, and African political economy. Wilmot Allen, PhD, is a Senior Fellow at the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy School. Based in Nairobi and the U.

S., he is a political economist and works as an entrepreneur, investor, and strategist for cross-border deals engaging Africa. Michael Kottoh is the founder of Konfidants, a policy and investment advisory firm serving corporates, governments, sovereign funds, and international development institutions across Africa. Based in Accra, he is also the creator of the Africa Sovereign Wealth Funds Index.