South African private equity recorded a considerable increase in investment activity in 2018, with the value of new investments and follow-on investments having reached a record R35.4-billion, compared with an annual average of R15.2-billion over the preceding decade, the Southern African Venture Capital and Private Equity Association (Savca) said on Wednesday. Of the investments made during 2018, 17.4% were in the services sector, 17% in the retail sector and 14.3% in the energy sector.