African private equity funds are expected to raise less cash this year compared to 2015 when they accumulated $4.3 billion, the African Private Equity and Venture Capital Association (AVCA) said.

“2015 was a bumper year for fundraising, with a handful of large funds achieving final closes during the year,” AVCA said in a document seen by Reuters.

“As such, 2016 is likely to see lower fundraising totals.”

Last year was a bumper year for the PE firms operating on the continent despite the number of large deals dwindling causing the value to drop 69 percent to $2.5 billion from $8.1 billion in 2014.

According to AVCA, a Pan-African industry body that facilitates private investment in Africa, private-equity deals worth over $250 million fell last year compared to 2014, resulting to an overall fall from $8.1 billion to $2.5 billion.

South Africa’s portion of deals fell to 15 percent, down from 24 percent the previous year, while West Africa has remained stable at 25 percent over the last five years, Bloomberg reported.

AVCA said the stability in West Africa and East Africa was proof of increased private-equity investment activity in other regions of Africa outside Southern Africa.

The association said stability in West Africa and East Africa will ensure that the regions remain attractive for investors in the private-equity sectors in the foreseeable future.

The recent fall is a major blow to the industry that had experienced sound growth, with a total $16.2 billion raised since 2010.

Consumer driven industries such as food production and beverages remain the key targets of private-equity transactions and other sectors such as energy, real estate and infrastructure remain largely untapped.