Nordic Development Finance Institutions (DFIs) play an important role in providing sustainable development for Africa which accordance with their mandates. By investing in private equity Funds in Africa, investee companies have covered various sectors in Africa which may not only improve economic development but also increase employment. Additionally, investing in a Fund can spread risk through diversifications and help DFIs to share knowledge with Fund manager in local presence. This study analyzes the management control systems (MCS) of DFIs’ investing in private equity Funds, wherein the authors mainly focus on output control and behavior control which are two types of control widely discussed in previous research and literature. Hereby the authors set three hypotheses based on research and get findings to support the research questions.