2025 African Private Capital Activity Report

The 2025 edition of the annual African Private Capital Activity report provides an in-depth assessment of how the continent’s private capital market evolved and stabilised in 2025. Africa’s private capital market recalibrated in 2025, showing resilience amid global uncertainty. 

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Key Findings: 

• Fundraising Contracted But Remains Anchored: Fundraising reached US$2.7bn across 16 funds, marking a –34% decline in value YoY. Despite the downturn, DFIs continued to anchor the market, contributing 64%, while African investors accounted for 21% of commitments, signalling sustained local participation.
• Africa Shows Resilience Amid Global Slowdown: US$5.1bn was invested across 530 deals, reflecting an +8% increase in deal volume YoY, even as total deal value declined by -5%, signalling a shift toward smaller, more disciplined transactions.

• Private Debt Momentum Accelerates: Private Debt surged, with deal volume rising 57% YoY (a record high), while Private Equity deal volume increased modestly by 2% (a decade high) but saw a sharp decline in deal value, reflecting a shift toward smaller ticket sizes.
• Record-High Exit Activity: 81 exits were recorded, marking a 27% YoY increase and the second-highest level on record, with trade buyers accounting for the largest share at 38%.
• Regional Dynamics Intensifies: Southern Africa attracted US$2 bn across 129 deals, representing 36% of total deal value and the largest market, while East Africa saw US$1.2 bn invested, a 75% YoY increase, making it the second-largest market by value.

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