2025 East Africa Private Capital Activity Report

This report examines how one of Africa’s most dynamic investment regions is consolidating its private capital market depth and scale. 

For questions or comments on this publication, please contact research@avca.africa.

Key Findings: 

• East Africa has scaled into one of Africa’s most dynamic private capital markets, attracting US$4.1bn across nearly 500 deals between 2021 and 2025, with capital deployment more than doubling since 2022.

• Private debt is reshaping the region’s capital structure, with East Africa accounting for over a third of Africa’s private debt transactions in 2025, anchored in Agribusiness and Fintech.

• Venture capital remains dominant, representing 60% of deal volume over the past three years, though deployment has shifted toward tighter valuation discipline.

• Investment opportunities are concentrated but deepening across sectors, with Financials and Agribusiness and Clean Energy leading, while Mobility and Healthcare emerging as targeted themes.

  Exit momentum is strengthening, with the region ranking first in Africa by exit growth and nearly 40% of 2024–2025 exits achieved within four years.

• Kenya remains the region’s anchor market, accounting for 61% of deal volume and 87% of deal value in 2025, while investor conviction extends selectively into Uganda and other frontier markets.

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