Private capital activity in Q1 2025 totalled US$1bn invested across 109 deals, marking a cautious recovery as volumes rose 5% and values inched up 2% YoY. This series offers an overview of Africa's Private Capital Activity, with this report highlighting key trends in investments, exits, and fundraising observed during the first quarter of 2025.

This edition of the AVCA's Country Spotlight examines Nigeria's economic landscape, private capital ecosystem and investment trends across multiple asset classes. Discover why Nigeria remains a leading destination for private capital investment in Africa.

The 2024 African Private Capital Activity Report reveals a resilient and evolving industry that has continued to mature despite global economic headwinds. The report shows significant growth in multiple areas: fundraising more than doubled to US$4.0bn (the third highest final close value on the continent in the last decade), deal volume grew by 8% year-over-year, and exit activity increased by 47%.

The AVCA Investors Sentiment & Outlook report offers valuable insights into how Limited Partners (LPs) and General Partners (GPs) view the African private capital landscape for 2025, revealing a measured optimism tempered by global and regional challenges.

2024 was a challenging year for Africa’s venture capital ecosystem, registering a 22% drop in deal value and a 28% decline in deal volume—outstripping every other region in scale. This report provides an overview of the current events shaping Africa's startup investment landscape, including the entrepreneurial and venture activity seen on the continent.