Q1 2026 Private Capital in Africa Report

This series offers an overview of Africa's Private Capital Activity, with this report highlighting key trends in investments, exits, and fundraising observed during Q1 2026.

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

Key Findings: 

• Fundraising Showed Early Signs of Recovery: Final closes increased 28% YoY, while interim closes reached nearly 50% of total 2025 levels.. 
• Deal Volume Declined While Deal Value Extended Its Recovery: Private Capital deal volume declined 25% YoY, falling below the previous three-year Q1 average. Deal value rose 20% YoY to US$1.7bn, marking a fourth consecutive quarter of growth driven by a large venture transaction.
• Fintech Activity Declined Amid Continued Sector Diversification: Fintech deal volume contracted, with a 33% YoY decline in VC deals amid a broader distribution of private capital across Agriculture and Industrial sectors.

• West Africa Led Venture Activity Amid Regional Divergence: West Africa was the only region to maintain stable venture activity amid regional slowdown, making it the leading region by deal volume. 
• Record Q1 Exit Activity Reflected Strong Realisation Trends: 25 exits were recorded, representing a 1.5x increase YoY and the strongest Q1 exit performance on record.

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