Q3 2025 Private Capital Activity in Africa

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 third quarter of 2025.

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Q3 2025 Private Capital Activity in Africa

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Key Findings:

  • Market Recalibration: African private capital normalised to a steadier baseline, with 341 YTD deals and +17% QoQ growth.
  • Selective Capital Deployment: Deal value fell to US$2.6bn YTD, tempered by a rise in undisclosed deal values. Capital re-centred around mid-sized tickets.
  • Private Debt Leads Momentum: Private Debt activity recorded 41 deals YTD, nearly matching 2024 full-year activity. 
  • Sector Realignment: Whilst Financials continued to lead, Industrials posted a +23% YoY, whilst Utilities grew by +75% YoY in deal volume.
  • Regional Shift: East Africa delivered its second-highest Q1-Q3 on record, while North Africa grew by +13% YoY.  
  • Fundraising Slowdown: Final closes fell 22% YoY to US$1.4bn, yet domestic investor participation rose to 26%, albeit with smaller ticket sizes.
  • Exit Activity Accelerates: Exit volumes grew by +4% YoY, while average holding periods fell to 5.9 years, the shortest since 2018.

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