Private Capital
2025 Private Capital in Africa Activity Report
The definitive data guide to Africa's private capital markets
Navigate Africa's private capital markets with clarity and conviction. The 2025 Private Capital in Africa Activity Report from Stears is the most comprehensive, data-driven analysis of private investment activity across the continent, covering venture capital, private equity, private debt, infrastructure finance, and M&A. Built entirely on verified transactions from the Stears Private Transactions Database, this report analyses 705 deals worth $27.3 billion.
What's Inside the Report?
Private capital performance in 2025: Africa recorded 705 private capital transactions in 2025, with disclosed deal value holding steady at $27.3 billion despite a tighter global capital environment.
Sectoral and deal-size dynamics: Financial Services reinforced its leadership, accounting for 27% of all deals, while Technology and Consumer Discretionary gained ground as operating conditions improved.
M&A and consolidation trends: Mergers and acquisitions were a defining feature of the year, led by the $2 billion Canal+ acquisition of MultiChoice Group. Startup-led consolidation accelerated across fintech, logistics, healthcare, and consumer goods.
Venture, private equity, and crossover investing: Early-stage venture activity remained dominant, but 2025 marked a clear shift toward applied AI investment, particularly in North Africa. Private equity firms increasingly crossed into venture and growth-stage rounds.
Debt financing and capital structures: Debt financing overtook M&A by transaction count. Agriculture, Consumer Staples, and Energy recorded the highest share of debt activity, highlighting the growing role of private credit in Africa's capital stack.
