Annual Report

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, unpacking where capital flowed, which sectors gained dominance, and how investor behaviour evolved in a year marked by consolidation, crossover investing, and renewed confidence in scaled platforms.

Whether you are sourcing deals, allocating capital, or assessing market risk, this report gives you the context and evidence needed to act decisively.

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. A higher disclosure rate and a strong Q4 highlighted the market’s resilience and ability to close large, complex transactions.

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. Although small and mid-sized deals dominated by volume, 2025 saw a notable rise in mega transactions, led unexpectedly by Consumer Staples and digital infrastructure.

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 and scaleup-led consolidation accelerated across fintech, logistics, healthcare, and consumer goods, signalling a more mature and competitive ecosystem.

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. At the same time, private equity firms increasingly crossed into venture and growth-stage rounds, reshaping traditional capital boundaries.

Debt Financing and Capital Structures: Debt financing overtook M&A by transaction count, reflecting changing deal structures amid slower exits and valuation pressure. Agriculture, Consumer Staples, and Energy recorded the highest share of debt activity, highlighting the growing role of private credit in Africa’s capital stack.

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2025 Private Capital in Africa Activity Report

What's Inside the Report?

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