The Q2 2025 Stears Private Capital in Africa Report analyses African private market transactions for Q2 2025. It examines key trends in private investments, providing valuable insights for fund managers and corporate decision-makers on the countries, industries, and companies attracting private capital.
Overview of private capital transaction activity
Africa’s private capital market continued its growth in Q2 2025, with Stears recording 147 transactions, up from 105 reported in Q1 2025 (revised to 125) and 137 recorded in Q2 2024. Disclosed transaction value reached $3.0 billion, improving from the previous quarter ($1.6 billion) but still below the $3.7 billion recorded in the same period last year. The disclosure rate held steady at roughly 63% (Q1 2025: 62%).
Ticket sizes: Private Credit and M&A drive rebound in mega deals
The increase in transaction value was driven by a rebound in mega deals (transactions exceeding $75 million), which rose to 11% of disclosed transactions, compared to just 5% in Q1 2025. Meanwhile, the combined share of micro and small deals
