The Q3 2025 Stears Private Capital in Africa Report analyses African private market transactions for Q3 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.
Q3 2025 regional dynamics
Southern Africa regained the top position in Q3 2025, accounting for 31% of all transactions, ahead of West Africa (30%) and East Africa (28%).
Southern Africa remained the most lopsided region, with South Africa accounting for the overwhelming majority (87%) of the region’s activity. Zambia followed at a distance, accounting for 15% of regional deals, reflecting its ongoing integration into South Africa–centred investment flows.
West Africa ranked second overall, maintaining its status as a key investment hub. Nigeria led decisively, accounting for 70% of regional transactions—more than double Ghana’s 32% share. Encouragingly, Francophone West Africa continued to attract rising investor interest, with 22% of all West African transactions
