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.
Overview of private capital transaction activity
Private capital activity in Africa increased in Q3 2025, with 177 recorded transactions, up from 147 in Q2 2025. Disclosed transaction value rose to $5.0 billion, a ~60% increase from the $3.0 billion recorded in the previous quarter, even as the disclosure rate fell to 51% (Q2 2025: 63%), below the typical quarterly average.
Ticket Sizes: Landmark Multichoice Group acquisition drives higher transaction values
Despite the higher total value, the combined share of large and mega-deals declined from 27% to 21%, reflecting a rise in small transactions ($2.5 million–$10 million). This pattern points to renewed momentum in Series A-level venture rounds, particularly within technology and digital consumer segments.
Much of the quarter’s growth, however, was driven by the
