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The African Local Currency Bond Fund (ALCB Fund), managed by Cygnum Capital, has invested a further R50 million (about $3 million) in a four-year senior unsecured social bond issued by UsPlus, a fintech-enabled provider of working-capital solutions to SMEs in South Africa. The notes have been issued under UsPlus’ R1 billion (about $61 million) note programme and listed on the Sustainability segment of the Interest Rate Market of the JSE Limited.

The transaction marks the ALCB Fund’s second investment in UsPlus, building on its initial R40 million (about $2.2 million) commitment in 2024 that helped bring UsPlus to the public bond market as a debut thematic issuer.

UsPlus deploys liquidity through invoice discounting, factoring, and purchase order financing to help small enterprises to unlock capital trapped in payment cycles.

“We are pleased to reinvest in UsPlus following its successful inaugural social-bond issuance in 2024,” said Brock Hoback, fund lead at the ALCB Fund. “This follow-on transaction shows how anchor investment can help build a durable local-currency funding platform, enabling UsPlus to broaden working-capital access for MSMEs while supporting employment, inclusion and South Africa’s thematic bond market.”

Leonidas Kirkinis, founder and CEO of UsPlus, said: “Deploying finance to create change for the better in our society cannot be achieved by any single actor alone. Since its inception, UsPlus has sought to create networks of good that can positively impact South Africa. The significant increase in support from the ALCB Fund is a strong endorsement of UsPlus’ social-finance strategy and sustainable success as well as our ability to use the debt capital markets to expand finance to MSMEs. This issuance will enable us to extend working-capital support to more businesses across South Africa, helping our beneficiaries manage cash-flow constraints, fulfil contracts and sustain as well as grow employment. It also reinforces the role that social bonds can play in linking institutional capital with meaningful economic inclusion. Accordingly, we are proud of the ALCB Fund’s partnership with UsPlus.”

Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the Dealmaker’s Log here

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All On, an impact investor company seeded by Shell, has made a mezzanine investment in PowerGen Renewable Energy Nigeria.

PowerGen is a renewable energy platform with offices in Kenya, Nigeria, Sierra Leone and the Democratic Republic of Congo. PowerGen owns and operates renewable energy and distribution utility projects.

The investment will enable PowerGen to deepen its footprint in Nigeria and expand the deployment of renewable energy infrastructure for customers with limited or unreliable access to electricity. It also effectively closes the Series C capital raise by PowerGen’s parent company, WindGen Power USA Inc., alongside capital provided by ElectriFI, Impact Fund Denmark, the Sustainable Energy Fund for Africa and InfraCo.

Caroline Eboumbou, CEO of All On, said: “PowerGen has demonstrated that renewable energy solutions can be efficiently deployed to serve communities and businesses where reliable electricity remains a challenge. This investment reflects our confidence in the company’s ability to build on that experience and take its model further across Nigeria. For us, it is about backing a proven platform with the capital it needs to expand access to reliable power, while creating the conditions for more businesses and communities to participate in Nigeria’s economic growth.”

Oluseye Bassir, investment manager at All On, commented: “What stood out to us about PowerGen is the depth of experience behind the platform and its ability to operate across different renewable energy models. The company has already demonstrated what is possible with interconnected mini-grids, and we see significant potential to replicate and scale that experience in other parts of Nigeria. Our investment alongside the Series C investors gives PowerGen additional capital to move more projects from development into delivery, which of course is where real impact is created.”

Aaron Cheng, CEO of PowerGen, stated: “All On’s investment is a strong endorsement of PowerGen’s platform and our ability to deliver reliable renewable power at scale. Nigeria remains an important market for PowerGen, and this investment will support our continued growth and our mission to expand access to reliable, affordable and clean energy. We are pleased to welcome All On as a strategic investor and look forward to working together to accelerate the deployment of renewable energy across Nigeria.”

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The Abadali Fund, managed by Edge Growth, has invested in Bolide Group, a South African utilities platform providing energy, water, waste management and security services to commercial properties.

Bolide was founded in 2024 by Khudusela Pitje. The company combines solar generation and battery storage, water infrastructure, waste management and AI-enabled security under a single managed service. More than 80% of Bolide’s project sites are in township or peri-urban areas.

The Abadali Fund forms part of the Abadali Equity Equivalent Investment Programme. This is a South African economic inclusion initiative by the Department of Trade, Industry and Competition (DTIC) in partnership with J.P. Morgan.

“The Bolide Group represents a high-impact, founder-led business the Abadali Fund was established to support. The team has built a genuinely differentiated platform, combining solar energy, water, waste, and AI security into an integrated offering that directly addresses the infrastructure deficit in South Africa’s township and peri-urban commercial markets. This investment also delivers real, lasting employment and economic value for communities in South Africa that need it most,” said Hitesh Dullabh, deal lead at Edge Growth.

“The impact and disruption of traditional utilities sectors will not come from large systems but from smart, decentralised platforms similar to Bolide. We are humbled by the support from the Abadali Fund and Edge Growth Ventures and hope to play a meaningful role in helping businesses spend less in the green economy,” commented Khudusela Pitje, founder and chairperson of the Bolide Group.

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Caisse des Dépôts et Consignations of Benin (CDC Benin), a public financial institution, has invested in Enko Capital’s Francophone West Africa SME (FCPR – Fonds Commun de Placement à Risques) Strategy, a private equity fund dedicated to small and medium-sized enterprises in the region.

“This investment is fully aligned with CDC Benin’s mission, which is to mobilise national savings for the development of our economy. By choosing to support the FCPR Strategy, we are contributing to the financing of high-potential Beninese and West African SMEs while diversifying our portfolio in line with our requirements for returns, risk management, and the preservation of the resources entrusted to us,” said Maryse Lokossou, chief executive officer of CDC Benin.

“We are delighted to welcome CDC Benin among the investors in the FCPR Strategy. The participation of a public financial institution of CDC Benin’s stature is a strong endorsement of the quality of our investment strategy and strengthens our ability to support a greater number of high-potential SMEs across Francophone West Africa,” commented Cyrille Nkontchou, managing partner of Enko Capital.

“CDC Benin’s investment in the FCPR Strategy illustrates the fund’s growing attractiveness to regional institutional investors and validates the relevance of our strategy for financing West African SMEs. This partnership with a leading deposit and consignments institution such as CDC Benin paves the way for broader engagement with other public financial institutions across the WAEMU region and confirms the role the fund intends to play in mobilizing domestic savings to support the real economy,” added Cheikh Souleymane Diallo, senior investment director at Enko Capital.

CDC Benin is a public financial institution responsible for the collection, management, and safeguarding of savings and regulated funds. It invests and channels these resources to finance the development of both the public and private sectors and to contribute to the country’s economic and social development through diversified investments.

Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the Dealmaker’s Log here

By PwC

Africa’s future will not be determined by technology alone. According to PwC’s African Futures 2027: New and Native report, the organisations that will create sustainable competitive advantage in the decade ahead will be those that successfully combine innovation with trust, adaptability, resilience, and local relevance.

The report identifies eight emerging patterns reshaping Africa’s economic and business landscape, including adaptability in uncertain markets, trust and transparency, African-centred artificial intelligence, decentralisation, business modernisation, innovation in the informal economy, participatory transformation and the future of work. Together, these patterns show how value in motion is being reshaped across industries, economies and organisations, pointing to a common conclusion: future success will depend less on technology itself and more on how organisations reinvent their business models, operating structures and ways of creating value.

“For too long, organisations have viewed transformation as a choice between preserving what already works and embracing what comes next. The reality is that Africa’s greatest opportunities will emerge from combining both. The organisations that will lead in the years ahead are not necessarily those with the most advanced technology, but those that can successfully connect innovation with local context, agility with trust, and reinvention with purpose.”

Mark Allderman, Africa Cloud and Digital Leader, PwC South Africa

From surviving volatility to competing through adaptability

Many African organisations have been shaped by scarcity, uncertainty, and disruption. While these conditions have driven resilience, they have also encouraged risk aversion and cautious decision-making.

Future competitive advantage will increasingly come from adaptability rather than predictability. Organisations are moving away from waiting for stability and instead building operating models that allow them to experiment, learn quickly, and respond to changing market conditions.

“Volatility has shaped many African businesses for decades, but it has also created a unique strength: adaptability. Competitive advantage increasingly comes from the ability to experiment, learn, and evolve. The most resilient organisations are moving away from trying to predict every disruption and instead building the capability to respond to multiple possible futures.”

Ahmed Chohan, Advisory Leader, PwC Southern Africa

Resilience is no longer a defensive capability; it is becoming a strategic asset that helps organisations turn uncertainty into opportunity.

Trust becomes a competitive differentiator

Trust is becoming an increasingly important source of value creation. As organisations face growing expectations around transparency, accountability, and governance, leaders are being challenged to balance openness with agility and innovation.

Rather than focusing on transparency for its own sake, organisations should design systems that create confidence, encourage responsible decision-making, and enable action.

“Trust is becoming one of the most important drivers of organisational performance. Organisations are recognising that transparency on its own is not enough. The challenge is creating environments where accountability and confidence coexist. Trust enables innovation, decision-making, and growth, and those that design trust into their systems and culture will be better positioned to navigate increasing complexity.”

Thaaniya Isaacs, Advisory Partner, PwC South Africa

Organisations increasingly compete not only on products, services, and technology, but also on their ability to build and maintain trust with employees, customers, and broader stakeholder groups.

The next chapter of AI may be uniquely African

Rather than focusing solely on technology adoption, the report explores how African data, languages, cultures, and knowledge systems could help shape the future development of AI.

Organisations that successfully combine technological capability with cultural understanding will be better positioned to unlock the full value of AI.

“As AI adoption accelerates, Africa has an opportunity to contribute more than usage and implementation. The continent’s diversity, knowledge systems, and entrepreneurial mindset position it to shape how future intelligence is designed and applied. The most powerful AI solutions will be those that are technologically advanced while remaining deeply connected to the people and communities they serve.”

Mark Allderman, Africa Cloud and Digital Leader, PwC South Africa

Reinvention without replacement

Transformation does not require organisations to abandon the past. Whether modernising legacy systems, redesigning operating models, or rethinking workforce structures, the greatest opportunities lie in combining established strengths with new capabilities.

“Many organisations assume reinvention requires a complete reset. In reality, the most successful transformations are often those that modernise with intention. Businesses need to identify what should be preserved, what should be adapted, and what must be reimagined altogether. Future-ready organisations will be those that can evolve without losing the strengths that made them successful in the first place.”

Thaaniya Isaacs, Advisory Partner, PwC South Africa

Future winners will be organisations that can balance continuity with change, modernising without disrupting the capabilities that continue to create value.

Rethinking work, participation, and growth

In examining how changing workforce expectations are reshaping organisations, employees increasingly value autonomy, flexibility, purpose, and continuous learning, prompting many organisations to rethink traditional structures and career models.

At the same time, a broader shift towards participation and co-creation, arguing that successful transformation is more likely when employees and stakeholders help shape change rather than simply receiving it.

“Talent expectations have fundamentally changed. People increasingly want flexibility, ownership, continuous learning, and meaningful work. Organisations that continue to rely solely on traditional structures may find it increasingly difficult to attract and retain critical skills. The future of work is less about where people work and more about how organisations create environments where people can thrive.”

Thaaniya Isaacs, Advisory Partner, PwC South Africa

The New and Native opportunity

Africa’s future will not be defined by a choice between technology and tradition, formal and informal systems, or stability and adaptability. Instead, value will increasingly be created where these forces intersect.

By combining the resilience developed through scarcity with the possibilities created by innovation, and by connecting local strengths with global technologies, Africa has an opportunity to develop business models uniquely suited to the future.

“The message from African Futures 2027 is clear: Africa’s future will not be defined by technology alone, nor by tradition alone. It will be shaped by organisations that understand how to bring the new and the native together, combining innovation with local relevance, ambition with resilience, and transformation with trust. Those are the organisations that will create value in the decades ahead.”

Mark Allderman, Africa Cloud and Digital Leader, PwC South Africa

Read the full report

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BlueOrchard has reached a $250 million first close for its BlueOrchard Climate Action Mobilisation Fund (BOCAMF), a private debt fund focused on emerging and frontier markets.

The first close includes senior financing through investment-grade notes provided by Aviva Investors and Daido Life Insurance Company, alongside commitments from Schroders, British International Investment (BII) and FinDev Canada.

BOCAMF will provide senior loans to banks, microfinance providers and other financial institutions that channel climate finance to small and medium-sized businesses. It will also provide direct loans to companies.

The fund’s blended finance structure combines investment-grade senior notes with senior and junior equity anchored by BII and FinDev Canada.

Munawer Shafi, head of structured and private debt at Aviva Investors, said: “Innovative structures such as this blended finance product can help broaden access to a greater range of asset classes, enabling matching adjustment insurers to diversify their portfolios while remaining within regulatory parameters and being able to invest into opportunities that can support climate solutions in emerging and developing markets.”

Masaki Sano, general manager of the credit investment department of Daido Life, commented: “We are pleased to participate in BOCAMF, an innovative investment solution that supports climate action across emerging and frontier markets. We believe this initiative represents an attractive investment opportunity that seeks to deliver both financial returns and measurable climate impact. Together with BlueOrchard and fellow investors, we look forward to supporting efforts that address the global challenge of climate change and contribute to sustainable economic development.”

Leslie Maasdorp, CEO of British International Investment, noted: “BOCAMF was one of the winners of BII’s flagship Climate Action Mobilisation Initiative, launched in 2025 to develop investment solutions capable of attracting greater private capital into climate opportunities in emerging markets. This first close is an important proof point for the continued evolution of blended finance as a powerful mobilisation tool. By demonstrating that institutional investor requirements can be met alongside meaningful climate impact, the fund helps create a pathway for greater commercial investment into emerging markets. Each successful vehicle strengthens the market, builds investor confidence and makes it easier to replicate and scale future structures, ultimately mobilising more private capital towards climate action where it is needed most.”

Lori Kerr, CEO of FinDev Canada, added: “The scale of the climate challenge demands that we find new ways to mobilise institutional capital for emerging markets. This first-of-its-kind fund demonstrates what is possible when development finance, private investment, and deep market expertise come together with a shared ambition. By creating an investment-grade pathway into emerging market climate finance together, we are supporting climate solutions today while demonstrating a model that can unlock larger flows of capital in the future. That is the promise of blended finance – to turn investor interest into action and expand what the market can achieve.”

Michael Wehrle, CEO of BlueOrchard, said: “The successful first close of BOCAMF demonstrates what can be achieved when institutional investors, development finance institutions and investment managers work together to design solutions around investors’ needs. By combining BlueOrchard’s 25-year track record in emerging markets private credit with an innovative blended finance structure, including direct corporate lending, we have delivered an investment solution that broadens institutional access to climate finance while meeting the investment and regulatory requirements of insurers and other long-term investors.”

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YW Capital, a South African corporate advisory and investment firm, and RMB, the corporate and investment banking arm of FirstRand, have completed a R2.25 billion ($138.2 million) logistics property transaction through IronOak, YW Capital’s industrial and logistics real estate investment platform.

IronOak acquired a 65% stake in Badger Properties, which owns three distribution centres used by Pepkor-owned retailers PEP and Ackermans. Pepkor, one of Southern Africa’s largest clothing and general merchandise retailers, retains the remaining 35% stake.

IronOak has been developed through a long-term partnership between YW Capital and RMB. RMB committed seed equity alongside YW Capital and provided financing to the fund.

The transaction releases about R2 billion ($122.9 million) in capital for Pepkor and was completed on 8 September 2026.

The portfolio comprises approximately 280,000 m² of gross lettable area. It includes the Ackermans and PEP distribution centres in Hammarsdale, KwaZulu-Natal, and the PEP distribution centre in Kuilsriver in the Western Cape.

“Capital allocation discipline is what drove this transaction. The capital tied up in these three distribution centres does more for Pepkor in our core retail business than it does sitting in property. Partnering with IronOak releases the bulk of this capital while we retain a shareholding in the portfolio and secure long-term occupation of the facilities our stores depend on. IronOak brought long-term capital and a willingness to structure around our operational requirements. We look forward to a long and productive partnership,” said Shaun Barnard, head of asset management at Pepkor.

IronOak partners with businesses and property owners seeking to introduce long-term capital into industrial and logistics real estate. The platform enables counterparties to release capital from property ownership while continuing to use assets that are important to their operations and, where appropriate, retaining an ownership interest.

Beyond retail, IronOak will seek opportunities across sectors where businesses own industrial or logistics properties and want to release capital to fund growth or reinvest in their core operations.

“These properties help keep Pepkor’s retail operations moving. Through IronOak, we are bringing long-term capital to assets that businesses depend on, while giving property owners greater flexibility in how they fund their operations. This investment provides a substantial foundation from which to build further industrial and logistics property partnerships,” said Mesh Pillay, CEO of YW Capital.

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VEA Capital Partners has announced an investment in Bonisa Applied Insights (Bonisa AI), acquiring a stake in the South African data science and artificial intelligence business.

Bonisa AI provides data science and AI solutions for businesses across sectors including retail, banking and telecommunications. Its capabilities include credit scoring, fraud modelling, alternative data modelling and decisioning.

“We are not chasing AI for the sake of AI. We are solving hard commercial problems, using data and technology to create measurable outcomes. We see enormous potential in what Bonisa AI has built and, importantly, in the team behind it,” said Zander de Witt, co-founder and managing director of VEA Capital Partners.

Bonisa AI’s CEO, Jacobus Eksteen, commented, “In VEA Capital Partners and the VEA Group, we’ve found partners who don’t just provide capital; they genuinely try to understand our business, share our ambition and roll up their sleeves to help us add value. We are incredibly excited about what this means for our team, our clients, and our ability to continue applying insights at scale. Most importantly, the resourceful humans at VEA do what they say and say what they do. This is incredibly rare but lays the cornerstone for the future we are building together.”

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French development finance institution Proparco has committed $10 million to the senior tranche of the Africa Green Infrastructure Alliance – Project Development Fund (AGIA-PD), managed by Africa50.

The fund is targeting $400 million and will invest in the development of green and climate-resilient infrastructure projects across Africa, including renewable energy and water infrastructure.

AGIA-PD is targeting the most underserved stage of infrastructure financing: project development. By financing early-stage activities – including project preparation, structuring and development – the fund aims to create a pipeline of investment-ready infrastructure projects capable of attracting long-term public and private capital.

“By investing in AGIA-PD, Proparco is supporting a transformative initiative aiming to increase the number of green infrastructure projects in Africa. Through its manager, Africa50, AGIA-PD participates in the acceleration of the energy transition on the continent and generates significant development impacts for local communities,” said Tibor Asboth, head of private equity for the Middle East and Africa at Proparco.

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Africa GreenCo has secured an additional $11.5 million from existing shareholders Impact Fund Denmark and the Private Infrastructure Development Group (PIDG), through PIDG’s project development solution, InfraCo.

The investment brings Africa GreenCo’s third close to $21.5 million, following a recent $10 million investment from new shareholder Sanlam Alternative Investments.

Africa GreenCo is a regional energy trader and intermediary offtaker. It buys electricity from renewable energy producers and sells it to utilities, private-sector customers and markets within the Southern African Power Pool (SAPP). The company operates in Zambia, Zimbabwe, Namibia and South Africa.

Thomas Hougaard, managing director and co-head of Green Energy and Infrastructure at Impact Fund Denmark said, “Impact Fund Denmark is a proud shareholder of Africa GreenCo, having supported the company since its first capital raise. In 2025, Impact Fund Denmark further supported Africa GreenCo by helping mobilise a €50 million guarantee facility, enabling the company to attract additional private capital by welcoming Sanlam to the table, and accelerate the energy transition in Southern Africa.”

Omar Jabri, head of business development for Africa at InfraCo, said: “Alongside our long-time partners at Impact Fund Denmark, we are pleased to welcome Sanlam, a company which brings private-sector capital and deep institutional expertise, and to enhance our own support for the next phase of Africa GreenCo’s growth. By scaling its successful model to rapidly transform the region’s renewable energy landscape, Africa GreenCo’s work aligns well with PIDG’s mandate of mobilising infrastructure finance to address the urgency of the climate crisis and promote sustainable economic development.”

Mark Moorhouse, executive head of infrastructure finance at Sanlam Alternative Investments, added: “Africa GreenCo occupies the part of the energy value chain that determines whether new power generation is ultimately delivered. For us, this is a natural extension of more than a decade of infrastructure investment across the continent: backing the market architecture that allows Africa to finance its own energy transition on commercial terms, while supporting the reliable, increasingly low-carbon power that economic growth depends on. The transaction with Africa GreenCo is aligned with our ambition to become the premier sustainability-led impact investor globally and reinforces our commitment to Africa’s energy transition.”

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The Vumela Fund, managed by Edge Growth, has invested in Cape Town-based fresh produce exporter Iris Fresh. The funding will support operational expenditure and working capital as the business enters its next phase of expansion.

The company sources fruits and vegetables from growers across South Africa and neighbouring countries for international markets.

“This funding marks an important milestone in our journey at Iris Fresh. It allows us to invest in growing the business, unlocking new opportunities, and reinforcing our commitment to building a future-focused agricultural business,” says founder Sandeep Valodia.

“Iris Fresh is led by a highly capable and experienced management team with a strong track record of operational execution and growth. Vumela’s investment will provide critical capital to scale the business, enabling expansion of operations, strengthening market presence, and enhancing supply capabilities,” says Jessica Blake, associate principal at Edge Growth. “The partnership supports a well-run, high-potential business poised for sustainable growth, contributing to job creation and broader economic development.”

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Africa Jobs Fund has invested in PeopleGateway, an Italian startup building the infrastructure for international labour mobility into Europe, starting with Italy.

The investment will fund PeopleGateway’s first labour corridor, training hospitality workers on Kenya’s coast for jobs in Italian hotels and restaurants.

Africa Jobs Fund seeks to invest in companies that can create jobs at scale for Africans and raise incomes. It focuses on two areas: international labour mobility and export manufacturing.

PeopleGateway coordinates the process of moving workers into jobs abroad, including training, visas and permits, relocation and support after arrival. Recruitment and placement are handled by licensed labour agency partners.

The company was founded by Daniele Albanese together with Enzima12, an Italian venture builder focused on human capital development, and Migration AI Studio, which develops technology for international mobility.

Africa Jobs Fund said it selected the Kenyan coast partly because the area has a hospitality workforce with existing experience serving Italian tourists and working in Italian-run businesses.

The fund estimates that an experienced hospitality worker in Malindi earns about €200 a month, compared with a starting salary of about €1,500 a month in an Italian hotel or resort. It said accommodation and meals are also provided with many hospitality roles in Italy.

* Read/watch our earlier interview with Africa Jobs Fund founding partner Daniel Yu: Africa Jobs Fund – Backing businesses in international labour mobility and export manufacturing

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By SAVCA

Southern Africa’s venture capital (VC) industry continues to demonstrate resilience, adaptability and growing maturity, with investors deploying R2.48 billion ($152.15 million) across more than 200 funding rounds in 2025, while increasingly backing existing portfolio companies through successive growth stages. The industry’s active portfolio has now expanded to 1,529 investments, with assets under management reaching approximately R15.45 billion ($947.85 million).

These are among the key findings from the 2026 SAVCA Venture Capital Industry Survey, released last week at a launch event attended by industry stakeholders at Cape Town’s Mount Nelson Hotel.

“The conversation is evolving,” said Anusha Naidu, SAVCA’s CEO. “We’re moving beyond measuring capital raised and deals completed to see increasing evidence of companies scaling, expanding into new markets, attracting international customers, and building globally relevant technology from Southern Africa.”

The annual survey, which has tracked the performance of the local VC market since 2010, is conducted by SAVCA in partnership with independent research firm VS Nova. Using a bottom-up methodology, participating fund managers submit verified portfolio data, which is then aggregated and analysed to identify trends across investment activity, sectors, stages of funding and broader ecosystem development. The latest edition reports on activity during the 2025 calendar year.

According to Stephen Lamprecht, Founder of VS Nova, this year’s findings point to significant consolidation of capital – a signal that the industry is gearing up for exits. “While capital deployment was lower than last year’s record levels, investment activity remains historically strong and considerably higher than pre-COVID levels. What we’re seeing is a concentration of capital towards fewer deals and more follow-on investment rounds, which reflects what is happening globally as investors support businesses towards larger growth milestones and eventual exits.”

The survey recorded 212 deals across 91 companies during 2025, compared with 222 deals across 110 companies the previous year, highlighting a growing trend towards syndicated investment activity, including capital from additional investors participating in the same funding rounds. On average, companies received 2.3 funding rounds during the year.

Technology-enabled businesses continued to dominate investment activity, accounting for nearly two-thirds of all deals. FinTech emerged as the leading category, while ICT security and AgriTech also attracted strong investor interest.

“To some observers, ICT may appear over-concentrated, but it reflects where most developed VC markets invest at an early stage,” said Lamprecht. “These businesses have the ability to scale rapidly and participate in the digitisation of the global economy.”

The survey also reflects the increasingly international nature of Southern African VC. International co-investors remain active participants in local funding rounds, while a growing proportion of investments involve businesses with operations or structures extending beyond Southern Africa’s borders.

Overall, the data suggests an ecosystem that is steadily progressing towards greater sophistication. VC investors continue to play an active role beyond providing funding, supporting portfolio companies through strategic guidance, governance, introductions to future investors and broader growth enablement.

The industry’s contribution to economic development also remains evident. More than 71% of portfolio companies reported employment growth following investment, with one new job created for every 3.2 existing positions. The survey further found improvements in transformation metrics, including stronger B-BBEE credentials, higher female CEO representation and greater female and black founder diversity among participating fund managers.

Exit data provides further evidence of a maturing asset class. During 2025, investors reported 10 exits, six of which were profitable. These profitable exits returned R281.2 million ($17.25 million) to investors on R99.3 million ($6.09 million) invested into the same transactions, demonstrating the sector’s ability to recycle capital and generate realised returns.

“The sustained exits that we’ve been able to demonstrate in the asset class are very convincing – and very exciting,” said Naidu. “The ability to show recycling of capital through fundamental exits and realised returns is consistent with more mature markets internationally and very positive for Southern Africa.

“Our SA exits are not isolated success stories, and we demonstrate consistency and confidence in the asset class,” she concluded. “This is an important milestone for our ecosystem, but we also need to remind ourselves that there’s still work to be done. This means thinking about where we want the ecosystem to be in five years’ time and how we ensure that Southern Africa remains a destination of choice for entrepreneurial talent and investment capital.”

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Airnergize Capital, the clean technology investment platform of New GX Capital, has reached the final close of its Fund I at R3.89 billion ($238.65 million), with the Development Bank of Southern Africa (DBSA) committing R240 million ($14.72 million) as lead development finance institution.

Airnergize Capital invests in energy, water and gas infrastructure businesses across Southern Africa and other African markets.

The Fund I investor group comprises New GX Capital, RMB Ventures, Standard Bank, Nedbank and the DBSA.

“DBSA’s mandate is to mobilise capital toward infrastructure that supports inclusive growth, and a platform like Airnergize does that at scale rather than one transaction at a time. Backing a fund alongside commercial investors allows us to crowd in private capital rather than compete with it, which is exactly the kind of blended approach South Africa needs if it is going to close its infrastructure investment gap,” said Mahlatsi Molokomme, principal investment officer of DBSA.

“Getting to R3.89 billion ($238.65 million), with this calibre of investor around the table, tells you the market believes in what we are building. Each investor, including the DBSA, has added something different: balance sheet strength, sector expertise, a development mandate. We have built a platform that can turn this capital into operating infrastructure that moves the needle across energy, water and gas, and that contributes to energy security in South Africa and the region,” commented Khudusela Pitje, group chief executive at New GX Capital.

Within New GX Capital’s investment platform, Airnergize Capital sits alongside AiZAR Capital, which focuses on digital infrastructure, and Airnergize Ventures, which invests in early-stage clean technology and digital businesses.

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Here are summaries of the most widely read stories from the past week on Africa Private Equity News.

1. Zamara Holdings secures investment from Amethis

Private equity firm Amethis has announced an investment in Zamara Holdings Limited, a pan-African financial and insurance solutions group. Founded in 1994 and headquartered in Kenya, Zamara provides pensions consulting and administration, insurance brokerage, reinsurance brokerage and actuarial services to corporate, institutional and individual clients. Read the full article

2. South Africa: EXEO Capital exits Chemical Process Technologies

EXEO Capital has exited its investment in Chemical Process Technologies, a Pretoria-based manufacturer of active pharmaceutical ingredients used in animal health products. The transaction follows a four-year investment period by EXEO Capital’s Agri-Vie Fund II, which initially acquired a minority stake in 2022 before increasing its shareholding to a majority position through additional growth capital. Read the full article

3. Novastar Ventures and Norrsken22 back ARC Ride’s $33.3m round

ARC Ride, a Kenya-based electric mobility company focused on two- and three-wheeler transport, has completed a $33.3 million financing round to scale its battery-swapping infrastructure. Read the full article

4. Proparco commits to Capitalworks fund

Proparco has committed $15 million to Capitalworks IV, the fourth private equity fund managed by South African investment firm Capitalworks. The fund will continue the strategy pursued through Capitalworks’ predecessor funds by investing in established mid-market companies with strong growth prospects, defensible market positions and the potential to scale. Read the full article

5. AHL Venture Partners provides $7m debt facility to Watu

AHL Venture Partners has closed a $7 million debt facility for Watu, an asset-financing company operating across Africa and Latin America. Watu provides financing for motorcycles and three-wheelers through its mobility business, and for smartphones through Watu Simu, its connectivity business. Read the full article

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AHL Venture Partners has closed a $7 million debt facility for Watu, an asset-financing company operating across Africa and Latin America.

The facility will support working capital and the continued growth of Watu’s portfolio across some of its African markets. This investment builds on a financing relationship between AHL and Watu dating back to 2022.

Watu provides financing for motorcycles and three-wheelers through its mobility business, and for smartphones through Watu Simu, its connectivity business. It is also expanding electric motorcycle financing in selected African markets. The company has originated more than 7 million loans since 2015.

Rosanne Whalley, CEO of AHL Venture Partners, said: “We are delighted to deepen our partnership with Watu and support its continued growth across Africa. Watu’s asset-backed model is expanding financial inclusion and clean mobility for millions of underserved customers, generating exactly the kind of measurable social and economic impact that sits at the heart of AHL’s priorities.”

Andris Kaneps, Watu founder, added: “AHL has been an important funding partner as Watu has grown across Africa. This facility strengthens our working-capital base and gives us additional capacity to expand our mobility and smartphone-financing portfolios while continuing to serve our customers consistently and responsibly.”

Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the Dealmaker’s Log here

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South Africa-based Grindstone Ventures has announced the launch of a R500 million ($30.92 million) venture fund to invest in high-growth, technology-enabled African businesses from Seed through Series A, targeting the transition from early commercial validation to institutional scale.

Led by Thandiwe Maqetuka, Grindstone Ventures brings together her venture investment experience with the networks and expertise of Knife Capital and Thinkroom, which have partnered with her to establish the female-led, black-empowered fund manager.

“The evolution from Seed to Series A remains one of the clearest gaps in the African venture ecosystem,” said Keet van Zyl, co-founder of Knife Capital. “The lessons from Grindstone Ventures Fund I have shown us exactly where that gap bites, and this fund gives us the opportunity to close it.”

The fund is targeting a first close of R150 million ($9.28 million) and intends to build a portfolio of 15 to 20 businesses, primarily in South Africa and selectively elsewhere on the continent.

“Some of Africa’s most promising businesses are getting caught in the space between proving that something works and having the scale required to attract larger pools of institutional capital,” says Thandiwe Maqetuka, managing partner of Grindstone Ventures.

“That is Africa’s missing middle. Our opportunity is not simply to provide more capital, but to identify exceptional businesses earlier, invest at a point where capital remains scarce, take meaningful ownership positions and work actively with founders to build companies capable of scaling, attracting institutional capital and ultimately delivering realisable returns,” she adds.

Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the Dealmaker’s Log here

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CDG Invest Growth has invested in Little Mamma Group through its Capmezzanine V fund.

Little Mamma is a Moroccan restaurant group operating the Little Mamma, Big Nonna, Duo Café, Zay Paratha and Lucciano’s brands.

The transaction gives Capmezzanine V a minority stake in ATA Value Capital, the holding company of Little Mamma Group.

This investment will support Little Mamma Group’s next phase of growth, with a focus on expanding its existing brands, launching new restaurant concepts and further strengthening its vertical integration.

The transaction was completed on July 27, 2026, and also marks the entry of Yassine Bounou as a minority shareholder, alongside Capmezzanine V and the group’s founding shareholders.

Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the Dealmaker’s Log here

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French development finance institution Proparco has invested $1.5 million in ARC Ride’s funding round to support the company’s electric mobility expansion in Africa.

The investment forms part of ARC Ride’s $33.3 million financing round, comprising a $23 million Series A round and $10 million in debt. The Series A round was led by Novastar Ventures and Norrsken22, with the International Finance Corporation, British International Investment and Proparco joining as co-investors.

ARC Ride is a Kenya-based electric mobility company focused on two- and three-wheeler transport. Its battery-as-a-service model allows riders to use electric vehicles without owning batteries outright, reducing upfront costs and enabling battery swaps through a network of smart battery swap stations. The company has an estimated 30% market share of Nairobi’s electric two-wheeler market.

ARC Ride said it will continue expanding in Kenya, including Nairobi and the western region. It is also targeting new markets including Ghana, South Africa, Tanzania and Uganda.

“Through this investment in Arc Ride, we reaffirm our conviction that electric mobility is a key driver of inclusive and green growth in Africa. By supporting the development of accessible charging infrastructure and a business model rooted in local realities, we are proud to contribute to job creation, improve the livelihoods of boda-boda drivers, and accelerate the continent’s energy transition,” said Fabrice Perez, head of financial institutions and the innovation division at Proparco.

Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the Dealmaker’s Log here

By Standard Bank

Standard Bank and Java Capital have entered into a strategic partnership designed to bring innovative capital-raising, advisory, financing and co-investment solutions together in an integrated platform initially focused on South Africa’s real estate, infrastructure and broader real asset sectors.

The partnership comes at a time when South Africa’s real estate market is starting to show encouraging signs of renewed activity and evolving funding mechanisms and transactions. Stabilising interest rates, improving sector balance sheets, narrowing REIT discounts to NAV and renewed M&A activity are creating new opportunities, while private capital and more flexible funding structures are playing an increasing role in finance and investment.

Against this backdrop, the partnership brings together Standard Bank’s deep African expertise, extensive client network, balance sheet strength and execution capabilities with Java Capital’s specialist corporate finance, M&A and equity capital markets advisory experience.

For real estate investors, developers, listed property companies and infrastructure-adjacent businesses, the collaboration supports access to a broader range of capital solutions across the capital structure, including advisory-led capital raising, debt and equity origination, structured funding and selected co-investment opportunities.

According to Justin Bothner, head of investment banking South Africa at Standard Bank Corporate and Investment Banking (CIB), the market is increasingly forcing a rethink of how real estate transactions are delivered, with clients no longer viewing advice, financing and capital raising as separate disciplines. “As capital markets evolve, clients increasingly need partners who can combine strategic advice, execution certainty and access to capital. By combining Java Capital’s origination and advisory strengths with Standard Bank’s financing and execution capabilities, we can respond to these shifts and requirements in a much more integrated way.”

Andrew Robinson, sector head of real estate at Standard Bank CIB, agrees, and explains that the South African real estate market is entering a more constructive phase and that the nature of capital is changing in tandem. “Balance sheets have strengthened, financing conditions are stabilising, and there is renewed appetite for M&A and investment. However, the capital required to unlock this next phase of growth can’t only come from traditional sources. The ability to connect high-quality opportunities to different pools of capital, and structure innovative solutions around specific needs, is vital.”

Andrew Brooking, founding director of Java Capital points out that the partnership creates a more seamless way of enabling clients to move from idea to execution, despite increasingly complex markets. “Java Capital has built its reputation on specialist advice, deep client relationships and the ability to execute complex transactions in the real estate and capital markets sectors. This partnership creates an opportunity to broaden that proposition by closing any gaps between identifying an opportunity, structuring the right transaction, and securing the capital to execute.”

The collaboration also reflects Standard Bank Investment Banking’s deliberate evolution from transactional funder to strategic capital partner. By combining advisory origination, capital markets capability and structured financing, the partnership positions Standard Bank to support clients through increasingly complex investment opportunities and funding decisions.

The initial focus of the partnership will be on real estate and selected real assets, with opportunities across listed and unlisted property, private capital, infrastructure-adjacent assets and other sectors where long-term capital can support growth, development and value creation.

“This collaboration is about much more than executing more transactions,” added Brooking. “It is about aligning with where the market is moving, originating opportunities, building a more responsive investment banking platform that delivers the advice and capital needed to turn those opportunities into executable transactions that create real value for clients and contribute to Africa’s sustainable growth.”