Africa Private Equity News is pleased to present the July 2026 issue of our Dealmaker’s Log, which tracks the reported African private equity/debt and venture capital transactions from last month (and extending back to an archive of transactions since May 2023).

We have revamped the Dealmaker’s Log: it now lives in a searchable, filterable interface where subscribers can slice deals by sector, fund manager, geography, investment type, and more.

This edition features 32 new transactions from firms including: Blue Earth Capital, Acumen, Helios Investment Partners, Investisseurs & Partenaires, Meridiam, Knife Capital, Metier, Eos Capital, Cygnum Capital, Launch Africa Ventures, TLG Capital, Global Innovation Fund, Sahel Capital, Kuramo Capital, Catalyst Fund, Maia Capital Partners, Africa Lighthouse Capital, Legacy Africa Capital Partners, Oxano Capital, and many more!

Access the Dealmaker’s Log below: (only for paid subscribers)

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Fintech company Moment has announced the close of its $22 million Series A funding round, led by AlphaCode Venture Partners, with continued investment from General Catalyst, MultiChoice, and fresh investment from Canal+.

Moment is a pan-African payment infrastructure company headquartered in Cape Town, with offices in Dubai, Johannesburg, Lagos, Kigali, and London. The company provides omni-channel payment solutions, intelligent collection tools, and embedded financial services to African businesses. Moment is further backed by Entrée Capital, the Raba Partnership, and Helios Investment Partners.

Dominique Collett, general partner at AlphaCode Venture Partners, said: “Africa’s payment complexity has long been a hidden tax on commerce – on every business trying to grow here, and on every household trying to participate in the digital economy. Moment is dismantling that barrier in a way we haven’t seen before, at continental scale, compliantly, and with a product that the market’s largest enterprises have already validated. We’re backing Joel Yarbrough, Moment’s CEO, and his team as they build a defining piece of Africa’s financial infrastructure.”

Africa’s payment landscape is notoriously fragmented, with local payment behaviour varying dramatically across markets. In South Africa, over two-thirds of payments are still made in person at retail locations despite high bank penetration. In Nigeria, instant bank transfers dominate, with strong competition from cash, cards, and digital wallets. In other markets, mobile money platforms have thrived due to low bank penetration, but are fragmented across dozens of operators, with no single provider able to offer merchants unified collections across all channels.

Yarbrough explains that Moment was built to solve this. “Within three years of launch, we are processing for 10 million people a month across some of Africa’s leading brands. We support the full spectrum of locally preferred digital payment methods as well as an in-person acceptance network spanning over two million physical locations. Our platform is highly resilient, and we process 600,000 transactions a day despite power and connectivity problems that plague the market. We’ve built a platform that can deliver on the particular challenges of the African market and help businesses get paid faster and at lower cost.”

Thomas Follin, chief diversification officer at Canal+, commented, “Following Canal+’s acquisition of MultiChoice, we took a close look at Moment, and we were genuinely impressed. Moment has driven down cost and improved quality simultaneously. The business provides world-class technology for enterprise-grade subscription and billing customers that operate in Africa. Together we see a compelling opportunity to expand digital financial access across the continent.”

Moment offers billers and merchants, such as insurers and subscription platforms, a suite of collection tools including recurring payments, customer outreach tools, and failed payment recoveries across digital and in-person channels.

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 latest Dealmaker’s Log here

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British International Investment (BII) has announced a $20 million commitment to the Africa50 Infrastructure Acceleration Fund.

The fund invests in infrastructure projects and platforms across Africa, targeting sectors including power and energy, water and sanitation, transport and logistics, and digital and social infrastructure.

BII’s commitment brings the fund to a fourth close of approximately $330 million, alongside the African Development Bank, the International Finance Corporation and more than 20 African institutional investors.

“Africa’s infrastructure financing gap remains one of the biggest barriers to sustainable growth and development across the continent. Our investment in the Africa50 Infrastructure Acceleration Fund reflects our commitment to mobilising more capital into the infrastructure Africa needs to support businesses, create jobs and improve lives,” commented Leslie Maasdorp, CEO of BII.

“Delivering infrastructure at the speed and scale the continent requires, depends on mobilising long-term private and institutional capital through strong partnerships. BII’s commitment to the Africa50 Infrastructure Acceleration Fund reflects our shared ambition to scale infrastructure investment, strengthen project delivery and accelerate sustainable economic development across Africa,” said Alain Ebobissé, CEO of Africa50.

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 latest Dealmaker’s Log here

** For the best experience, download the free Africa Private Equity News app Android | iOS **

Swedfund, Sweden’s development finance institution, has invested $12 million in the Acumen Resilient Agriculture Fund II (ARAF II).

ARAF II is an impact fund that invests in fast growing agri and food companies with business models that help African smallholder farmers become more resilient to climate change. ARAF is managed by Acumen Capital Partners, a wholly owned subsidiary of Acumen.

“Climate change is already affecting the livelihoods of millions of smallholder farmers across Africa. Investing in businesses that improve access to markets, finance and agricultural services helps farmers strengthen their resilience, increase productivity and build more stable incomes. That is essential for more resilient food systems,” says Helen Hagos, investment director for food systems and strategic investments at Swedfund.

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 latest Dealmaker’s Log here

** For the best experience, download the free Africa Private Equity News app Android | iOS **

By Mpho Mutloane, investment principal at African Infrastructure Investment Managers (AIIM)

South Africa’s rail story is often told as one story, when it is really two.

There is freight rail, which carries the minerals, agricultural produce, manufactured goods and export cargo that move through the economy. Then there is passenger rail, which shapes how people move through cities, how much time they lose in traffic and how much of their income is absorbed by commuting.

For businesses and investors, freight is the more immediate commercial opportunity. It sits close to production, exports, ports and logistics costs. When freight rail underperforms, the effect is felt quickly. Mines produce goods they cannot move efficiently. Farmers use trucks where rail could be more competitive. Exporters carry higher costs. Roads become more congested. Ports absorb pressure from a system that is already stretched. According to an independent study by the Gain Group as cited in the Master Plan, the current annual cost of rail dysfunction is R276 billion ($16.75 billion), equivalent to 3.6% of GDP, in exports that never materialised and freight forced onto roads at higher cost to the economy.

The Master Plan gives a sense of the scale. In 2022, rail moved about 150 million tonnes of freight, against an estimated viable rail market of 262 million tonnes. In value terms, rail moved commodities worth R273 billion ($16.57 billion), although the potential market was estimated at R1.316 trillion ($79.85 billion). The plan also estimates that rail could reduce South Africa’s national freight bill by R50 billion ($3.03 billion), or by as much as R100 billion ($6.07 billion) when wider costs are included. For every R1 million ($60,680) invested, the economy stands to gain approximately R4.35 million ($263,956) in GDP, alongside the creation of eight full-time equivalent jobs and an increase of R4.38 million (US$265,777) in household income.

This is where rail reform becomes especially relevant for investors. The opportunity extends across rolling stock, terminals, sidings, depots, cold storage, port handling, private berths, security and maintenance. A freight corridor works well when all of these pieces support one another. A train that arrives at a congested port still leaves an exporter waiting. A rehabilitated line without the right rolling stock will not move the required volumes. A port without enough supporting storage creates delays before goods even reach a vessel.

This is also why rail and ports should be viewed together. In freight logistics, they meet in the same cost base. For freight in particular, rail and ports have to be understood together, because the value of an efficient rail corridor is limited if goods still face delays once they reach the port.

There are some useful examples to consider. In the Eastern Cape for instance, farmers have had to move produce to Cape Town for cold storage, before moving it again to Durban for export. That kind of movement adds cost, time and quality risk. It also shows how a single missing piece in the logistics chain can change the economics of an entire route.

For minerals, the same logic applies at a larger scale. If mines can produce, but cannot move enough product to port, productivity is held back. More reliable corridors, more available train slots and better rolling stock could ease backlogs at mines and ports, while allowing more material to reach export markets.

The capital requirement is significant. The Master Plan estimates the total cost of projects required to restore rail as the backbone of South Africa’s logistics and mobility system at R1.9 trillion ($115.29 billion). Spread over a decade, this is approximately R190 billion ($11.53 billion) a year. That scale creates room for a more practical conversation about public and private roles. The state remains central as owner, regulator and steward of the national system. Private capital can bring funding, technical expertise, operating discipline and long-term delivery capability where the commercial case is clear enough.

A well-structured partnership model gives each side a clearer role. The public sector can set the outcomes, protect the public interest and regulate access. The private sector can help deliver, operate and maintain assets against agreed performance standards. In infrastructure, this balance works best when risk allocation is clear and when performance is measured in ways that matter to users.

Passenger rail carries a different set of considerations. Freight demand can often be traced to commercial cargo flows. Passenger rail has to deal with affordability, safety, commuter behaviour, public subsidy and last-mile connections. People choose trains when the full journey works, from the first step out of the house to the final trip from station to destination.

In many successful cities, rail forms the backbone of the transport system, while buses, taxis, e-hailing and walking routes feed into it. South Africa already has a strong minibus taxi network, which plays a major role in last-mile mobility. Any passenger rail recovery will likely work better where taxis, buses and trains are considered part of the same commuter reality.

The Gautrain example is instructive. Its value comes not only from the train, but from the supporting bus and shuttle links that help people complete the journey. The draft Master Plan notes that PRASA transported 39 million passengers in 2024, with projected demand expected to rise significantly by 2030. It also links passenger rail to a broader social goal: reducing the share of income low-income households spend on commuting. This is a transport issue, but it is also a household income issue, a productivity issue and a city planning issue.

At AIIM, our perspective is shaped by long experience in infrastructure where public purpose and private capital meet. We have worked with government and private partners across different forms of long-term infrastructure delivery, including PPPs, renewable energy, logistics, ports and corridors. That experience matters in rail because the sector requires patient capital, disciplined risk allocation and a clear understanding of how assets perform over decades.

We also bring a value-chain lens. Through platforms such as The Logistics Group, African Ports & Corridors Holdings and Bulkstream, we have built exposure to ports, logistics corridors and rail-adjacent services. This gives us practical insight into how goods move from production to market, where bottlenecks emerge and which interventions can unlock wider value.

Our approach looks across the entire value chain, from pit to port and across the different sectors that depend on efficient movement. That view is important because the investment opportunity in rail will often sit in the links between assets. A line may be valuable because of the mine it serves. A depot may matter because of the rolling stock strategy behind it. A cold store may shift the economics of an agricultural route. A private berth may reduce friction at a port.

For businesses, the question is how rail can support competitiveness. Lower logistics costs, more reliable export routes and less congestion can improve margins and productivity. For investors, the opportunity lies in understanding where long-term capital can support assets with durable demand and clear system value.

A more functional rail system would show up in practical ways: fewer trucks on the busiest routes, better movement of minerals to port, more efficient agricultural exports, improved port flows, more reliable commuter options and stronger productivity across sectors that already have demand.

South Africa’s rail network remains one of the country’s most important economic assets. Its revival will take time, capital and cooperation. For businesses and investors, the attraction lies in the possibility of helping an existing system become more useful, more reliable and more closely aligned to the way the economy needs to move.

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 latest Dealmaker’s Log here

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A MESSAGE FROM OUR SUPPORTERS

Exploring how PwC supports clients through successful deals

In this episode of the PwC Business Success podcast, Dr Frances Wright sits down with Ryan Rodkin, Partner in PwC’s Deals team, to unpack the key factors behind PwC’s continued success at the DealMakers Awards. Read more

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

1. Eos Capital achieves 40% IRR from Namibian private equity exit

Eos Capital’s Allegrow Fund has exited its investment in The Mushara Collection, a group of private accommodation lodges near Etosha National Park in Namibia. The Mushara investment achieved a 40% IRR and will return 4.4x invested capital to investors. Read the full article

2. Footprints Education Group acquires 24% stake in South African manufacturer Penflex

Footprints Education Group (FEG), an education investment platform entirely owned by Aleyo Growth Fund I, has acquired a 24% equity interest in Penflex, a South African manufacturer of diverse plastic products for the domestic and export markets. Read the full article

3. Helios lists T2S Group on Casablanca Stock Exchange

Helios Investment Partners has announced the initial public offering of its portfolio company T2S Group on the Casablanca Stock Exchange. T2S is an integrated med-tech group serving public and private healthcare providers in Morocco and across Africa. Read the full article

4. IFC proposes €25m investment in Amethis MENA Fund III

The International Finance Corporation has disclosed a proposed investment of up to €25 million in Amethis MENA Fund III, alongside a €15 million co-investment envelope. The fund is targeting €200 million and plans to acquire minority and majority stakes in companies primarily in Morocco and Egypt, with scope for selected investments in Tunisia and Jordan. Read the full article

5. Barka Fund backs Kenyan macadamia exporter

Abidjan-based climate-focused impact investment vehicle Barka Fund has invested $1 million in Kenyan macadamia exporter Orient Enterprises. The investment – comprising $500,000 in preferred equity and a $500,000 structured working capital loan – will fund infrastructure upgrades, working capital, and agroforestry expansion. Read the full article

Premium content

Dealmaker’s Log: African private equity and VC deals in June 2026

Africa Private Equity News recently published the June 2026 issue of our Dealmaker’s Log, which tracks the reported African private equity/debt and venture capital transactions from last month (and extending back to an archive of transactions since May 2023). Access the Dealmaker’s Log here

By Andrew King, Principal | SMA Capital Advisory and Restructuring Services, PwC South Africa

In today’s capital-constrained and increasingly risk-sensitive market, the ability to translate a company’s funding needs into a narrative aligned with funder expectations is no longer optional; it is critical. Whether engaging banks, development funding institutions, private equity or alternative lenders, the success of any funding process depends on how effectively businesses position themselves through a funder’s lens.

1. Understanding where you are in the company lifecycle

The starting point for any funding discussion is a clear view of where the company sits in its lifecycle, as this drives funding optionality and risk appetite.

• Start-up / Early stage
  At this stage, equity, venture capital and grants dominate. Funders prioritise growth potential, scalability and management capability.

• Growth / Expansion
  As the business scales, mezzanine, private equity and structured debt become more accessible. The focus shifts to traction, unit economics and execution risk.

• Mature / Cash generative
  For established businesses, senior debt, bonds and refinancing are typical. Funders emphasise stability, predictable cash flows and leverage capacity.

• Distressed / Turnaround
  In distressed scenarios, restructuring capital, distressed debt and rescue equity are relevant. The lens is recovery potential, asset support and downside protection.

Each stage carries a distinct risk-return profile. Misalignment, such as pursuing senior debt for an inherently equity-risk business, often results in failed processes before they meaningfully begin.

2. Quality of information: The foundation of credibility

Funders lend and invest in businesses they can understand, assess efficiently, and trust. As such, the quality of information is foundational to credibility.

Financials are more than historical records; they reflect governance, discipline and management control. Clean, consistent financial information signals that management understands the operational and financial drivers of the business, while well-structured, forward-looking models demonstrate an ability to plan and adapt. In contrast, fragmented or inconsistent data raises broader concerns about oversight and reliability.

Equally important is coherence. Funders expect a clear and logical connection between historical performance, forecast assumptions, and cash flow outcomes. Where projections appear overly optimistic or disconnected from operational realities, credibility is quickly eroded and perceived risk increases.

Strong information shifts the conversation materially. Instead of questioning the integrity of the numbers, funders focus on the merits of the opportunity itself. This transition accelerates timelines, improves engagement and often leads to more favourable outcomes in pricing, structure and execution certainty.

3. Sources and uses: Structuring funding with discipline

Once credibility is established, attention turns to structure: how capital is raised, deployed and ultimately repaid. This is often where funding processes succeed or fail.

A clear source and uses framework demonstrates discipline, linking capital requirements to specific strategic or operational needs while showing a clear path to repayment. Funders are particularly focused on alignment between the nature of assets and the tenor of funding. Long-term investments should be financed with long-term capital, allowing sufficient time for value realisation. Short-term funding applied to long-term uses introduces refinancing risk that is difficult to underwrite and typically viewed negatively.

Currency alignment is another critical consideration, especially in emerging markets. Where funding is raised in hard currency but revenues are generated in local currency, volatility can undermine debt service capacity. This risk must either be mitigated, priced appropriately or avoided.

Ultimately, all structuring considerations converge on one central question: can the business sustainably service its obligations from cash flow? Profitability alone is insufficient. Funders focus on cash generation, the conversion of earnings into liquidity and resilience under downside scenarios.

There is also an inherent trade-off between risk and return. Lower-cost capital, such as senior debt, comes with tighter covenants and lower tolerance for volatility. More flexible capital, including mezzanine or equity, commands higher returns but provides greater resilience. Businesses must carefully balance these trade-offs, particularly when considering the implications of debt versus equity: preserving ownership versus sharing risk and upside.

4. Getting the ask right first time

The initial funding request is often the defining moment in a process. A clear, well-structured ask creates momentum; a poorly framed one can stall progress immediately.

Funders assess opportunities through established credit frameworks. At the core are four interlinked dimensions: business risk, financial risk, exposure at default and loss given default. Together, these determine whether a transaction fits within a funder’s risk appetite.

Business risk considers industry dynamics, competitive positioning and management capability. Financial risk focuses on leverage, earnings volatility and liquidity resilience. Funders then evaluate the size and structure of their exposure, alongside recoverability: what security is available and how much value can be preserved in downside scenarios.

The most effective funding proposals anticipate these considerations. Rather than waiting for risks to be identified, they proactively address them, presenting both base-case performance and credible downside scenarios. This builds confidence and demonstrates a realistic understanding of the business.

Clarity is equally critical. Credit and investment committees are time-constrained and process-driven. A compelling funding submission distils complexity into a clear investment thesis, supported by consistent data and logical reasoning.

The objective is simple: make it easy for decision-makers to say “yes.” This requires not only a strong opportunity but also a structure and presentation aligned with funders’ decision-making frameworks.

5. Why an independent view matters

In an increasingly complex funding landscape, structuring capital in isolation is rarely optimal. Independent advisors play an important role in bridging the gap between internal perspectives and external funder expectations.

Advisors provide objectivity, challenging assumptions and stress-testing projections to ensure that funding strategies are robust and credible. This is particularly important where management teams may be closely aligned with optimistic outcomes or constrained by internal biases.

They also bring market insight, understanding how different capital providers assess risk, what structures are currently viable and how transactions are being priced. This improves targeting, avoids misaligned processes and enhances overall execution outcomes.

From a practical standpoint, funding processes are resource intensive. They often coincide with periods of strategic change or operational pressure, leaving internal teams stretched. Advisors provide capacity uplift, allowing management to focus on running the business while ensuring the funding process remains structured, efficient, and well-coordinated.

Perhaps most importantly, advisors help articulate the funding story in a way that resonates with funders, balancing ambition with realism and aligning the narrative with how capital providers evaluate risk and return.

Concluding points: Aligning strategy with capital reality

Translating business needs into funder requirements is both an art and a discipline. It requires strategic clarity, financial rigour and a deep understanding of how capital is allocated.

Businesses that succeed are those that position themselves through the lens of funders, aligning their lifecycle stage, strengthening information quality, structuring funding appropriately and presenting a clear, credit-aligned narrative.

In practice, those who invest in getting these fundamentals right upfront are best positioned to secure capital efficiently, on appropriate terms, and with greater certainty.

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Blue Earth Capital, a specialist global impact investor, has announced the second close of its impact secondaries strategy, having received investor commitments of over $200 million to date.

The close was anchored by strong investor interest from the United States, including commitments from Builders Vision, an investment and philanthropy platform founded by Lukas Walton; iAlumbra Capital, the investment arm of Christy Walton’s family office, iAlumbra; and Sonen Capital, a dedicated impact investment advisor in the United States. The new investors join Proparco, the Ursimone Wietlisbach Foundation, and German family office Stella, which anchored the first close.

Nicolas Muller, head of private equity partnerships at Blue Earth Capital, said: “We are delighted to welcome Builders Vision, iAlumbra, and Sonen Capital alongside our other new investors to Blue Earth Capital’s impact secondaries strategy. Their conviction adds to the momentum behind a clear thesis: closing the liquidity gap is how impact investing can go mainstream.”

Philipp Mueller, CEO of Blue Earth Capital, added: “We are grateful for the trust that Builders Vision, iAlumbra, Sonen Capital, and our wider community of investors have placed in us. Together they help us pursue a shared ambition: to mobilise impact capital at scale and build a functioning secondary market for impact assets.”

Jamey Spencer, managing director and head of private markets at Builders Vision, said: “We are proud to partner with Blue Earth Capital, a team whose approach to impact investing and long-term perspective closely align with our own. As this ecosystem continues to grow, it requires not only investment, but the infrastructure that allows capital to move efficiently and attract more participants to the market. Blue Earth’s impact secondaries strategy helps address this critical need while highlighting the potential of an emerging segment, and we are pleased to support a manager with the expertise and track record to execute on this opportunity.”

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 latest Dealmaker’s Log here

** For the best experience, download the free Africa Private Equity News app Android | iOS **

Impact Fund Denmark is providing a loan of $22.5 million to the African agribusiness group ETG.

The investment is structured as a sustainability-linked loan, with the interest rate reduced if ETG meets a series of specific targets. These include increasing support for women farmers, expanding advisory services for farmers, and reducing deforestation and carbon emissions.

ETG is one of Africa’s largest agribusiness groups, operating in 32 African countries. The company purchases crops directly from smallholder farmers and supplies them to global markets. At the same time, ETG provides fertiliser, seeds and agricultural advisory services to farmers.

“Many farms across the African continent have enormous potential, but too much value is lost because the farmers do not have access to the right markets and financing. By supporting ETG, we are backing a company that can make a tangible difference for farmers while strengthening local value chains,” says Otto Vinther, managing director and co-head of sustainable food systems at Impact Fund Denmark.

Impact Fund Denmark is providing the financing alongside a number of European and African development finance institutions, including FMO, TDB, Finnfund and CDP. The total loan amounts to $600 million.

“Agriculture employs millions of people across Africa, but too much value is lost when farmers lack access to logistics, financing and markets. ETG is addressing this challenge at scale. What makes this investment particularly compelling is that the loan is structured to ensure that ETG places special emphasis on areas such as supporting women farmers, expanding advisory services and reducing deforestation,” noted Søren Peter Andreasen, deputy CEO of Impact Fund Denmark.

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 latest Dealmaker’s Log here

By PwC

In this episode of the PwC Business Success podcast, Dr Frances Wright sits down with Ryan Rodkin, Partner in PwC’s Deals team, to unpack the key factors behind PwC’s continued success at the DealMakers Awards.

Together, they explore the power of PwC’s integrated Deals platform, the importance of objective advice, navigating market uncertainty, creating long-term value, and how a human-led, tech-powered approach helps clients make confident decisions.

Discover why successful deals today are about more than completing transactions – they’re about delivering lasting value.

** For the best experience, download the free Africa Private Equity News app Android | iOS **

Abidjan-based climate-focused impact investment vehicle Barka Fund has invested $1 million in Kenyan macadamia exporter Orient Enterprises.

Founded and led by Rajiv Pandya, Orient Enterprises is a Kenyan macadamia processor and exporter operating a facility in Juja, Kiambu County. The company produces vacuum-packed raw macadamia kernels, macadamia oil, and flavoured macadamia kernels under its Orient Chef brand. It supplies local retailers and premium export markets across Europe, North America, and Asia.

Sourcing from a growing network of smallholder farmers, Orient generated $1.2 million in revenue in 2025.

Barka Fund’s investment – comprising $500,000 in preferred equity and a $500,000 structured working capital loan – will fund infrastructure upgrades, working capital, and agroforestry expansion.

The investment integrates tree planting and land restoration directly into Orient’s sourcing model.

“This partnership strengthens our ability to serve global markets while investing directly in the farmers and land behind our business,” said Rajiv Pandya, founder and CEO of Orient Enterprises. “We are building a Kenyan export brand that is both globally competitive and rooted in sustainable agriculture.”

“We are investors who love preparing founders before we invest. Rajiv went through our readiness programme, and it was clear Orient reflects the future we believe in – African agribusinesses driving growth, inclusion, and restoration, all at once,” commented Rekia Foudel, managing partner of Barka Fund.

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 latest Dealmaker’s Log here

** For the best experience, download the free Africa Private Equity News app Android | iOS **

Eos Capital’s Allegrow Fund has exited its investment in The Mushara Collection subject to various regulatory approvals. Mushara is a collection of private accommodation lodges near Etosha National Park in Namibia.

Allegrow’s investment in Mushara was executed as part of Eos Capital’s strategy to support the revival of Namibia’s tourism sector in line with the government’s stated objectives for the industry.

The Mushara investment achieved a 40% IRR and will return 4.4x invested capital to investors.

“This exit represents the largest transaction recorded in Namibia’s unlisted private equity market to date. It reaffirms the position Eos Capital has built over the years as a fund manager capable of delivering strong, risk-adjusted returns for our investors. We remain committed to identifying and growing high quality Namibian assets, and to being the partner of choice for investors seeking sustainable, long-term value creation,” said Elzine Mushambi, managing director of Eos Capital.

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 latest Dealmaker’s Log here

Footprints Education Group (FEG), an education investment platform entirely owned by Aleyo Growth Fund I, has acquired a 24% equity interest in Penflex, a South African manufacturer of diverse plastic products for the domestic and export markets. As part of the transaction, Penflex’s management team has lifted its own shareholding by a further 11%, deepening its position in the business to 51%.

FEG’s primary mission is to build education value chain assets spanning Botswana and the broader region. The 24% interest was acquired from Legacy Africa Capital Partners (LACP), which took a 60% controlling stake in Penflex in 2021 through its Legacy Africa Capital Partners Fund I. Following the transaction, LACP retains a 25% holding in the company.

Penflex is one of only two dedicated pen manufacturers in South Africa and ranks among the largest injection-moulding operations in the Western Cape. Under LACP’s ownership, the business has expanded well beyond its historical roots in stationery into a broad range of plastic homeware and office products.

Penflex’s plastic-conversion floor runs injection-moulding, blow-moulding and small plastic-tube extrusion lines, with a particular emphasis on using recycled materials in support of the wider recycling industry. Its product range spans stationery (pens, markers, highlighters, stencils, rulers, pencil boxes and lunch boxes), homeware (plastic glassware, plates, bowls, jugs, trays, laundry baskets, cooler boxes and bins), office solutions such as storage drawers, and window blind components.

Sean Stuttaford, Managing Director of Penflex, said: “We are thrilled to bring FEG on board and believe that, with their investment, Penflex will continue to go from strength to strength. Penflex is proof that South Africa has the manufacturing competence and capability to produce high-quality products that stimulate the local economy, reduce reliance on imports and open up export markets. As the business grows, so does its contribution to the domestic economy and to job creation.”

Bafana Molomo, Director of Footprints Education Group, commented: “Penflex is exactly the kind of business FEG seeks to back – a market leader with proven manufacturing capability, a growing product range and clear potential to further expand across Southern Africa and into export markets. We are pleased to partner with a strong, committed management team alongside Legacy Africa. We look forward to supporting the next phase of the company’s growth.”

Kgosi Monametsi, Managing Director of Legacy Africa Capital Partners, added: “Since our investment, Penflex has greatly expanded its product range, moving from a traditional focus on stationery into a variety of other product lines. We welcome FEG as shareholders and are confident they will contribute to the further growth of the business. We are also pleased that management has acquired an additional 11% stake, which reflects their belief in the company’s future.”

Enquiries: Kgosi Monametsi – kgosi@legacyafrica.co.za

He previously founded Wasoko, a multimillion-dollar company that connects informal retailers in East Africa with suppliers of consumer goods. After raising $145 million and merging Wasoko with Egypt-based MaxAB in 2024, he stepped away from day-to-day involvement in the business last year.

Yu spoke to Africa Private Equity News editor-in-chief Jaco Maritz about the business opportunities in helping Africans find work abroad and exporting African-made products. The conversation also touched on how he got Wasoko off the ground, and his advice for young people entering today’s AI-threatened jobs market.

Read more

By Standard Bank

Following the successful execution of a strategic acquisition, Standard Bank Corporate and Investment Banking (CIB) partnered with Tolaram once again to provide a bespoke term financing solution. The facility refinanced the bridge funding used to support the original transaction and represents the next phase in a relationship focused on delivering capital solutions that evolve alongside the client’s strategic ambitions. The transaction demonstrates how financing requirements change as businesses move from acquisition execution to long-term value creation. By transitioning from bridge funding to a term facility, Tolaram was able to establish a funding structure better aligned to its ongoing growth objectives.

Standard Bank Corporate and Investment Banking (CIB) structured and delivered a bespoke term financing facility for Tolaram to refinance bridge funding associated with a previously completed strategic acquisition. While the original transaction focused on enabling acquisition execution, this phase centred on establishing a longer-term funding structure aligned to the client’s capital management objectives and growth plans.

Tolaram is a leading Pan-African diversified FMCG group with operations that contribute to industrialisation, food security, manufacturing capacity and economic development across the continent. The group’s investments support sectors that play a critical role in strengthening local value chains and driving sustainable growth.

Standard Bank CIB acted as financier and structuring bank for the transaction. Our role brought together specialist expertise across Equity Finance, Debt Financing Solutions, Legal, Credit Risk and Operations. Working closely with the client, we structured a financing solution tailored to Tolaram’s funding requirements, investment horizon and broader strategic objectives.

Having supported the original transaction, we were able to build on our understanding of the client’s business, transaction dynamics and financing needs. This enabled us to structure a term facility designed to take out the bridge funding and support the next stage of the client’s growth journey. The facility provides a more sustainable long-term capital structure while maintaining flexibility for future strategic opportunities.

The solution incorporated a fit-for-purpose covenant framework designed to support sustainable business growth and long-term value creation. Collaboration across multiple specialist teams and jurisdictions ensured efficient execution while maintaining an appropriate risk framework throughout the process.

The transaction highlights the importance of financing solutions that evolve alongside a client’s needs. While bridge facilities provide funding certainty during transaction execution, term financing can provide a more suitable long-term funding structure once an acquisition has been completed. This transition is an important step in supporting integration, growth and capital optimisation following a strategic transaction.

This deal reflects the depth of the relationship between Standard Bank CIB and Tolaram. From supporting strategic acquisition activity to providing longer-term refinancing solutions, our role has evolved alongside the client’s needs. The transaction demonstrates our ability to deliver financing solutions across multiple stages of the investment lifecycle, from acquisition funding through to long-term capital management.

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The International Finance Corporation (IFC) has disclosed a proposed investment of up to €25 million in the Amethis MENA Fund III, alongside a €15 million co-investment envelope.

The proposed equity investment would not exceed 20% of the fund’s total committed capital.

Amethis MENA Fund III is targeting €200 million. It plans to acquire minority and majority stakes in companies primarily in Morocco and Egypt, with scope for selected investments in Tunisia and Jordan.

The fund will target companies operating in business services, healthcare, manufacturing and distribution, infrastructure and energy related services, and technology.

Amethis MENA Fund III is a successor to Amethis MENA Fund II, a 2021 vintage fund with €120 million in commitments.

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 latest Dealmaker’s Log here

In a recent interview with Africa Private Equity News, Sango Capital co-founder Richard Okello outlined the countries where he sees the greatest investment potential.

Okello points first to Egypt, which he describes as “very intentional about becoming a middle-income country”. A key advantage is its population of some 120 million. For businesses, that means a vast market where they can achieve significant scale without ever crossing a border. Thanks to large-scale recent investment, he expects Egypt to soon eclipse South Africa to become the continent’s biggest economy.

The investor is also cautiously optimistic about Nigeria following a series of reforms. Specifically, he highlights the removal of a fuel subsidy that previously cost the government billions of dollars a year, and the move to allow the local currency to devalue sharply, as much-needed corrective measures.

Furthermore, he is upbeat about Côte d’Ivoire. The world’s largest cocoa producer has been one of the continent’s fastest-growing economies, averaging more than 6% annual growth over the past decade.

South Africa presents a different kind of opportunity. Okello concedes its broader economic outlook is subdued – a reality underscored by the IMF recently lowering its 2026 growth forecast to just 1.0% due to geopolitical shocks in the Middle East. Yet the country boasts a strong private equity sector, deep markets and seasoned corporate operators. He contrasts this with Ethiopia. Despite posting robust annual growth of nearly 8% over the past decade, Ethiopia’s relatively shallow private sector offers far fewer opportunities for a firm like Sango.

Turning to East Africa, he sees potential in markets like Kenya and Tanzania. While acknowledging some political issues in Tanzania, he expects the country will “probably surprise on the upside” because the government is “doing a lot of big things”. A prime example is a $10 billion railway project designed to link the port of Dar es Salaam to Lake Victoria, and eventually to landlocked neighbours including Rwanda, Uganda, and the Democratic Republic of Congo. With several sections already complete, the network is poised to overhaul the region’s freight transport.

While also bullish on Morocco, the Sango co-founder warns that assets there are getting expensive. Valuations are likely to rise even further as the country prepares to co-host the 2030 football World Cup alongside Spain and Portugal, driving a surge in local investment. “To make money, you have to be able to buy things at the right price,” he says. “You could do that sometimes in Morocco but it’s getting harder.”

Read/watch our full interview with Richard Okello: Where Sango Capital sees opportunity in Africa

By SAVCA

The countdown has begun. On 10 September 2026, Southern Africa’s venture capital ecosystem will once again come together at the beautiful Hazendal Wine Estate in Stellenbosch for the SAVCA Venture Capital Conference 2026.

Recognised as one of the most important dates on the private capital calendar, the conference brings together the investors, fund managers, founders, policymakers, advisers and industry leaders shaping the future of venture capital across the region.

Whether you’re looking to gain market insights, discover emerging trends, build strategic relationships or unlock new investment opportunities, this is where the industry’s most important conversations happen.

Register now to take advantage of the Early Bird rate before prices increase. Early Bird registration will close on 4 August 2026.

Don’t miss your opportunity to be part of the region’s premier venture capital gathering.

Register to attend

Position your organisation at the forefront of the venture capital ecosystem

The SAVCA VC Conference 2026 offers sponsors a unique platform to connect with the investors, fund managers, founders, advisers and ecosystem partners shaping the future of innovation and venture capital across the region.

Whether your objective is to build brand visibility, generate high-value business opportunities, strengthen existing relationships or demonstrate your commitment to the growth of the venture ecosystem, our sponsorship packages are designed to deliver measurable value.

With tailored branding opportunities, thought leadership exposure, and direct access to senior decision-makers, sponsorship provides far more than event presence – it places your organisation at the centre of the conversations driving the next generation of African entrepreneurship and investment.

Explore the sponsorship opportunities available and partner with SAVCA to help shape the future of venture capital in Southern Africa.

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By Dr Frances Wright, Associate Director, PwC South Africa

Our performance at the latest DealMakers Awards is no coincidence. It reflects how we consistently deliver deals, focused not just on execution, but on creating long-term value for our clients in an increasingly complex environment.

At this year’s awards, we achieved leading rankings across multiple transactional support categories, including Deal value and Deal flow. These outcomes are based on measurable market performance, demonstrating both the scale and impact of our work across South Africa’s dealmaking landscape.

So, what sets us apart?

First, it’s our fully integrated Deals platform.

Our platform brings together a broad range of capabilities, from deal strategy and corporate finance to commercial, financial, tax, IT, HR and legal due diligence to tax, legal structuring and Sales and Purchase Agreements (SPA) advisory support as well as data analytics, and post-deal value creation.

These capabilities sit within a single, coordinated multi-disciplinary team.

We also offer independent debt advisory services, allowing us to provide our clients with an objective assessment of both the quantitative and qualitative aspects of debt packages. This end-to-end model ensures continuity, depth of insight, and seamless delivery across every phase of the deal-lifecycle.

Second, our approach is built around certainty in uncertain environments. Deals require more than technical execution. They demand the ability to navigate risk, complexity, and evolving market dynamics. Our team provides comprehensive commercial, financial, and strategic advice, underpinned by deep industry expertise and strong market relationships.

Another critical differentiator is our relentless focus on value creation. At PwC we don’t treat deals as isolated transactions, but as strategic opportunities to transform businesses, unlock growth, and build competitive advantage. This means identifying value early, embedding it into execution, and ensuring it is realised post-deal, not just promised upfront.

Technology also plays a central role. Our “human-led, tech-powered” approach combines deep deal experience with advanced analytics and digital tools, enabling faster insights and better decision-making.

Finally, one of the key factors that sets our Deal’s team apart is our independence. Combined with the strength of the global PwC network, this gives our clients access to cross-border expertise and deep sector specialisation, while maintaining strong local relevance and objective advice. Independence is a core differentiator for Deals and reinforces the trust clients place in us on their most important transactions.

Ultimately, our success comes down to trust. Clients rely on us for their most important transactions because of the firm’s consistent delivery, collaborative approach, and commitment to solving complex problems and achieving sustained outcomes.

The DealMakers results simply reflect what the market already knows: PwC Deals is not just participating in the industry, it’s leading it.

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Proparco has committed $12 million to the Acumen Resilient Agriculture Fund II (ARAF II). The impact investment fund is dedicated to supporting agribusinesses that improve the livelihoods of smallholder farmers across sub-Saharan Africa, while strengthening climate resilience and food security.

Building on its investment in ARAF I, Proparco is renewing its commitment through ARAF II, reinforcing its position as one of the fund’s principal institutional partners.

Managed by Acumen, ARAF II provides early-stage financing to high-potential companies addressing critical challenges along agricultural value chains. The fund focuses on businesses that improve access to markets, finance, agricultural services and climate-smart solutions for smallholder farmers, helping them adapt to climate change while increasing productivity and incomes.

Through ARAF II, approximately 20 companies are expected to receive financing.

“Building resilient agricultural value chains requires patient capital for innovative businesses that serve smallholder farmers. Through our investment in ARAF II, Proparco is supporting entrepreneurs who are developing practical solutions to strengthen food security, improve farmers’ livelihoods and enhance climate resilience across Africa. This investment fully reflects our ambition to foster a more sustainable, resilient and inclusive economy,” commented Guillaume Barberousse, director of the investment department 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 latest Dealmaker’s Log here