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PwC Deals team: Recent transaction highlights

PwC’s Deals team focuses on helping organisations execute successful deals and create value through mergers, acquisitions, disposals and restructuring. Read more

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

1. A.P. Moller Capital to acquire Mainstream Renewable Power South Africa

A.P. Moller Capital has announced that its Emerging Markets Infrastructure Fund II, through a special purpose vehicle, has signed an agreement to acquire Mainstream Renewable Power South Africa, a large renewable energy developer and independent power producer. Read the full article

2. Aruwa Capital makes follow-on investment in Nigerian footwear company

Aruwa Capital Management has announced a follow-on investment into Yikodeen, a Nigerian manufacturer of industrial safety footwear. Aruwa was the sole investor in the round and completed the investment from its sophomore fund, Aruwa Capital Fund II. Read the full article

3. Inspired Evolution launches $176m Zafiri electricity access vehicle

Inspired Evolution has announced the $176 million commercial launch of Zafiri, a blended permanent-capital vehicle focused on expanding access to electricity for tens of millions of people across sub-Saharan Africa. Zafiri will deploy patient equity into distributed renewable energy companies and projects, including mini-grids, solar home systems, productive-use energy solutions, and clean cooking enterprises. Read the full article

4. Launch Africa Ventures makes cash distribution to LPs

Launch Africa Ventures, a pan-African venture capital fund, has made its first cash distribution to its limited partners in Launch Africa Seed Fund I. The firm returned approximately $2.5 million, around 7% of paid-in capital, following 11 completed portfolio exits. Read the full article

5. Convergence Partners Energy Finance proposes investment in Anzana Electric Group

Convergence Partners Energy Finance has entered into indicative terms for a proposed $20 million investment into Anzana Electric Group, a developer, investor, and operator of hydropower and grid distribution projects across Africa. Read the full article

Premium content

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

  Africa Private Equity News recently published the May 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

• The French serial entrepreneur who became a private equity investor in Africa

  Alexis Caude, managing partner of Adenia Partners, discusses his entrepreneurship journey, his investment successes in Africa, and how he manages his personal money. Watch/read the interview here

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Flutterwave, an Africa-focused payments company, has announced an investment from Ripple, the provider of blockchain-based enterprise solutions for traditional and digital finance.

The investment is a part of Flutterwave’s Series E fundraising, which values the company at $3.2 billion.

“Flutterwave has built one of the most advanced payments networks in Africa, and as its infrastructure evolves, stablecoins are becoming central to that story,” said Reece Merrick, managing director for the Middle East and Africa at Ripple. “Our investment will establish RLUSD within that infrastructure, with Flutterwave driving stablecoin flows over the XRPL and deepening its role as a settlement layer for real-world payments across the continent. Together we also plan to bring Ripple Payments’ speed and efficiency to cross-border transactions in the region, opening up faster, lower-cost financial services to businesses and consumers at scale.”

Olugbenga “GB” Agboola, founder and CEO of Flutterwave, added: “This investment marks a pivotal moment in our journey, enabling us to significantly scale our infrastructure and expand our stablecoin-enabled payments roadmap. By unlocking faster settlement and lower-cost cross-border payments, we are building a payment superhighway that connects African commerce directly to the global economy. This partnership is a catalyst for Nigerian and African sovereignty in the digital financial age, ensuring our markets are primary participants in the global digital asset revolution.”

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FMO, the Dutch development finance institution, intends to establish a regional office in Abidjan, Côte d’Ivoire, as part of its strategy to further strengthen its presence and long-term commitment across West Africa.

FMO has built a substantial presence in West Africa over recent years, with a total committed portfolio of approximately €1.3 billion.

Michael Jongeneel, CEO of FMO, said, “West Africa is an important region for FMO, with strong growth potential and increasing demand for investment across sectors that are critical for development. By establishing a presence in Abidjan, we are strengthening our ability to partner locally, originate new opportunities, and support businesses that contribute to sustainable and inclusive growth across the region.”

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Convergence Partners Energy Finance (CPEF) has entered into indicative terms for a proposed $20 million investment into Anzana Electric Group, a developer, investor, and operator of hydropower and grid distribution projects across Africa.

CPEF is a structured capital vehicle within the Convergence Partners group, borne out of an acknowledgment that energy and digital infrastructure increasingly require simultaneous development.

The proposed facility would fund near-term M&A and project development, with capital weighted toward operating and brownfield assets in Anzana’s core markets including the Lobito Corridor. It is intended to bridge the platform to its next phase of growth and a larger capital raise as its asset base matures.

“This proposed partnership gives us the right kind of capital at the right point in our growth,” said Brian Kelly, chief executive Officer of Anzana Electric Group. “Convergence Partners Energy Finance understands African energy from the ground up. They are not just providing funding, they are backing a thesis we share: that distributed hydropower and distribution infrastructure can be built into scalable, bankable platforms across the continent.”

“Africa’s energy transition is held back not by a shortage of capital, but by a shortage of the right capital,” said Laurentius Human, managing partner of Convergence Partners Energy Finance. “We focus on the gap between bankable and scalable. We sit in the risk stack alongside our partners, not above them. What we bring is not only financial capital but also knowledge capital: the deep African energy and operational experience that helps platforms like Anzana unlock value others cannot reach. Anzana is precisely the kind of business this instrument was built for.”

The proposed investment remains subject to the completion of due diligence, definitive documentation, and the parties’ respective approvals.

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Inspired Evolution has announced the $176 million commercial launch of Zafiri, a blended permanent-capital vehicle focused on expanding access to electricity for tens of millions of people across sub-Saharan Africa.

Inspired Evolution, an African climate investment firm, was mandated by the investors to be the investment manager of Zafiri. Founding shareholders include the International Finance Corporation (IFC); the African Development Bank Group, including its Sustainable Energy Fund for Africa (SEFA); The Rockefeller Foundation; Trade and Development Bank Group (TDB Group); Nordic Development Fund (NDF); the John D. and Catherine T. MacArthur Foundation; and FirstRand Limited.

Zafiri will deploy patient equity into distributed renewable energy (DRE) companies and projects across sub-Saharan Africa, including mini-grids, solar home systems, productive-use energy solutions, and clean cooking enterprises. At least 50% of the platform’s capital is expected to support mini-grids, solar home systems, and clean cooking.

“Zafiri represents an innovative multistakeholder partnership, forged under the World Bank’s Mission 300 Initiative, that leverages the positive attributes of multilateral agencies, DFIs, and philanthropic funders, together with private sector agility and competencies. Zafiri is core to our vision and mission which includes the provision of long-term, patient, blended finance mechanisms to accelerate energy access and inclusion for Africa’s underserved communities. We are proud to be the chosen private sector investment manager to implement Zafiri across the region. Underpinned by country compacts, Zafiri will enable clean and affordable DRE solutions in contribution to an African just energy transition,” said Wayne Keast, managing partner at Inspired Evolution.

Ethiopis Tafara, IFC vice president for Africa, commented: “Connecting millions of Africans to reliable power requires patient, long-term capital at scale, and Zafiri, the model IFC developed with our co-investors, demonstrates what partnerships can deliver. By backing private sector distributed renewable energy companies, we are turning ambition into connections - powering homes, enterprises, and opportunity. As these businesses grow, Zafiri will expand access to clean energy for up to 30 million people, while creating jobs and inclusive economic activity across the continent.”

“DRE solutions, including mini-grids and stand-alone solar home systems, are projected to contribute at least 50% of new connections by 2030. Catalysed by the African Development Bank’s SEFA catalytic junior equity, Zafiri is therefore most timely, and its $176 million commercial launch an important milestone, as it will avail long-term and much needed equity to scale distributed renewable energy companies, thereby accelerating the ambition of Mission 300,” said Kevin Kariuki, vice president for power, energy, climate and green growth at the African Development Bank.

“Zafiri is designed to address one of the most persistent barriers to energy access by scaling equity investment in distributed renewable energy companies that serve communities across sub-Saharan Africa,” added Ghita Benabderrazik, managing director of innovative finance at The Rockefeller Foundation. “By bringing catalytic capital to Zafiri, The Rockefeller Foundation aims to help de-risk an underfinanced market, mobilise long-term investment, and contribute to a more resilient financing ecosystem for distributed renewable energy: one that can power livelihoods, expand economic opportunity, and advance inclusive, sustainable development at scale.”

“TDB Group is really pleased to join forces with its MDB strategic partners and others as an equity investor in Zafiri, in support of several renewable energy sub-sectors on the continent. The Zafiri permanent capital vehicle represents a very much needed boost to the risk capital of DRE and clean cooking companies that face binding equity capital constraints for their long-term growth, including their limited ability to better leverage long-term debt, which TDB has already been actively providing as part of the Mission 300 initiative. Our participation in this latest thrust is testament to our deep commitment to injecting patient capital toward inclusive, climate-aligned growth across its Member States,” noted Admassu Tadesse, TDB Group president and managing director.

“NDF celebrates Zafiri’s launch together with the partners as an important milestone to scale up access to distributed renewable energy in Sub-Saharan Africa. Through catalytic financing, Zafiri’s success will help mobilise significant commercial financing into currently under-invested distributed renewable energy sub-sectors with the aim of transforming lives and livelihoods of climate-vulnerable communities,” commented Satu Santala, NDF managing director.

“Expanding access to clean, reliable, affordable energy is a critical global economic development need. We’re excited to collaborate with leading impact investors on this innovative vehicle that will accelerate the flow of capital towards addressing this important challenge,” said Charles Coustan, portfolio manager at the MacArthur Foundation.

“This highly innovative initiative is in line with FirstRand’s long-term strategy to partner with global development finance institutions and other capital providers to solve Africa’s energy needs,” added Mary Vilakazi, CEO of FirstRand.

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. The Dealmaker’s Log is available to all Premium subscribers, with the latest edition delivered immediately upon subscribing – subscribe now.

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Mercy Corps Ventures has invested in Logidoo, a logistics platform focused on French-speaking North and West Africa.

Logidoo’s platform helps businesses plan, manage, and track shipments across key trade corridors.

Logidoo’s product suite covers the full logistics value chain: a freight marketplace for cross-border shipments; fulfilment and merchant ERP integration; a last-mile delivery network in Senegal; a heavy freight and trucking aggregator in Côte d’Ivoire; and a cross-border marketplace connecting African producers to regional and diaspora buyers.

“Logistics corridors are the base layer connecting communities’ production to markets and maintaining that livelihood link even after climate shock. Logidoo is building that infrastructure corridor by corridor and doing it with the rare combination of deep local knowledge and technological precision,” said Rofem Egbe, investment associate at Mercy Corps Ventures.

“At Logidoo, we believe that logistics is more than moving goods from one point to another; it is about connecting farmers to markets, businesses to opportunities, and communities to economic growth. Our mission is to build the trade corridors that will unlock Africa’s full potential by making cross-border commerce simpler, more accessible, and more efficient for everyone,” commented Tamsir Ousmane Traore, founder and CEO of Logidoo.

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. The Dealmaker’s Log is available to all Premium subscribers, with the latest edition delivered immediately upon subscribing – subscribe now.

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Norfund and the Facility for Energy Inclusion (FEI) – a debt fund managed by Cygnum Capital – have closed a $90 million long-term debt facility for CREI, the telecom energy service and asset management arm of two33 Group.

This financing refinances the $55 million short-term bridge facilities provided by the lenders in 2024 and adds $35 million of new capital to support CREI’s next phase of growth. The facility will enable CREI to scale its energy-as-a-service model across Africa, providing mobile network operators with sustainable and energy resilient infrastructure to improve service quality, and expand network coverage.

“This transaction marks a significant milestone in bringing sustainable energy solutions to some of Africa’s most challenging yet promising markets – strengthening telecommunications infrastructure, driving economic growth, and advancing digital inclusion where it is needed most. By refinancing the bridge facilities previously arranged by FEI for CREI’s operations in Mali and South Sudan, and extending the facility to CREI’s operations in the Central African Republic and other countries in Africa, this transaction validates FEI’s approach of using bridge instruments to accelerate project deployment while securing long-term capital – ensuring momentum is never lost and that our clients can move at the speed these markets demand. We are proud to support CREI in this next chapter of its African expansion and look forward to the lasting impact this investment will create,” said Thibault Neveu, managing director and FEI co-fund lead at Cygnum Capital.

“Norfund is proud to strengthen its partnership with CREI and support its expansion across sub-Saharan Africa. This second financing to the company, a long-term facility, marks a significant milestone, extending our reach beyond Mali to now include South Sudan and the Central African Republic. It reflects Norfund’s commitment to bringing renewable energy and essential infrastructure to fragile states and challenging markets. By backing CREI Limited, we aim to support economic growth, job creation, and greater stability across the region,” said Birgit Edlefsen, senior vice president at Norfund.

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. The Dealmaker’s Log is available to all Premium subscribers, with the latest edition delivered immediately upon subscribing – subscribe now.

We highlight five North African private capital transactions, as featured in our Dealmaker’s Log, a database of reported investment deals, exits, and fundraising milestones. View the latest issue here

1. Mediterrania Capital Partners in packaging deal

Mediterrania Capital Partners has signed a share purchase agreement for the acquisition of 100% of Société Marocaine des Manufactures de Mohammedia, the holding company of Amcor Flexibles Mohammedia (AFM), from Amcor Group. AFM is a Moroccan manufacturer of flexible packaging solutions, primarily serving the dairy industry, as well as the pharmaceutical, food and home, and personal care sectors.

2. Vantage Capital provides $45m mezzanine facility to Egypt’s MIDO

Vantage Capital has provided $45 million of mezzanine debt funding to the International Group for Modern Coatings (MIDO), an Egyptian manufacturer of specialty paints and coatings.

3. Adenia Partners in Morocco deal

Africa-focused private equity firm Adenia Partners has completed the first investment from its Adenia Entrepreneurial Fund I, acquiring a stake in Maymana, a brand within Morocco’s culinary sector. Maymana’s offering includes traditional Moroccan pastries, bakery and viennoiserie products, fine grocery items, and gourmet catering services.

4. Amethis MENA Fund II backs Egyptian rice-ingredients producer Tiba

Private equity firm Amethis has entered into definitive agreements for a significant minority investment in Tiba for Starch & Glucose, an Egyptian producer of rice-based specialty food ingredients.

5. SPE Capital-led consortium invests in Egypt’s Orchidia Pharmaceutical Industries

A consortium led by SPE Capital has completed an investment in Orchidia Pharmaceutical Industries, an Egyptian manufacturer of eye-care medicines. The investment was made through SPE Capital’s Private Equity Fund III and includes the European Bank for Reconstruction and Development, Proparco, and the Belgian Investment Company for Developing Countries.

Access the Dealmaker’s Log May 2026 below:

Read more

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Growth Investment Partners (GIP) Zambia has made its fourth investment, committing ZMW 50 million (about $2.8 million) to Altus Financial Services.

Altus provides public sector employees and micro-entrepreneurs with access to credit within 24 hours of a completed application.

“Through this facility, we aim to support Altus in expanding its loan book, deepening its footprint, and reaching more underserved borrowers, particularly those often overlooked by conventional lenders,” the firm said in a statement.

Musonda Chipalo, CEO of GIP Zambia, noted the partnership reflects the firm’s commitment to increasing access to finance and supporting inclusive economic growth in Zambia.

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. The Dealmaker’s Log is available to all Premium subscribers, with the latest edition delivered immediately upon subscribing – subscribe now.

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Ghana-based Origen Private Debt Fund is participating in the $137 million financing of Project Shiprite, with a GHS 23 million (about $2 million) local-currency debt commitment.

Developed by Prime Meridian Docks under a 25-year concession with the Ghana Ports and Harbours Authority, Project Shiprite will deliver a floating dry dock and ship repair facility at the Port of Takoradi in Ghana.

“Origen’s investment contributes to the project’s late-stage financing, helping advance a critical piece of maritime infrastructure that will strengthen Ghana’s shipping industry, reduce vessel downtime, and position the country as a leading maritime service hub in the Gulf of Guinea. We are proud to join a distinguished consortium of financing partners in supporting infrastructure that delivers long-term economic value for Ghana and the region,” the firm said in a statement.

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. The Dealmaker’s Log is available to all Premium subscribers, with the latest edition delivered immediately upon subscribing – subscribe now.

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A.P. Moller Capital has announced that its Emerging Markets Infrastructure Fund II (EMIF II), through a special purpose vehicle, has signed an agreement to acquire Mainstream Renewable Power South Africa, a large renewable energy developer and independent power producer in South Africa.

Established in 2009, Mainstream South Africa currently comprises 148 MW of operating and in-construction assets, 351 MW of construction-ready projects and a development pipeline of approximately 11.6 GW spanning solar, wind and battery storage opportunities.

Mainstream South Africa operates a fully integrated business with in-house capabilities across development, energy trading, project delivery, asset management and operations and maintenance. The company serves a growing base of corporate customers and has established relationships with South African companies, including Sasol and Air Liquide.

The transaction is subject to regulatory and other third-party approvals.

Jens Thomassen, partner at A.P. Moller Capital, said: “Mainstream South Africa is a high-quality business with an experienced management team, a proven track record and one of the country’s largest renewable energy development pipelines. As power demand and the need for new generation capacity continue to grow, this investment strengthens our energy transition strategy and supports our ambition to build a leading independent power producer in South Africa.”

Julie Berg, CEO of Mainstream Renewable Power, commented: “We are pleased that Mainstream South Africa will become part of EMIF II’s portfolio, with A.P. Moller Capital supporting the business in its next phase of growth. As Mainstream Renewable Power focuses on fewer markets, the South African business will benefit from an experienced infrastructure investor with the resources and expertise to support its development. We are confident that the strong and capable team in South Africa, together with A.P. Moller Capital, is well positioned to develop the portfolio and deliver on attractive projects in the pipeline.”

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. The Dealmaker’s Log is available to all Premium subscribers, with the latest edition delivered immediately upon subscribing – subscribe now.

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Launch Africa Ventures, a pan-African venture capital fund, has made its first cash distribution to its limited partners in Launch Africa Seed Fund I. The firm returned approximately $2.5 million, around 7% of paid-in capital. The distribution follows 11 completed portfolio exits.

The 11 exits span seven sectors, six countries and five African regions.

By sector:

• Fintech (5): embedded lending, debt recovery, digital credit infrastructure, remittances and credit intelligence

• One exit each across payments infrastructure, agritech, logistics, B2B e-commerce, HR software and employee wellness

By region:

• Southern Africa - 3 (South Africa)

• West Africa - 3 (Nigeria, Ghana)

• Francophone West Africa - 3 (Senegal): logistics, e-commerce and fintech

• East Africa - 1 (Tanzania)

• North Africa - 1 (Egypt)

The firm says that across the 11 positions, realised multiples reached up to 5x, with several exits returning more than 2x. Individual companies and transaction terms are not disclosed.

“This distribution is an important milestone – for our investors and for the African venture ecosystem more broadly. Venture capital is ultimately judged on realised returns, not paper gains. We are proud to show that African technology companies can generate liquidity, and that our investors can receive cash while significant upside still remains in the portfolio,” says Zachariah George, managing partner of Launch Africa Ventures.

“From day one, we set out to build a venture platform that pairs broad market access with disciplined portfolio management. This distribution is the product of years of work – backing founders, building strategic relationships and actively engineering liquidity for our investors,” commented managing partner Janade du Plessis.

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. The Dealmaker’s Log is available to all Premium subscribers, with the latest edition delivered immediately upon subscribing – subscribe now.

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Aruwa Capital Management has announced a follow-on investment into Yikodeen, a Nigerian manufacturer of industrial safety footwear. Aruwa was the sole investor in the round and completed the investment from its sophomore fund, Aruwa Capital Fund II.

Since Aruwa’s initial investment in December 2024, Yikodeen has completed the commissioning of its upgraded manufacturing facility and increased its installed production capacity more than tenfold, to approximately 2,500 pairs per day. The company has expanded its product range to include application-specific safety footwear, including boots designed for electrical and water-related use cases, and has extended into the consumer market through its YikoPlus brand.

Founded in 2016, Yikodeen manufactures safety footwear for regulated and safety-critical sectors including oil and gas, manufacturing, construction, utilities and select public-sector customers.

The proceeds of this investment will enable Yikodeen to optimise its factory through targeted strategic hires to improve production capacity utilisation, strengthen its marketing and brand positioning to accelerate order conversion, and selectively expand its retail infrastructure for further reach to its customer base.

“As we mark ten years of building Yikodeen, we are delighted to deepen our partnership with Aruwa, who in a short space of time has been a true partner in our growth journey. Having transformed our manufacturing capacity, our focus now is on putting that capacity to work, serving our customers better, and demonstrating that world-class safety footwear and athleisure footwear can be made here in Nigeria. We are grateful to the Aruwa team for their continued support and partnership,” commented Atunde Olayinka, founder and chief executive officer of Yikodeen.

“We are proud to continue backing Yikodeen and its founder’s vision to build a leading indigenous safety-footwear manufacturer. The company substitutes imports, creates quality jobs and advances women’s economic participation while delivering strong commercial returns, exactly the kind of business our fund is built to support. In line with Aruwa’s gender lens investing and social impact strategy, 43% of its total workforce are women and 72% of its workforce are under 35 years of age. This investment aligns with our strategy of backing high-growth businesses that deliver both strong financial returns and measurable social and economic impact, and we look forward to supporting the team as they scale production and expand their reach across Africa,” said Adesuwa Okunbo Rhodes, founder and managing Partner of Aruwa Capital.

* Read more: The story of a Made-in-Nigeria footwear company

* Read more: In-depth interview with Adesuwa Okunbo Rhodes, managing partner of Aruwa 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. The Dealmaker’s Log is available to all Premium subscribers, with the latest edition delivered immediately upon subscribing – subscribe now.

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The Africa Finance Corporation (AFC) has approved a $600 million facility for Greenview Fertiliser Corp., the fertiliser holding company of the Dangote Group. The funds will support Dangote’s $7 billion expansion programme, which aims to triple fertiliser production in Nigeria and establish a new manufacturing plant in Ethiopia.

This transaction follows AFC’s previous investments with the Dangote Group. AFC recently received full repayment on a $300 million senior term loan used to fund the Dangote Refinery.

Dangote’s expansion programme is projected to increase urea fertiliser production capacity in Nigeria from 3 million tonnes per annum to 9 million tonnes, while adding a new 3 million tonnes urea fertiliser plant in Ethiopia.

Commenting on the transaction, Aliko Dangote, president and chief executive of Dangote Industries Limited, said: “This investment marks another important milestone in our long-standing partnership with AFC as we embark on the next phase of Dangote Fertilizer’s growth. Expanding our fertiliser production capacity in Nigeria and developing a new plant in Ethiopia will strengthen Africa’s food security, support agricultural productivity, and deepen the continent’s industrial base. AFC has consistently supported Dangote Group at critical stages of our growth, and its renewed commitment reflects confidence in our vision to build globally competitive African industrial platforms.”

Samaila Zubairu, president and CEO of AFC, said: “The question before Africa is simple: how will we feed 2.5 billion people by 2050? Africa’s 1.5 billion people consume just 6 million tonnes of urea annually, compared to 40 million tonnes in India and 50 million tonnes in China, despite having similar-sized populations. Closing this productivity gap is essential to Africa’s food security. By supporting the development of the world’s largest fertiliser platform, AFC is helping build the foundation for Africa to feed itself, create productive jobs and strengthen our economic sovereignty. This is not just an investment in fertiliser production. It is evidence of the Africa we are building.”

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. The Dealmaker’s Log is available to all Premium subscribers, with the latest edition delivered immediately upon subscribing – subscribe now.

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South African company Creslow Energy Solutions has received an investment from the Abadali Fund, managed by Edge Growth Ventures.

The company designs and assembles customised lithium batteries for OEMs across South Africa’s industrial, leisure, and mining sectors. Based in Johannesburg, it was founded in 2021 by husband-and-wife team Kriban and Reneka Govender.

Creslow’s core product range focuses on traction batteries used in forklifts, material handling equipment, golf carts, and underground mining locomotives.

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

“What drew us to Creslow is their manufacturing capability, IP, and a founding team that has consistently found new markets before anyone else did,” says Philani Mzila, investment principal for the Abadali Fund at Edge Growth Ventures. “Kriban and Reneka Govender have built a South African manufacturer competing on quality, turnaround time, and product innovation with a patent-pending mining product and stellar revenue growth to show for it. The Abadali Fund exists to back exactly this kind of business, and we are excited to be part of what comes next.”

“At Creslow Energy Solutions, we have always focused on pushing the frontier of new markets through the adoption of energy-efficient lithium battery technology across emerging industries. We have recently concluded a highly successful strategic trip to China, where we were invited to explore new opportunities within the agricultural equipment sector,” says Kriban Govender. “As a result, Creslow lithium battery technology has now been selected for integration into next-generation agricultural equipment, with the first products expected to launch within the next few months. This represents another important milestone in our strategy to expand South African-developed lithium technology into global industrial applications, with further exciting developments to follow.”

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Holocene, a specialised climate tech investment fund focused on Southern Africa, has announced the final close of its Holocene Ventures Fund I.

“It’s clear we need to dramatically accelerate the pace of climate innovation in Africa,” says Holocene general partner Josh Romisher. “The continent will double in size, urbanise, and begin to truly consume during our lifetimes. That can be seen as an impending climate catastrophe or a massive innovation opportunity. We choose to view it as the latter.”

In 18 months of deployment, HVF1 has already backed 10 companies. They include FARO, a circular-economy company built around technology-enabled supply chains for unused inventory; ScootHero, which has deployed more than 500 electric motorbikes and over 50 battery-swap stations across South Africa; and Yongeza, an e-mobility infrastructure company in Uganda.

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. The Dealmaker’s Log is available to all Premium subscribers, with the latest edition delivered immediately upon subscribing – subscribe now.

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A MESSAGE FROM OUR SUPPORTERS

PwC: Think big. Plan smart. Grow fast – The power of strategic acquisitions

How PwC Deals supports clients in their decision-making process to drive both organic and inorganic growth. Read more

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

1. Carlyle and Old Mutual Private Equity exit Tiger Wheel & Tyre

Carlyle, advised by Alterra Capital Partners and in partnership with Old Mutual Private Equity (OMPE), has announced an agreement to sell TiAuto Investments to Japan’s Marubeni Corporation. TiAuto is a retailer and wholesaler of tyres, wheels, batteries and automotive products, operating through its Tiger Wheel & Tyre and Tyres & More stores. Read the full article

2. ARM-Harith infrastructure fund reaches first close

ARM-Harith Infrastructure Investments, a pan-African private equity fund manager focused on energy and infrastructure investments, has announced the first close of its Successor Fund at about $76 million. The fund is a multi-currency blended finance platform purpose-built for African institutional investors, denominated in both US dollars and local currency within a single structure. Read the full article

3. Aruwa Capital invests in Sika Financial Group

Aruwa Capital Management has announced the completion of its investment in Sika Financial Group, a company building the clearing, settlement, liquidity, and market data infrastructure powering cross-border financial flows across Africa and the Global South. Read the full article

4. H1 Holdings and Revego explore South African renewable energy platform merger

H1 Holdings and Revego Fund Managers have announced their intent to explore a strategic merger to create one of South Africa’s largest dedicated renewable energy equity investment platforms, with a combined asset base of approximately R13.3 billion ($805 million). The proposed transaction brings together H1 Holdings’ interest in a large, diversified portfolio of predominantly operating renewable energy assets – spanning 26 projects across wind, solar, battery storage and hydro – with Revego’s established institutional investment platform, the Investec-backed Revego Africa Energy Fund. Read the full article

5. Proparco backs EmergingTech Ventures Fund II

Proparco, through the FISEA fund, has become a cornerstone investor in EmergingTech Ventures Fund II, an early-stage venture capital fund focused on high-potential technology startups operating in Morocco, Tunisia, Senegal, and Côte d’Ivoire. Read the full article

Premium content

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

  Africa Private Equity News recently published the May 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

• The French serial entrepreneur who became a private equity investor in Africa

  Alexis Caude, managing partner of Adenia Partners, discusses his entrepreneurship journey, his investment successes in Africa, and how he manages his personal money. Watch/read the interview here

We highlight five African private capital transactions, as featured in our May 2026 Dealmaker’s Log, a database of reported investment deals, exits, and fundraising milestones. View the latest issue here

1. Metier invests $20m in Bisedge

Bisedge Logistics & Infrastructure has announced a $20 million investment from Metier Private Equity. Bisedge operates a forklift leasing model across sub-Saharan Africa, allowing logistics operators in Nigeria, South Africa, Kenya and Tanzania to replace diesel-powered fleets with electric alternatives without upfront capital expenditure.

2. Africa Finance Corporation commits $100m to technology fund managers

Africa Finance Corporation (AFC) has approved a commitment of up to $100 million to invest in Africa-focused technology fund managers. As part of the initial deployment, AFC has made anchor commitments to Lightrock Africa Fund II and Future Africa Fund III, positioning the corporation across the full innovation lifecycle – from early-stage venture capital through to growth-stage scaling.

3. Sango Capital closes $120m secondary transaction

Sango Capital has acquired more than $120 million in NAV in four African funds from an institutional investor rebalancing its global portfolio. Sango funded the deal with its own capital and raised additional capital from a diverse group of commercial investors, including first-time Africa allocators.

4. Inspired Evolution backs CrossBoundary Energy

Inspired Evolution has announced a $40 million investment in CrossBoundary Energy, a developer, owner, and operator of distributed renewable energy solutions for commercial and industrial clients across sub-Saharan Africa.

5. Investec Principal Investments sells stake in South Africa’s Sunpac

Investec Principal Investments, together with fellow shareholders, has completed the disposal of a combined majority stake in Sunpac to JSE-listed CA Sales Holdings (CA&S). Sunpac is a South African distributor and turnkey route-to-market partner to a portfolio of international beauty, cosmetic, personal care and baby care brands.

Access the Dealmaker’s Log May 2026 below:

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Egyptian fintech company MNT-Halan has reached a valuation of $1.4 billion following the first closing of a new investment round led by Al Ahly Capital, the investment arm of the National Bank of Egypt.

The transaction was completed following the receipt of all required regulatory approvals, with a second closing expected as part of the ongoing funding round.

MNT-Halan plans to allocate the majority of the proceeds toward expanding its operations in Egypt while supporting its broader regional growth strategy. The company currently operates in Egypt and Türkiye, owns a specialised bank serving micro and small enterprises in Pakistan, and has been expanding its presence across Gulf markets.

Founded by Mounir Nakhla, MNT-Halan offers a digital financial ecosystem that includes business and consumer lending, payments, e-wallets, savings, investments, and e-commerce services. The company became Egypt’s first fintech unicorn in 2023 and has continued to expand through a combination of organic growth, strategic acquisitions, and new market entries.

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. The Dealmaker’s Log is available to all Premium subscribers, with the latest edition delivered immediately upon subscribing – subscribe now.