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Apis Partners, a private equity firm investing in tech-enabled businesses in financial infrastructure and services, has announced the final close of Apis Global Growth Fund III and Apis Growth Markets Fund III (collectively Fund III). The funds raised combined commitments of $1.23 billion, excluding co-investments. This is more than double its predecessor, Apis Growth Fund II, which closed at $563 million.

Fund III will invest meaningful minority stakes in high growth, profitable financial infrastructure and services businesses in Europe and select growth markets globally. Apis has already invested approximately $400 million from Fund III across seven investments to date. These include MoneyBox, a leader in the UK digital wealth management space; Coda Recharge, a European and Asian platform for prepaid digital goods; and Thunes, a global provider of digital payments infrastructure enabling instant cross-border money transfers, payment acceptance, and acquiring services.

Matteo Stefanel, Apis co-founder and managing partner, said: “We are delighted to welcome so many new and returning investors into Fund III. We continue to see opportunities in our target segment of profitable, high growth, tech-enabled financial infrastructure and services companies. We are well on our way to replicating the success of previous funds, by leveraging our experience in this sector and bringing capital and connectivity to our portfolio companies as we invest in the conduits to global economic activity, the pipes of the finance industry.”

Udayan Goyal, Apis co-founder and managing partner, added: “We are incredibly grateful to our investors for their strong support of our sector-focused strategy, validating our belief that specialist funds outperform generalist funds. We look forward to continuing to invest in our key themes of embedded finance, democratisation of finance and the deepening of the digital economy through capital-light, high growth disruptive business models around the world whilst applying our proprietary impact methodology.”

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The Africa Ecosystem Catalysts Facility, a $4 million pilot investment facility managed by Village Capital with funding from FMO and the Netherlands Enterprise Agency (RVO), has announced its first two investments in Ghana. The facility is deploying capital into Rivia Clinics, a tech-enabled primary healthcare startup, and VDL Fulfilment, an e-commerce logistics platform built for African SMEs.

Village Capital is investing $200,000 in Rivia to support its growth. The platform connects SMEs and individuals to a network of branded and partner clinics, offering virtual and in-person care through a single membership. By combining digital access with a growing physical footprint, the startup is making primary healthcare more accessible, predictable, and affordable. Since launching in 2024, Rivia has reached over 50,000 patients and continues to scale an asset-light model that enables rapid expansion without heavy infrastructure investment.

“For too long, healthcare has been built around misaligned incentives – providers, insurers, and patients operating in silos with no one truly accountable to the person who needs care. Rivia Clinics is rewriting that by combining care delivery and employer-health financing into one unified model. The Africa Ecosystem Catalysts Facility’s investment comes at exactly the right moment – enabling us to expand our clinics chain, strengthen our sales efforts, and deepen our virtual care capabilities,” says Isidore Kpotufe, founder of Rivia Clinics.

The second investment is in VDL Fulfilment, an end-to-end e-commerce logistics platform enabling African SMEs to store, manage, and deliver products more efficiently. VDL provides integrated warehousing, order management, and last-mile delivery services through a proprietary platform, helping businesses reduce operational complexity and scale without heavy upfront investment. Since its launch, the company has processed over $3.8 million in merchandise value and fulfilled more than 170,000 orders. It supports over 150 active vendors on its platform.

A $150,000 investment, structured as a blend of a convertible note and milestone-based debt financing, will enable the company to strengthen its warehouse and fulfillment infrastructure, expand its fleet, and develop distributed hubs closer to demand, all of which will increase delivery capacity and reduce costs for the SMEs it serves.

“Access to this type of capital allows us to build at the speed our operations can actually support, not at the speed capital usually demands. In a logistics environment like ours, premature scale creates inefficiencies that compound quickly,” shared Vanessa Omari, CEO at VDL Fulfilment.

Heather Matranga, managing director of venture and investments at Village Capital, said: “Rivia and VDL are strong examples of the businesses emerging across Ghana – founders building practical solutions to real, everyday challenges, from accessing quality healthcare to moving goods more efficiently. What stands out is the impact both companies are already having, driven by their deep understanding of the problems their customers face and the environments they operate in.”

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South Africans have backed Westbrooke Alternative Asset Management’s inaugural UK private equity fund with £75 million. The close was completed in March 2026, and the first investment concluded in April.

The Westbrooke UK Private Equity Fund I was raised mainly from South African high-net-worth individuals and wealth managers seeking hard-currency equity returns. It is designed to invest in six to eight UK lower mid-market businesses over 24 months, targeting a net investor return of 20%+ per annum and a 2.5x multiple on invested capital.

The fund’s first investment was a co-investment alongside UK-based sponsor Total Capital Partners in the management buyout of Radiocoms, a critical communications provider.

“We focus on cash-generative, niche UK businesses that are too small for the big buyout funds, and partner with strong local sponsors to help management teams unlock the next stage of growth,” says Rob Grieve, head of Westbrooke UK Private Equity. “The lower mid-market is where we see the most compelling risk-adjusted returns in UK private equity today, and Radiocoms is a textbook example of exactly the kind of business we want to back.”

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The Emerging Africa & Asia Infrastructure Fund (EAAIF), managed by Ninety One, today announced a senior secured loan of $40 million to support the development of Egypt’s first sustainable aviation fuel production facility.

The $212.4 million project, located in the Sokhna Special Economic Zone, will be owned and operated by Green Sky Capital Limited and its local subsidiary, SAF Fly Egypt. The facility is designed to produce 200,000 tonnes per annum of biofuels, including sustainable aviation fuel, hydrotreated vegetable oil, bio-propane and bio-naphtha. It will utilise hydroprocessed esters and fatty acids technology to convert waste-based feedstock into high-grade sustainable fuel. The transaction will be anchored by Shell, which will purchase the facility’s products on a take-or-pay basis and act as its primary feedstock provider.

The project is being developed with the support of regional sponsors, including Al Mana Holding, a Qatari diversified conglomerate, and Vision Invest, a Saudi Arabian infrastructure investor and developer.

Ninety One acted as the global mandated lead arranger and coordinating lender, facilitating the mobilisation of a total debt package of $142.9 million with a $40 million commitment from EAAIF and Ninety One’s Emerging Markets Transition Debt Fund.

Martijn Proos, co-head of emerging market alternative credit at Ninety One, said: “This transaction arrives at a critical juncture for the global energy market. Amid heightened geopolitical volatility and energy market uncertainty, this first-of-its-kind facility provides a practical solution to advancing both decarbonisation and energy security. By acting as the global mandated lead arranger, Ninety One and EAAIF are demonstrating how institutional capital can be mobilised to support the decarbonisation of hard-to-abate sectors like aviation, which is projected to account for 5% of global emissions by 2050 without intervention.”

Alper Kilic, head of alternative credit at Ninety One, commented: “Emerging markets have been transitioning toward renewables and cleaner energy sources for some time, driven by rising energy costs and the need to strengthen energy security. This investment highlights the critical role long-term capital plays in scaling next-generation energy infrastructure in emerging markets. Sustainable aviation fuel is one of the most compelling – and challenging – decarbonisation pathways, requiring proven technology and strong commercial structures to deliver at scale. This project demonstrates how institutional investors can pursue attractive risk-adjusted returns while supporting the real-economy transition, and underscores the growing opportunity for transition debt strategies to finance high-impact assets in hard-to-abate sectors.”

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Medu Capital, a South Africa-based private equity firm, has promoted Sandile Buthelezi to partner.

In a post, the firm said: “We are proud to congratulate Sandile Buthelezi on his promotion to partner at Medu Capital.”

It added: “Over the years, Sandile has played a meaningful role in shaping our journey; bringing a level of discipline, insight and commitment that has not only strengthened our investments, but also the way we think about long-term value creation. His contribution has been both consistent and impactful, reflecting the kind of leadership that quietly drives progress.”

The post concluded: “As he steps into his next chapter, we look forward to seeing him continue to grow as a leader, driving Medu Capital towards achieving its ambitions while staying true to the principles that have grounded us.”

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By DTOS Group

As Africa continues to establish itself as an increasingly attractive destination for global investment, spanning infrastructure, real estate, private equity and structured finance, investors face challenges around risk management, regulatory diversity and the protection of capital.

For those investors and businesses seeking to balance growth with security, the Mauritius Protected Cell Company (PCCs) provides a sophisticated structuring solution which allows a company to operate multiple legally segregated “cells” within a single entity – offering both flexibility and protection in complex investment environments.

Importantly, beyond risk mitigation, PCCs can actively boost investment flows into Africa by providing investors with the confidence to deploy capital across multiple jurisdictions and sectors within a single, protected structure. By lowering entry barriers, enhancing transparency, and allowing tailored investment participation, PCCs make African opportunities more accessible and commercially viable for a broader pool of global investors.

Navigating Structuring Complexities in African Markets

Despite the strong potential returns across African markets, investors and businesses often face a range of structuring challenges that can complicate capital allocation. One of the most pressing concerns is the risk of contagion, where losses in a single investment or jurisdiction may affect the broader portfolio. This is particularly relevant for investors operating across multiple countries, each with its own legal, tax, and regulatory framework, making it difficult to manage investments efficiently under a single conventional structure.

In addition, the need to establish separate entities for different projects or jurisdictions can lead to significant administrative and cost burdens. Another layer of complexity arises from differing investor risk appetites, as not all participants are willing to assume the same level of exposure across a pooled structure.

Capital fragmentation and delayed deployment present another key challenge. Investors often hesitate or stagger investments due to structural inefficiencies, uncertainty around risk exposure, or the time required to set up multiple vehicles. These delays can slow down the flow of capital into viable projects.

Finally, insolvency risks in certain sectors or markets heighten concerns around creditor claims, especially where there is no clear segregation of assets, potentially exposing unrelated investments to unnecessary liabilities.

Turning Structuring Challenges into Opportunities with PCCs

A Protected Cell Company is a corporate structure governed by the Protected Cell Companies Act 1999 that allows companies to operate through multiple distinct “cells” within a single legal entity. Hence, each cell functions almost like a standalone compartment with its own assets, liabilities, and investment strategy while benefiting from a unified corporate framework.

A Protected Cell Company directly addresses different challenges through its core features:

1. Ring-Fencing: The Investor’s Safety Net

A key feature of the PCC is legal ring-fencing. This means that each cell’s assets and liabilities are legally separated. For investors targeting African markets – where political, regulatory, or sector-specific risks can vary widely – this structure provides a critical layer of protection. Even in the event of insolvency in one portfolio, the remaining investments remain insulated.

2. A Platform for Diversified African Investments

PCCs are particularly attractive for investors seeking exposure across multiple African opportunities Within a single PCC, different cells can be created to house infrastructure projects in East Africa, real estate developments in West Africa, private equity investments in Southern Africa and structured finance deals across multiple jurisdictions.

Each cell can pursue its own investment strategy and risk profile enabling targeted exposure aligned with investor’ preferences. They may participate in specific cells without being exposed to the entire portfolio. This modular approach not only enhances diversification but also accelerates capital raising, as different investors can be onboarded into specific cells without impacting existing structures.

3. Cost Efficiency Meets Strategic Control

Instead of managing several standalone companies, a PCC operates under a single board of directors, streamlining governance and reducing administrative costs. This structure results in lower operational overhead, simplified compliance and centralised strategic decision-making. For fund managers and institutional investors, this balance between control and efficiency is a major advantage.

4. Broad Range of Investment Activities

Under the PCC framework, a wide variety of activities can be undertaken, including:

• Asset holding structures

• Collective Investment Schemes and Closed-End Funds

• Real estate development

• Structured finance arrangements

• Insurance Business

This flexibility makes PCCs well-suited to the diverse and evolving investment landscape across Africa.

Why Mauritius

Mauritius has established itself as a leading hub for structuring investments into Africa. It offers legal certainty, a well‑established PCC framework, and an experienced financial services sector capable of handling complex, cross‑border structures.

With an extensive treaty network, a competitive tax environment, and a business‑friendly regulatory system, Mauritius allows investors to deploy capital efficiently. PCCs set up in Mauritius offer both asset protection and a scalable way to invest across the continent.

How DTOS Ltd Can Support

DTOS Ltd plays a key role in supporting investors and businesses in structuring and administering Protected Cell Companies in Mauritius. With deep expertise in cross-border investments into Africa, DTOS Ltd can assist in the establishment, governance, accounting and ongoing maintenance of PCC structures, ensuring full compliance with regulatory requirements while maintaining operational efficiency.

By helping clients design tailored cell structures and providing corporate, fiduciary, and fund administration services, DTOS enables investors to use PCCs effectively for secure, scalable investment into African markets.

For any query, contact our Funds and Financial Institutions expert Mrs Niralah Beeharry: NBeeharry@dtos-mu.com

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Acumen has invested in Pullus Africa Solutions Limited, a Nigerian agribusiness working to create more reliable markets for smallholder poultry farmers. The investment will support Pullus in expanding its aggregation and cold-chain infrastructure, enabling farmers to sell chickens year-round at stable prices.

Across Nigeria, many smallholder farmers depend on informal middlemen who offer extremely low prices for chickens and frequently delay payments. Without reliable buyers, farmers often restrict production to festive seasons such as Ramadan and Christmas to avoid selling under pressure. The result is unstable incomes for farmers and periodic shortages in poultry supply.

Pullus aggregates chickens from smallholder farmers and supplies retailers, restaurants, hotels, and food chain stores across Nigeria. By purchasing birds directly and negotiating fair prices with buyers, Pullus helps farmers access dependable markets while reducing their reliance on exploitative intermediaries.

The company also provides training, extension services, and input financing. Through these services, farmers gain access to practical knowledge and resources that help increase productivity and reduce losses.

“Acumen’s investment accelerates our mission to make poultry farming more profitable and resilient for smallholder farmers. Together, we are building a scalable, market-driven solution that strengthens food security and livelihoods across Nigeria and Africa,” said Opeoluwa Fayomi, CEO and co-founder of Pullus.

With Acumen’s support, the company will deploy new cold-chain hubs in Nasarawa, enabling Pullus to better service Abuja and other surrounding states.

“Acumen’s investment is a catalytic step in advancing Pullus’ mission to make poultry farming more profitable and resilient for smallholder farmers in Nigeria. When we first met Opeoluwa, Pullus was still pre-revenue, but her clarity of vision and conviction stood out. The speed and discipline with which the company has scaled reinforces our belief that this is a durable, market-driven platform with the potential to strengthen food security while improving farmer livelihoods,” commented Feyisola Adekogbe, investment manager at Acumen West Africa.

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Africa Private Equity News is pleased to present the April 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).

This edition features 35 new transactions from firms including: Mediterrania Capital Partners, Amethis, Vantage Capital, AFC Capital Partners, Inspired Evolution, Alterra Capital Partners, AgDevCo, Salt Capital, Inside Capital Partners, TLG Capital, Sango Capital, Enko Capital, Cygnum Capital, Kholo Capital, Endeavor South Africa, Acumen, Mirepa Investment Advisors, Novastar Ventures, Speedinvest, Norrsken22, Breega, Version One Ventures, and Azur Innovation Fund, and many more!

Access the Dealmaker’s Log April 2026 below:

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The International Finance corporation (IFC) has disclosed an investment of up to $120 million in Zafiri Investment Vehicle, an entity to be established in Mauritius.

The vehicle will serve as a permanent capital vehicle investing patient equity in companies operating distributed renewable energy solutions in Sub-Saharan Africa. The vehicle aims to support electricity and clean cooking access for at least 30 million people over its life.

The vehicle will be managed by an investment manager that has not yet been appointed.

Zafiri is targeting an initial capitalisation of $300 million, comprising $150 million in senior equity and $150 million in junior equity.

Subject to performance and subsequent capital needs in the market, Zafiri may raise an additional $300 million of equity, most likely from commercial investors. The vehicle is ultimately targeting $1 billion in net asset value through organic growth within 10–15 years.

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The International Finance Corporation (IFC) is providing a €9 million long-term loan to Madagascar-based family-owned Groupe Talys.

The financing will be used to scale Groupe Talys’ flagship businesses: Sanifer and Kibo. Sanifer is Madagascar’s largest importer and distributor of construction materials and home-improvement products, while Kibo is the group’s cash-and-carry grocery retail concept.

“This project is aimed at expanding the availability of high-quality materials to benefit consumers to help improve their homes and at increasing formal job prospects through retail expansion, particularly for women. As evidence suggests, when women are economically empowered, communities thrive and economies grow. Our investment in Groupe Talys reflects IFC’s commitment to private sector-led growth that is inclusive and resilient,” said Cláudia Conceição, IFC regional director for Southern Africa.

Madagascar faces a housing deficit of about two million units, with demand growing by over 100,000 homes annually. As both the construction materials and grocery retail markets in Madagascar remain largely fragmented and informal, the funding will support the expansion of modern retail formats and improve access to affordable, high-quality goods for families and small contractors alike in the country.

“We would like to express our sincere gratitude to the IFC team for their trust and continued support. This partnership marks an important milestone in Groupe Talys’ journey – the result of years of disciplined growth and a continuous drive towards greater maturity and impact. Beyond building a leading and more structured distribution platform in Madagascar, our ambition is to create real pathways for women, men, and youth to access dignified work, build their homes, and actively contribute to the development of the country,” said Feride Hassanaly, CEO of Groupe Talys.

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Edge Growth Ventures has deployed capital from the Abadali Fund, a fund it manages, into Siyanqoba, a 100% black woman-owned and managed engineering company based in Mpumalanga, South Africa.

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, in partnership with J.P. Morgan.

The funding facility will enable Siyanqoba to acquire specialised mining equipment and expand its operational capacity.

Founded in 2013 by Nqobile Valencia Mkhabela, Siyanqoba has grown from a single engineering entity into a diversified group with three subsidiaries focused on engineering, mining and logistics, and energy.

Siyanqoba serves mining houses including Seriti Resources, Thungela, and Glencore. The company has built a track record in conveyor systems engineering, plant maintenance, and mechanical and electrical services.

“The process of the application was very educational for me as an entrepreneur and for my colleagues, as Edge Growth guided us throughout the journey. Our business acumen has been sharpened, helping us achieve our strategic outcomes and deliver positive results,” says Mkhabela.

“The business’s growth trajectory over the past 12 years, and its projected future performance, reflects its consistent quality service delivery to blue-chip clients and the strength of its technical team, led by a highly experienced and astute entrepreneur,” comments Fana Mnguni, associate principal at Edge Growth and one of its senior dealmakers.

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Dear readers,

Today we’re introducing a paid subscription tier to Africa Private Equity News. First, the important part: our daily news coverage stays free. Our reporting on deals, fundraises, and exits across African private capital continues exactly as it has since we started – no action needed on your part.

For readers who want to go deeper, here’s what the paid tier adds.

1. Bi-weekly interviews with Africa’s private capital leaders

Twice a month, paid subscribers will receive an in-depth conversation with a leading figure in African private capital – the GPs, LPs, and operators putting money to work on the continent. Our first interview is with Richard Okello, co-founder of Sango Capital.

2. Free access to the Dealmaker’s Log

Paid subscribers also get full access to our monthly Dealmaker’s Log – a running database of reported investments, exits, and fundraising closes across African private capital.

How to upgrade

You can become a paid subscriber for $20/month or $150/year.

Subscribe now

Feel free to contact me directly with any comments or suggestions: editor@africaprivateequitynews.com

Warm regards,

Jaco Maritz,

Editor-in-chief, Africa Private Equity News

In 2011, Okello established Sango Capital, which now manages just under $1 billion. Africa Private Equity News …

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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 (C&I) clients across sub-Saharan Africa.

The investment, made through Inspired Evolution’s Evolution III fund, will support the development, construction, and expansion of CrossBoundary Energy’s portfolio of renewable energy assets, including solar PV, battery energy storage systems (BESS), and hybrid energy solutions.

CrossBoundary Energy has established a track record in deploying distributed energy solutions for multinational corporations. The company is increasingly expanding into the mining sector across Africa, building a pipeline of projects across multiple African jurisdictions. A notable example is the Kamoa-Kakula Copper Complex in the DRC, where it is developing a 233 MWp solar PV facility with a 526 MWh BESS, ensuring a 30 MW baseload power solution to support mining operations.

Wayne Keast, co-founder and managing partner at Inspired Evolution, commented, “This investment reflects our conviction in scalable solutions to Africa’s power challenges. Having mobilised over $1 billion and financed more than 10 GW of clean energy projects across 21 countries, Inspired Evolution recognises bankable projects that translate capital into measurable impact, and we look forward to accelerating CrossBoundary Energy’s next phase of growth.”

Tom Roberts, head of investment at CrossBoundary Energy, remarked, “The investment from Inspired Evolution demonstrates a vote of confidence in our delivery capabilities and the track record we have already attained in Africa. Inspired Evolution’s experience in financing renewable energy projects will be invaluable and help us to expand our reach.”

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Africa Finance Corporation (AFC) has announced a commitment from the Development Bank of Southern Africa (DBSA) to its $750 million Infrastructure Climate Resilient Fund (ICRF).

Designed to address the systemic risks posed by climate change to Africa’s infrastructure, the fund targets investment into renewable energy, transport and logistics, digital infrastructure, and industrial development – sectors central to enabling low-carbon economic growth across Africa while strengthening the resilience of the continent’s economic systems. The fund is building a diversified portfolio of 10 to 12 infrastructure projects across the continent.

Managed by AFC Capital Partners, ICRF has already attracted participation from global and African institutional investors, including a $253 million commitment from the Green Climate Fund, alongside the European Investment Bank, the Nigeria Sovereign Investment Authority, and a host of African pension funds.

Samaila Zubairu, president and CEO of AFC said: “ICRF is our response to a defining challenge – ensuring Africa’s infrastructure is built to withstand the growing impacts of climate change. With the continent losing an estimated 2% to 5% of GDP annually to climate shocks and adaptation needs reaching up to $50 billion each year, the urgency is clear. We are therefore pleased to welcome DBSA as a key partner for the fund. Their participation reflects strong African institutional alignment and marks a significant milestone in a partnership we look forward to deepening in the years ahead.”

Boitumelo Mosako, chief executive officer of DBSA commented: “Africa does not have the luxury of waiting. Climate shocks are outpacing adaptation finance, and vulnerable communities continue to bear the greatest burden. This partnership with the Africa Finance Corporation sends a clear signal that development finance institutions are pooling their mandates, capital, and risk appetite to achieve what neither institution can accomplish alone.”

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A MESSAGE FROM OUR SUPPORTERS

South Africa: PwC Deals team advises Woolworths in acquiring in2food Holdings

The PwC Deals team has successfully supported Woolworths Holdings Limited in its acquisition of in2food Holdings – a strategic supplier to Woolworths Foods for over 30 years – from the founders, Old Mutual Private Equity, and other existing shareholders. Read more

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

1. Enko Capital-managed Rwanda SME fund receives $30m anchor commitment

The Rwanda Social Security Board (RSSB) has anchored the first close of the $100 million Rwanda SME Growth Fund, a Rwanda-focused vehicle managed by Enko Capital. RSSB has made a commitment of $30 million.

The fund is designed to offer long-term, flexible growth capital in local currency to small and medium-sized enterprises. Read the full article

2. Dodai closes $13m Series A to scale e-mobility in Ethiopia

Ethiopia-based electric mobility company Dodai has closed a $13 million Series A financing round – comprising $8 million in equity and $5 million in debt – to accelerate the rollout of electric motorbikes and battery swapping infrastructure in Ethiopia.

The round includes participation from Value Chain Innovation Fund, UTokyo Innovation Platform, Nagase & Co., Persistent ACV Fund, For Seasons, CBC Co., and Inclusion Japan, alongside British International Investment (BII). Read the full article

3. 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.

The proceeds will be used for debt refinancing and working capital funding, which will enable MIDO to unlock its production capacity. Read the full article

4. Norrsken22 leads investment in Cape Town-based Shiprazor

Shiprazor, the Cape Town-based e-commerce merchant technology and logistics platform, has raised $2.65 million in seed funding to help African online merchants reduce delivery costs, improve conversion, and simplify fulfilment.

The round was led by pan-African venture capital firm Norrsken22, with participation from AAIC, E4E and Tremis Capital, among others. Read the full article

5. Proparco commits $5m to Novastar fund

Proparco has invested $5 million in Novastar Ventures’ Africa People and Planet Fund III, which has reached a final close of $147 million.

The fund targets companies that improve access to essential goods and services for everyday consumers, producers, and employees, while generating significant environmental impact – notably by reducing and avoiding greenhouse gas emissions, improving soil health, and enhancing biodiversity. Read the full article

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British International Investment (BII), the UK’s development finance institution and impact investor, has launched its new five-year strategy, with the aim to drive £9 billion of new capital into Africa to support economic growth.

A central pillar of the strategy is a focus on accelerating the flow of private capital into African countries. Of the £9 billion, BII will contribute nearly £5 billion, with the balance expected to come from private institutions in Africa and globally.

BII also announced that it will enhance its commitment to frontier markets – those identified by the UN as Least Developed Countries – with at least 25% of new investments by value going to these countries. Frontier markets are home to more than a billion people and have the greatest investment need yet remain underserved by private capital due to structural barriers to investment.

Furthermore, BII will focus on a select number of frontier markets in Africa, including Sierra Leone and Zambia, combining investment, policy engagement, technical assistance and partnerships to strengthen investment environments and capital markets.

Chris Chijiutomi, MD and Head of Africa at BII, said: “Africa has been at the heart of BII’s work since our inception. That long track record has given us deep experience of investing through economic cycles and a clear understanding of what businesses need to grow in some of the continent’s most challenging markets. This strategy builds directly on that experience. By sharpening our focus on frontier markets, investing in high-impact sectors and mobilising domestic and international private capital, we are concentrating our efforts where our capital and expertise can make the greatest difference for African economies.”

At least 40% of BII’s new investments are expected to be in climate finance – up from the target of 30% in the last strategy period. With nearly 600 million people still without access to electricity, BII will support countries in Africa with transitioning to renewable power, strengthening electricity networks and delivering clean energy to millions of households. This will be done in partnership with others to help deliver Mission 300’s goal of connecting 300 million people in Africa to electricity by 2030.

In a further evolution of its approach, BII will also seek to make “market-level impact” investments that go beyond a commitment to a single company and help to develop a wider sector or market.

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By PwC

The East Africa findings from PwC’s 29th Global CEO Survey, capturing insights from leaders across the region – including Mauritius and Zambia, show strong optimism about growth. However, long-term questions remain: are they doing enough to prepare for the future?

Across the region, companies are stepping into new sectors, exploring AI, and holding their ground amid geopolitical and economic uncertainty.

Looking ahead, leaders anticipate solid performance over the next three years, but highlighted the need to accelerate digital transformation to stay competitive, wondering whether they were transforming fast enough. But geopolitical uncertainty is depressing major investment appetite.

This year’s survey highlights how CEOs in East Africa are managing these disruptions and pinpoints where they should focus to drive long-term value through reinvention.

“East African leaders look to growth but closing digital and AI gaps is now critical,” says Kang’e Saiti, Regional Senior Partner, Eastern Africa; Country Senior Partner, Kenya.

Report highlights – executive summary

1. Confidence rising, readiness uneven

• 60% of East African CEOs are confident over the medium term (next three years); confidence drops to 50% in the shorter term.

• 79% expect improvement in local market conditions.

• While confidence remains high, East African CEOs are acutely aware that optimism must be tempered with vigilance.

“Trade within East Africa grew to USD 4.6 billion, up 24.5%, and accounts for 12.1% of EAC trade. This momentum isn’t just a number; it’s a clear sign of a region actively redefining its economic ties. And it shows that deeper cross-border collaboration isn’t just a choice, it’s a necessity,” says Zainab Salome Msimbe, Country Senior Partner, PwC Tanzania.

2. Threat exposure: Concerns but not deal breakers

• Top threats are now internal/structural: Availability of key skills: 32% Technological disruption including AI: 27% Cyber risks: 26%

• In the next three years, 59% said they are planning to improve enterprise-wide cybersecurity to defend against cyber-attacks, as part of their response to potential geopolitical risks.

• Geopolitical uncertainty is depressing major investment appetite despite general optimism.

These risks are not just threats to be managed; they are catalysts for reinvention.

“Intra-Africa trade is no longer just about growth – it’s about reinvention. With the AfCFTA and EAC strengthening regional supply chains, leaders must rethink tax, transfer pricing and operating models to compete across borders. Tax functions must evolve from compliance caretakers to strategic value creators,” says Frobisher Mugambwa, Head of Tax and Legal Services, PwC Rwanda.

3. The Reinvention imperative: AI, innovation and transformation

Talent scarcity, technological disruption, and cyber risk all point to a singular truth: reinvention is no longer optional. Yet the pace of transformation in East Africa tells a more complex story. AI adoption in the region has been slow and cautious, trailing behind African and global counterparts.

• Only 10% use AI for strategic decision-making, although 27% report revenue boosts and 24% report cost drops from AI.

• Transformation gap: 70% say their tech is AI-ready, but only 41% have a roadmap.

• CEOs expect a reduction in junior roles as AI adoption grows; concern is rising about workforce capabilities, retention, and reskilling needs.

• 41% believe their C-suite is ready for disruption.

• CEOs spend 50% of their time on short-term issues; only 15% on long-term planning.

“Talent has become one of our most critical structural threats. The acceleration of AI and emerging technologies is outpacing the region’s skill base, driving upskilling needs and making retention harder in some markets. Our challenge is clear: How quickly can we redesign our workforce strategies to stay ahead?” notes Uthman Mayanja, Country Senior Partner, PwC Uganda.

4. Strategic growth

Internal transformation through AI and innovation tells only half the story. East African CEOs are also looking outward, forging new partnerships, pursuing strategic acquisitions, and capitalising on the accelerating momentum of intra-Africa trade.

• 42.9% growth in East Africa’s African trade. Kenya, Uganda, and Tanzania remain top investment destinations.

• 85% of leaders reported revenue from new products/services, but innovation execution remains weak.

New entrants in the top 10 investment destinations – Nigeria, Zambia and Madagascar – have displaced traditional international markets such as the US, France and India, signalling a shift in opportunities within the continent.

“The US$7.1 trillion in global revenue shifts unfolded in 2025 isn’t about markets moving – it’s about new cross-sector domains emerging. East African CEOs will win by partnering boldly, not protecting the past. The real question they should ask themselves is: ‘What new domain can we build together?’” says Anthony Leung Shing, Deputy Regional Senior Partner and Country Senior Partner, PwC Mauritius.

“Zambia’s momentum is real. Stronger economic fundamentals, policy reforms, and renewed sector growth, especially in mining, agriculture and clean energy – are restoring investor confidence, as one of Zambia’s standout investment destinations,” adds Andrew Chibuye, Country Senior Partner, PwC Zambia.

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The Rwanda Social Security Board (RSSB) has anchored the first close of the $100 million Rwanda SME Growth Fund, a Rwanda-focused vehicle managed by Enko Capital. RSSB has made a commitment of $30 million.

This fund is designed to offer long-term, flexible growth capital in local currency to small and medium-sized enterprises (SMEs).

Alain Nkontchou, managing partner of Enko Capital, said: “We at Enko believe that African development will come from African capital which is why the launch of this fund is such a pivotal moment for us. We feel privileged to collaborate with the RSSB to unlock private sector capital for private sector development in Rwanda. Through the SME Growth Fund, Enko demonstrates its commitment to channelling longer tenor and flexible funding to Rwandan businesses for growth and job creation.”

Regis Rugemanshuro, chief executive officer of the RSSB, commented: “Rwanda has set ambitious targets to become a high-income nation by 2050. RSSB is fully committed to supporting the realisation of this vision by aligning our capital allocation strategies to the key pillars and priority sectors in the Vision 2050 blueprint. With the National Strategy for Transformation, a five-year government programme with a central focus on private sector-led growth currently under implementation, the Rwanda SME Growth Fund is a timely initiative.”

He added: “The SME Fund also presents some significant firsts by a public pension fund in the region cementing RSSB’s innovative position. These include: the first public pension-fund led initiative focused exclusively on SME financing; the first permanent capital vehicle anchored by a pension fund; and the first time that a pension fund is dedicating a technical assistance facility in a fund.”

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Shiprazor, the Cape Town-based e-commerce merchant technology and logistics platform, has raised $2.65 million in seed funding to help African online merchants reduce delivery costs, improve conversion, and simplify fulfilment. The round was led by pan-African venture capital firm Norrsken22, with participation from AAIC, E4E and Tremis Capital, among others.

Through Shiprazor’s single integration of platforms, including Shopify and WooCommerce, merchants can access a broad network of domestic and cross-border courier and logistics partners, compare delivery options, and route each shipment based on cost, speed, and service quality.

Sahil Affriya, founder and CEO of Shiprazor, said: “South African merchants are resilient – they’ve navigated load shedding, currency volatility, and now rising logistics costs driven by global oil prices. But they shouldn’t have to fight their own fulfilment infrastructure on top of all that. In a fragmented local market, it’s hard to scale when you’re managing multiple courier platforms, inconsistent service levels, and failed deliveries. Our job is to be the single intelligent logistics layer that helps South African merchants ship more, for less, while giving their customers a better experience at every step. This funding lets us move faster on all of it.”

Nivesh Pather, investment principal at Norrsken22, said: “Africa’s e-commerce market has enormous potential, but still remains fragmented and unoptimised resulting in significantly more expensive logistics cost for merchants. Shiprazor is building the intelligent infrastructure layer that African merchants have been missing – and they’re doing it with a deep understanding of how this market actually works. Sahil and his team have demonstrated real traction with real merchants, and they are thinking well beyond today’s problems toward the future of commerce in Africa to enable all merchants to meet consumers’ increasing demands. Norrsken22 is proud to partner with the team and back their mission.”

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