Five African PE and VC moves in April 2025
African PE and VC transactions, as featured in our April 2025 Dealmaker’s Log.
We highlight five African private equity and venture capital transactions, as featured in our April 2025 Dealmaker’s Log, a database of reported investment deals, exits, and fundraising milestones. Subscribe to this service here
1. Mediterrania Capital Partners exits FMCG company
Private equity firm Mediterrania Capital Partners has exited its investment in Dislog, a manufacturer and distributor of fast-moving consumer goods in Morocco.
During Mediterrania Capital’s 4.5-year tenure, Dislog achieved annual revenues of over €332 million – an 89% increase since the private equity firm’s investment in July 2021. Read the full article
2. TLG Capital fund reaches first close
TLG Capital has announced the first close of its new private credit fund, TLG Africa Growth Impact Fund II (AGIF II), with $75 million raised.
The International Finance Corporation is anchoring the AGIF II fund with a commitment of up to $20 million. It is also backed by Swedfund, Norfund, Bpifrance, and the UK Foreign, Commonwealth & Development Office through its Manufacturing Africa programme. Read the full article
3. Aruwa Capital Management raises $35m at second close
Lagos-based Aruwa Capital Management has raised 90% towards its $40 million target for its second fund, Aruwa Capital Fund II. The fund will back high-growth businesses in Nigeria and Ghana.
This milestone surpasses the total fund size of Aruwa Capital Fund I which closed in 2022 at just over $20 million. Fund II has secured investment from returning LPs such as the Mastercard Foundation Africa Growth Fund, Visa Foundation, global family offices, and high-net-worth individuals, as well as new LPs including Bank of Industry – Nigeria’s oldest and largest development finance institution – and international investors such as British International Investment, and EDFI Management Company, through its European Union-funded Electrification Financing Initiative. Read the full article
4. South Africa: Mergence acquires Waterfall City digital infrastructure assets
Mergence Investment Managers, an infrastructure investment firm, has acquired a controlling stake in strategic digital infrastructure assets located within the residential precincts of Waterfall City, Gauteng. The transaction, executed through the Mergence Infrastructure & Development Equity Fund II, marks a significant expansion of Mergence’s digital infrastructure platform.
The acquisition aligns with a broader strategic repositioning by the seller, which is refocusing on its core property development and management business. Read the full article
5. FSD Africa Investments backs ARM-Harith fund
FSD Africa Investments (FSDAi), the UK-backed specialist development finance investor, is investing £10 million (about $13.2 million) into ARM-Harith’s Climate and Transition Infrastructure Fund to unlock local institutional capital for climate infrastructure.
FSDAi’s investment introduces an innovative solution to allow Nigerian pension funds to address a longstanding challenge in infrastructure equity finance: the ability to invest while receiving early liquidity. By enabling predictable interim distributions during the early phases of investment, this facility directly addresses a key barrier that has historically deterred domestic institutional capital from entering the asset class. Read the full article
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