Five African private capital moves in July 2025
A selection of African private capital transactions as featured in our July 2025 Dealmaker’s Log.
We highlight five African private capital transactions, as featured in our July 2025 Dealmaker’s Log, a database of reported investment deals, exits, and fundraising milestones. Subscribe to this service here
1. LeapFrog Investments fully exits Goodlife Pharmacy
LeapFrog Investments has announced its exit from Goodlife Pharmacy, East Africa’s largest retail pharmacy platform. The business has been acquired by CFAO Healthcare, a distributor of pharmaceutical and medical products in Africa.
This full exit follows LeapFrog’s earlier sale of a minority stake in Goodlife to CFAO Healthcare in 2022. That transaction marked the beginning of a strategic partnership between the two firms, with CFAO now acquiring the remainder of LeapFrog’s shareholding to take full ownership. Read the full article
2. South Africa: Second close for HAVAÍC’s African Innovation Fund 3
Cape Town-headquartered venture capital firm HAVAÍC has announced the second close of its $50 million African Innovation Fund 3. Supported by financial services group Sanlam Multi-Manager and with follow-on investments from Fireball Capital and the SA SME Fund, the fund has secured $25 million in commitments.
Launched in August 2024 , The African Innovation Fund 3 is earmarking 15 investments in early-stage, high-growth, and post-revenue investments born in Africa with regional and global growth potential. Read the full article
3. Morocco: AfricInvest makes investment in Unisystem Group
AfricInvest has invested in Unisystem Group, a Morocco-based provider of electronic security, digital infrastructure and energy solutions, as the company undertakes a strategic reorganisation to strengthen its market position and support future growth. As part of the restructuring, the group has established USG Technologies, a new holding company that will oversee its various entities and drive expansion into high-potential business segments. Read the full article
4. Ghana: Verod Capital exits education business
Verod Capital Management has announced the exit of its Verod Capital Growth Fund II from TAG West Africa, with existing shareholder Transnational Academic Group acquiring the fund’s stake. TAG West Africa owns and operates the Lancaster University Ghana campus.
In 2023, TAG West Africa partnered with the UK’s Lancaster University to establish Lancaster University Ghana. Based in Accra, it is the first and only research active British university campus in mainland Africa and offers courses at foundation and undergraduate levels. Students graduate with an internationally recognised Lancaster University degree certificate. Read the full article
5. Alterra Africa Accelerator Fund I receives commitment from Swiss DFI
Swiss development finance institution SIFEM has made an investment in the Alterra Africa Accelerator Fund I. The fund seeks to provide catalytic capital and hands-on support to early-stage, high-growth businesses across Africa.
The fund targets innovative companies in sectors such as agribusiness, education, and healthcare. Read the full article
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