Five African private capital moves in September 2025
A selection of African private capital transactions as featured in our August 2025 Dealmaker’s Log.
We highlight five African private capital transactions, as featured in our September 2025 Dealmaker’s Log, a database of reported investment deals, exits, and fundraising milestones. Subscribe to this service here
1. Old Mutual Private Equity buys stake in Honoris; Actis exits
Old Mutual Private Equity, a unit of Old Mutual Alternative Investments, has agreed to acquire a majority stake in Honoris United Universities, the pan-African private higher education group. The deal sees Actis exit its investment in the company.
Actis, a global investment firm, launched Honoris to bring together institutions across Africa and expand access to private higher education. The network has more than 100,000 students in 26 cities and includes 16 institutions, ranging from universities to specialised schools and technical and vocational institutes, with both in-person and online teaching. Read the full article
2. AfricInvest reaches first close of French-African Fund 3
AfricInvest Europe, the French subsidiary of AfricInvest Group, has announced the first closing of the third generation of its French-African Fund (FFA) at about €50 million.
Since the launch of the first FFA in January 2017, the strategy of the French-African funds has consisted of taking minority equity stakes in profitable and fast-growing French small and medium-sized companies with a link to Africa. Read the full article
3. Vantage Capital exits Moroccan investment
Vantage Capital, an African mezzanine finance fund manager, has exited its investment in Equity Invest, a Moroccan group comprising six companies operating across various segments of the information technology space. The group’s business lines include electronic security, audiovisual multimedia systems, renewable energy, digital payments, e-commerce and hospital management software.
Vantage provided Equity Invest with an €8 million mezzanine finance facility in October 2019. The funding enabled the founder, Ali Bettahi, to secure a controlling stake in one of the group’s flagship subsidiaries, Unisystem Group, by acquiring the shares that were held by a private equity investor. Read the full article
4. Metier invests in Watu
Metier, through its Capital Growth Fund III, has invested in Watu, a microfinance institution focused on financing income-generating assets for underserved communities across sub-Saharan Africa.
Founded in 2015, Watu has a strong presence in Kenya, Uganda, and Tanzania, and expanding operations in Rwanda, Sierra Leone, the Democratic Republic of Congo, Nigeria, and South Africa. Read the full article
5. AgDevCo makes follow-on investment in equipment leasing company
Specialist agricultural investor AgDevCo has announced a $7.2 million follow-on investment into its longstanding portfolio company, EFAfrica Group (EFAG).
EFAG is an equipment leasing company focused on small and medium-sized enterprises and farmers in Africa. The company serves over 1,500 entrepreneurs across Kenya, Tanzania and Zambia, many of whom lack the formality and collateral requirements sought by banks. Popular leases include trucks, tractors and other agricultural equipment, with a typical value of between $10,000 and $80,000.
AgDevCo’s latest investment, a structured long-term loan, allows EFAG to offer larger leases to agribusiness corporates and farming services providers. Read the full article
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