Africa’s private capital hits $10.1bn in 2024, West Africa leads

The volume and value of transactions in Africa’s private capital investment space rose to 331 deals worth $10.1bn in 2024.

This was disclosed in the Stears Private Capital in Africa Activity Report: FY2024, released on Monday.

Private capital investment refers to funds invested in companies, projects, or assets by private investors or private investment firms rather than through public markets or government funding.

The report highlighted a significant $10.1bn in disclosed transactions, reflecting steady growth and resilience in Africa’s private capital ecosystem.

Some of the key findings of the report include, “Africa’s private capital market recorded 331 transactions in 2024, a 24 per cent increase from 2023, despite lower disclosure rates. West Africa led activity with 38 per cent of total transactions, reclaiming its position as the continent’s top region for private capital. Financial Services was the most active sector, accounting for 22 per cent of all transactions, followed by Consumer Goods (20 per cent) and Technology (17 per cent), equity financing dominated, representing 81 per cent of transactions, while debt was concentrated in sectors like agriculture (61 per cent) and energy (50 per cent) and high-profile exits included DPI’s $110M IPO in Morocco and AIIM’s $350M asset sale in South Africa.”

In a statement accompanying the report, the Head of Research at Stears, Michael Famoroti, said:

“The FY2024 report highlights Africa’s resilience and growing importance in global private capital flows. Our analysis underscores the critical role of equity financing and the continued dominance of key economies like South Africa, Kenya, and Nigeria in shaping investment trends.”

Stears, a financial data and software company focused on African markets, provides access to a private transactions database, company and fund profiles, industry research, and macroeconomic data for country risk analysis.