As 2025 kicks into gear, a look back at the stories in Africa Capital Digest that grabbed our readers’ attention last year. Our in-depth coverage of the private capital ecosystem across Africa’s key markets highlighted important news on the sector’s investors and businesses involved in fundraising milestones, new private markets equity and credit deals, strategic personnel changes, and more.
Here are ten of the most popular stories among the subscribers and readers of the continent’s premier source for comprehensive private capital news.
Alterra Capital Partners, Admaius Capital, and the Mineworkers Investment Company acquired Old Mutual Private Equity‘s majority stake in Chill Beverages in May. The business became part of Old Mutual’s portfolio following the private equity unit’s $280 million take-private deal for Chill Beverages’ owner, JSE-listed Long4Life, in early 2022.
2) Helios’s climate impact fund lands $200mln in time for first close
The Climate, Energy Access, and Resilience Fund (CLEAR Fund), a climate impact fund sponsored by Helios Investment Partners, held its first close in August, raising $200 million from a group of 7 institutional investors. The planned $400 million fund, which was launched to address the growing demand for sustainable investment opportunities in Africa from local and global investors, will build a portfolio of climate-aligned assets across the continent.
3) Adenia Partners sells stake in Cresta Paints
Adenia Partners sold its entire stake in Cresta Paints, an auto re-finish and industrial coatings manufacturer and distributor headquartered in Ghana to Uhuru Investment Partners. The Mauritius-headquartered fund manager first backed the business in 2015 via Adenia III, a $125 million private equity fund.
4) Actis leads buyout of South African Tower Portfolio from Telkom
Actis acquired a telecom tower portfolio from Telkom in partnership with Royal Bafokeng Holdings in March. The buyout values the unit, Swiftnet, at ZAR 6.75 billion (or about $355 million at the time). The key business assets being acquired include a network of more than 4,000 tower sites across South Africa, a roster of anchor tenants with long-term contractual agreements, and a strong relationship with Telkom.
5) Apis and Crossfin sell interests in Adumo to South African fintech
Apis Partners and Crossfin Holdings sold their interests in Adumo, a South African merchant acquirer, to Lesaka Technologies, a South African fintech, in a cash and share deal worth $85.9 million. Adumo was established with backing from Apis Growth Fund I and Crossfin Holdings in 2019, catalyzing the merger of three premium payments businesses – Sureswipe, Ikhokha, and Innervation – to anchor the Adumo platform.
6) Souleymane Ba joins LeapFrog to co-head climate strategy
Souleymane Ba has joined LeapFrog Investments as a Partner and Co-Head of the leading emerging markets investment firm’s climate strategy. He and Nakul Zaveri, will lead the impact investment firm’s $500 million Asia and Africa Climate Transition investment strategy, which has the financial backing of Temasek and the European Investment Bank.
7) Uber leads investors backing Moove’s $100mln Series B round
First-time Moove investor Uber led a group of the fintech startup’s existing investors backing its Series B with $100 million in March. The firm’s management expected the business, which has grown quickly and reached $115 million in annual revenues, to reach profitability within the next financial year. The round valued the business at $750 million.
8) AIIM’s AIIF4 beats goal by nearly 50% at final close
African Infrastructure Investment Managers (AIIM) wrapped up fundraising for AIIF4, its latest infrastructure fund, in August, winning enough commitments from institutional investors in Africa, Europe, North America, Asia, and the Middle East to raise $748 million, or almost 50% more than its original final goal of $500 million. These commitments were bolstered by an additional $206 million from its investors for co-investments, lifting the amount of capital to $954 million.
9) DPI fully exits IFS to Phatisa, ES-KO, and firm’s management
In August, Development Partners International (DPI) sold International Facilities Services (IFS) to a consortium made up of private equity firm Phatisa, integrated facility support business ES-KO, and IFS’s management team. London-headquartered DPI first invested in the business in early 2019 in a $35 million growth capital deal.
10) Amethis boosts partnership ranks
Amethis announced the promotion of Frank-Astère Ndiyo Butoyi to Partner at the private equity firm, boosting the number of partners to ten. Butoyi joined Amethis in 2015, moving to Nairobi in 2018 where he’s played a key role in defining the fund manager’s strategy for East Africa.
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