Top 5 Private Equity Fund Closures in Africa Reach $2.61 Billion in 2024
In 2024, the top 5 private equity fund closures in Africa reached a total of $2.61 billion. LeapFrog Investments led the ranking with $1.02 billion, targeting financial services and healthcare. African Infrastructure Investment Managers followed with $748 million for strategic infrastructure, and Adenia Partners ranked third with $470 million for its fifth fund. Metier Capital raised $219 million for mid-sized enterprises, while TLcom Capital closed the top 5 with $154 million, targeting startups in sub-Saharan Africa and Egypt.
Although several funds were finalized in 2024, a significant portion of the resources had been mobilized as early as 2023. This year, only $1.2 billion was announced through 54 transactions, compared to $3.44 billion for 88 transactions in 2023, marking a significant slowdown. Between 2017 and 2024, total investments reached $10.5 billion across 404 operations, with a peak in 2023 before a notable decline.
Development finance institutions dominate this market, accounting for 54% of investments ($5.7 billion). Among them, the International Finance Corporation ($1.04 billion), the European Investment Bank ($1.09 billion), and the US-DFC ($689 million) play a key role, highlighting the importance of diversifying financing sources to support the growth of private equity in Africa.
