2025年非洲私募股权信心调查报告

2025 Foreword4A Word from AMIC5A Word from ATIC6A Word from PEVCA7A Word from EAVCA8Key highlights9Economic climate:Global and regional outlooks10Respondents’ viewson the economic outlook and focus of funds14Expert insights:The human factors that drive performance in African private equity17Expert insights:Building resilience: private equity strategies for West Africa’s recovery 18Investment landscape20Expert insights:Beyond the hype: building objectivity into decision-making25Expert insights:The hidden exit lever: working capital optimisation26Fundraising environment28Expert insights:Finding the right deal for private equity31Sector focus32Expert insights:Emerging trends in AI, tech, and data shaping M&A in Africa36Expert insights:Why conviction, not sentiment, drives successful deals38Acronyms40Methodology41Acknowledgements41Endnotes42Contacts43 Foreword The changing landscape of PE in Africacan be seen as an opportunity to buildresilience within the local economiesrather than reliance on foreign funding,and regulators need to keep a pace andencourage this. We are pleased to present our annualDeloitte Africa Private Equity ConfidenceSurvey. In spite of the global economicheadwinds the report finds there is stilloptimism in the market with regards togrowth in private equity (PE) activity, withover 95% respondents saying it will remainthe same or grow in 2026. Temitope OdukoyaManaging PartnerStrategy, Risk andTransactions Angela RoganAfrica Private EquityLeader The hope is from this report you take awaythe opportunities for investment in Africaand the need to start with the end in mindto ensure successful outcomes Last year’s report highlighted a focus onexit strategies and that has come throughagain in the responses this year. Increasedsales to strategic buyers highlight the needfor firms to enable their investments tocreate the right foundations for a sale to astrategic. Preparing your leadership team,leveraging new technologies and pulling themost impactful levers on working capital,this year the report brings key insights fromour leaders across these areas. North AfricaDamien JacquartPartnerDeloitte FrancophoneAfrica Finally, we would like to thank all theparticipants in this years survey for theirtime and continued dedication to theirrespective PE communities. Also all thecontributors to this report for their thoughtleadership and insights on the topics thatare shaping the PE landscape. East AfricaKevin KimothoEast Africa Private EquityLeader We are also seeing a growth in funds offunds generated within Africa, which addsto the amount of capital raised, notingthe capital raised in Africa doubled in2024. Respondents have highlighted thatinvestment holding periods are beingprolonged, so the need for focus on valuecreation is key. Southern AfricaThembeka ButheleziSouthern Africa PrivateEquity Leader West AfricaAkinola AkinboboyeWest Africa Private EquityLeader A Word from AMIC The private equity (PE) and venture capital(VC) industry in Morocco continues todemonstrate resilience and positivemomentum, despite ongoing globaland regional uncertainties. As the onlyprofessional body dedicated to PE and VCin the country, the Moroccan Private EquityAssociation (AMIC) plays a central role instrengthening the ecosystem, promotingbest practices, and engaging with bothlocal and international stakeholders. Sinceits creation in 2000, AMIC has broughttogether 33 active fund managers and29 associate members, who collectivelyhave supported more than 320 Moroccancompanies, mobilising over MAD 15.7bn todate. equity has reached a remarkable levelof maturity, supported by the growinginvolvement of domestic institutionalinvestors, notably after the launch of theMohammed VI Investment Fund (FM6I),which has become a structuring catalystfor the ecosystem. alignments make Morocco a natural hubfor ESG-focused and impact-driven capital.The 2024 AMIC Impact Study confirmedthat ESG has become a mainstreamconsideration in Morocco’s PE ecosystem. Looking forward, AMIC’s Strategy2030 sets ambitious objectives for theMoroccan private equity industry: triplingfundraising volumes, doubling the numberof management companies, increasingdomestic LP participation to 70%, andpositioning Morocco as a gateway toAfrica. Despite global uncertainty andchallenges in exits, Morocco’s privateequity industry shows sustained resilienceand momentum. Investment activity in 2024 remainedstrong, with MAD 1.7bn deployed across 40transactions, including 23 new companies.The most dynamic sectors were services,healthcare, and education. Geographically,the Casablanca-Settat region contributed72% of investments by value, confirming itscentral role in the Moroccan economy. Exit activity in 2024 reached MAD 1.1bn,with secondary transactions representing44% of exits. Average holding periodsstand at 6.2 years, consistent with broaderAfrican trends. Performance remainsstrong, with an average gross IRR of 12%,peaking at 23% in healthcare. These figur