2025东非私募股权政策监测报告

S E P T E M B E R2 0 2 5 In this Issue 8Global Standards,Local Context: Insightsfrom Global PrivateCapital Regulation forEast Africa 6Shaping the Future ofPrivate Capital in EastAfrica: A Call for SmartRegulation 10Breaking Boundaries:Cracking the Code ofTax and Private Equityin Eastern Africa 14Exploring Exits Optionsin East Africa’s PrivateCapital Space beyondthe Traditional ExitOptions 12Structuring for Growth:Navigating TransferPricing 16Tokenisation: UnlockingAfrica’s Private EquityPotential 21Ethiopia One Year On:Valuing Exits in thePost-Liberalization Era 20Unlocking InvestmentPotential in EastAfrica with TailoredStrategies 18Mitigating TransactionRisk and ComplianceChallenges in EmergingMarkets: Legal Toolsand Strategies in EastAfrican Private Deals 25Tanzania: East Africa’sNew EconomicPowerhouse – andWhat This Means forPrivate Capital 23Tanzania’s Moment:Building an InvestableFuture Through Startupand Private CapitalReforms 28Kigali’s Rise asAfrica’s Premier FundDomiciliation Hub 30The Intersection ofAccounting, Financeand Sustainability:Implications for PrivateCapital and PrivateEquity Foreword nowaccounting for nearly one-third of Africa’s private capital deals.Startup funding into the region hasmore than doubled over the last fiveyears, reflecting both entrepreneurialresilience and progressive reforms. score the region’s ambition to createa harmonised, investor-friendly envi-ronment. At EAVCA, policy engagement is acontinuousmandate to strength-en the foundations of East Africa’sinvestmentecosystem.This journalreflectsthat commitment—captur-ing practitioner and partner insights,and offering a platform for sharedknowledge. We extend our gratitudeto all contributors for making this atrue reflection of East Africa’s privatecapital community. Christine MainaEAVCA CEO Policymakers are making boldstrides to attract and retain capital:Tanzania has enacted a Startup Actand PE/VC regulations, Uganda hasintroduced Partnership Regulations,Ethiopiahas launched its capitalmarket and stock exchange, Kenyahas strengthened CMA regulationsalongsideincentives through theNairobi International Financial Centre(NIFC) and Special Economic Zones(SEZs), while Kigali has positioned it-self as a credible fund domiciliationhub. Collectively, these efforts under- It is my pleasure to present thein-auguraledition of theEAVCA EastAfrica Private Capital Policy Moni-tor.This publication comes at a piv-otal time for our region, as East Africanavigates a dynamic investment andregulatorylandscape shaping thetrajectory of private capital. As we launch this publication, we re-affirm our dedication to advancingpoliciesthat balance risk,impact,and return, and to positioning EastAfrica as a leading destination forprivate capital on the continent. In recent years, East Africa has be-come one of the continent’s mostdynamicinvestment destinations, Wethen cover critical operation-aland market issues that impactprivatecapital deals and growthlike navigating transfer pricing andcracking the code of tax in privateequity. It also looks at legal tools andstrategies to mitigate transaction riskand compliance challenges in pri-vate capital deals. We invite you to engage with the in-sights in this edition. For future edi-tions, we would welcome your per-spectives as we continue to forgea stronger, connected voice for theEast African private capital commu-nity. Biancah Komora Research Lead, EAVCA Thisjournal offers insights frombroad regional context, throughcountry-specificinsights,thematicchallenges and innovations, to regu-latory and exit strategies. The journalcovers macro-to-micro context fo-cusing on East Africa’s private capitalreforms and investment opportuni-ties. It blends regional scope with in-depth country nuances, operationalchallenges, innovation and investorexit strategies, providing a compre-hensive narrative. We extend our sincere gratitude toour partners atViva Africa Consult-ing LLPwho collaborated with us onthis publication and have tirelesslyworked to make this journal a reality. The journal then follows with invest-mentexit strategies and outlookto round off prospects for investors,wherewe explore exits options inEast Africa’s private capital spacebeyond the traditional exit options.andexplores innovation and newtrends shaping private capital in theregion, including tokenisation. Special thanks to the team of privatecapital professionals whose insightshave greatly enriched this inaugu-ral issue of the EAVCA East AfricaPrivate Capital Policy Monitor: Am-icorp, Bowmans, Cliffe Dekker Hof-meyr (CDH) Kenya, Clifford Chance,Deloitte, IKM (DLA Piper), Jersey Fi-nance, Kigali International FinancialCentre (KIFC), TLG Capital, WariobaVentures, Webber Wentzel and ALNKenya, and Zuri Advisors (Ethiopia). Thejournal then looks at coun-try-specificopportunities and de-velopments, where authors guide usthrough key markets and their uniquereformsand growth prospects inEthiopia, Tanzania, and Rwanda. Wethen c