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Private-capital fundraising for South Africa almost triples to R12.7 billion

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Pension funds returned to private capital in 2025, an industry survey found. About 57% of firms expect high deal flow next year, and a further 6% expect very high deal flow.

The Southern African Venture Capital and Private Equity Association released the survey on Tuesday. Fundraising for South African investment rose from R4.6 billion in 2024. Commitments from pension and endowment funds reached R4.4 billion, up from R1.6 billion.

Southern African fundraising more than doubled to R22 billion in 2025. South African investors gave 55% of the total, up from 36% in 2024. Global private equity fundraising fell 17% to $659 billion.

Investment value in southern Africa fell 16% to R22.4 billion. The number of transactions fell 18% to 186. Firms made 52 exits, the same as in 2024, and exit proceeds rose 19% to R20.3 billion.

Trade sale exits rose to 27 from 15, with proceeds of R5.8 billion. Managers hold R45.4 billion in undrawn commitments. The survey says this leaves firms with "sufficient capacity to support an increase in future deployment".

Key facts

Who
Southern African Venture Capital and Private Equity Association (industry body that released the survey)
What
An industry survey released by the Southern African Venture Capital and Private Equity Association found that private-capital fundraising for South African investment almost tripled in 2025 to R12.7 billion, as pension funds returned to the asset class. About 57% of respondents expect high deal flow next year, with a further 6% expecting very high deal flow.
When
20 October 2025
Where
South Africa, Southern Africa
Status
Reported

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