SAVCA Private Capital Industry Survey 2026

Southern Africa’s private capital industry positions for its next phase of growth

The SAVCA Private Capital Industry Survey 2026, developed in collaboration with research partner EY-Parthenon, reveals an industry moving into a new phase of the capital cycle. Fundraising and exit proceeds strengthened in 2025, portfolio companies remained resilient despite more divergent performance, and confidence in the outlook improved.

  • Fundraising rebounded to R22.0b in 2025, the second-highest level recorded in a decade.
  • Exit proceeds rose 19% to R20.3b, with trade sales re-emerging as the leading exit route.
  • Employment grew at 70% of portfolio companies, although profitability outcomes became more uneven.
  • 88% of Southern African private capital firms expect moderate or accelerated improvement in their asset base over the next three years.

Southern Africa’s private capital industry continues to navigate geopolitical uncertainty, evolving economic conditions and rapid technological change. The latest findings nevertheless show an industry adapting to these pressures, recycling capital more effectively and maintaining confidence in its long-term prospects.

The opportunity now is not simply to deploy more capital, but to translate capital into stronger businesses, measurable impact and sustainable returns

Graham Stokoe

EY Private Capital Leader, EY Africa

Explore the key findings from the SAVCA Private Capital Industry Survey 2026. Download the highlights.

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The full SAVCA Private Capital Industry Survey 2026 is available exclusively to SAVCA members.

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EY-Parthenon is a brand under which a number of EY member firms across the globe provide strategy consulting services.