Private capital or the stock market: two doors to finance growth, one requirement

In the first half of 2026, private capital invested in Africa reached 3.7 billion dollars, up 65% year on year, according to AVCA. Over the same period, the number of deals fell by 16% to 211: the first first-half decline since 2023. Three deals of more than 250 million dollars accounted for 40% of the amounts invested. The median deal, meanwhile, stayed at 5 million dollars.

Private equity and private debt are moving ahead

Private equity counted 71 deals, up 22%. Private debt counted 26, up 8%, for a record 0.6 billion dollars. Venture capital fell by 34%. West Africa remains the most active region, with 59 deals. On exits, trade sales account for 53% of the total, led mainly by buyers from the continent.

The regional stock market at a record high

In Abidjan, the market capitalisation of the BRVM equity market passed 20,036 billion CFA francs on 20 August 2026, up 50.3% since 1 January.

Our reading

• The capital is there, but it is selective. Investors are concentrating their resources on fewer, better-prepared deals.
• For a growing company, two doors are open. Private capital: a minority investor, with an exit written in from the start. The market: a listing on the BRVM in West Africa, or on the BVMAC in Central Africa.
• Both doors set the same requirement: audited accounts, clear governance, a credible plan. The 5-million-dollar median shows it: SMEs and mid-sized companies are concerned, not only large groups.
• The share of African buyers in exits is a good sign: the value created finds takers on the continent.

To go further, see our article "Rated to be financed" and the debt or equity simulator on this website.

This text is a summary of public information as at the date of writing. It is neither an investment recommendation nor a rating.