African private equity deal-making turned in a surprisingly decent year against macro-economic volatility, patched liquidity and market uncertainty.
Particularly surprising was the volume of deals delivered in the large-cap space, with dealers closing a good number of sizeable deals.
Investors also grasped opportunity to structure their way through noteworthy exits, with a number walking away from their deals with happy returns.
This was against a cloudy fundraising that dropped to record lows, as murmurings around the validity of the African private equity opportunity intensified – and LPs increasingly turned their eyes to direct deals.
Nevertheless, GPs continued to forge along, with some jumping over interim closures.
As the industry enters 2018, Private Equity Africa looks at notable deals, exits, fund and people stories that coloured the market in 2017.
TA seals first Africa deal, buys from Helios
Carlyle completes $628m LBO
Helios in GBfoods deal
LeapFrog delivers $180m deal
Helios in $200m LBO
Australian PE firm in 1st Africa deal
Investec finalises secondary buyout
Milost seals $850m deal
Abraaj to buy large-cap deal from Ethos
US investor in $2bn leveraged deal
Milost finalises $300m deal
ECP exits Java to Abraaj
CDG returns 4.6x on exit
Stanchart in $265m exit to Japanese investor
DPI exits to Rabobank platform
Actis fully exits Edita
AfricInvest & Mediterrania exit to Investec
AfricInvest in IPO exit
Kinnevik exits at 90% IRR
Brait exits deal to Ethos
Capitalworks in $160m exit
AfricInvest fund closes with 11 LPs
Amethis sets up fund II
TPG & EchoVC launch vehicle
Africa fund hits $550m 1st close with 3 Danish pension funds
Ex UBS and Deutsche execs set up Africa Credit fund
Phatisa launches 3rd fund
Alibaba founder sets up Africa fund
Zebu touts new fund
AfricInvest hits 1st close at $162m
Momentum hits final close with 18 LPs
SAVCA names new CEO
Baird starts in head of PE role
CDC names new CEO
DEG names Bose for Africa funds
Atlas Mara co-founder steps down
Abraaj Africa CIO departs
Trump names OPIC head
Carlyle Africa hires DPI partner
DPI hires principal from KKR
Swedfund names new CEO