Agriculture leads Africa in investor exits as private capital activity shifts in Q1 2026

Agriculture leads Africa in investor exits as private capital activity shifts in Q1 2026

Agriculture leads Africa in investor exits as private capital activity shifts in Q1 2026

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Africa’s agriculture sector logged the highest share of investor exits in Q1 2026, while deal volume fell to 172 transactions. Values rose to $16.1bn, and the Stears-Ventures liquidity index declined

The agriculture sector recorded the highest proportion of investor exits across Africa in the first three months of 2026, according to the latest private capital report by African market intelligence firm Stears.
The analysis indicates that about 30 per cent of recorded agriculture private capital transactions involved an investor exit.
At the same time, capital inflows increasingly shifted toward other sectors, particularly financial services and infrastructure-linked investments.

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Overall, private market activity began the year on a subdued note, with 172 transactions recorded during the quarter, down from 188 in the previous quarter and 201 in the same period last year.
Despite the decline in deal volume, disclosed transaction values rose sharply to $16.1 billion (Sh2.08 trillion), up from $14.1 billion (Sh1.82 trillion) in Q4 2025 and $5.8 billion (Sh748.84 billion) in Q1 2025. The increase reflected larger-ticket investments in key sectors.
Sectoral activity remained highly concentrated, with financial services accounting for 29 per cent of all deals. This was followed by industrials, energy and utilities, information technology, and consumer discretionary.

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Collectively, these five sectors accounted for 85 per cent of total transactions during the quarter, underscoring sustained investor interest in areas linked to credit expansion, infrastructure development, and digital services.
Within financial services, lending-focused segments targeting micro, small and medium enterprises (MSMEs) drove much of the activity.
Outside the sector, infrastructure-related investments—including energy generation and telecommunications—also attracted significant capital, reflecting ongoing efforts to address persistent infrastructure gaps.
Transaction structures varied across sectors, with equity investments dominating most segments.
However, debt financing was more common in energy and utilities, real estate, and materials, while mergers and acquisitions activity featured prominently in communication services and industrials.
Agriculture, despite recording the highest number of exits, had a lower share of debt-based transactions compared to other sectors.
The report also notes that ecosystem liquidity softened slightly during the quarter, as fewer international buyers participated in exit activity.
“The participation of international acquirers typically plays a critical role in strengthening exit pathways by expanding the pool of strategic buyers, introducing additional liquidity, and often supporting more competitive valuations for assets,” reads the report.
This trend contributed to a decline in the Stears-Ventures Platform Liquidity Index, which fell from 123.44 in Q4 2025 to 113.53 in the quarter under review.
Regionally, Kenya led East Africa in deal activity, recording twice as many transactions as Uganda, the next highest market. Single-country Kenyan deals accounted for 21 per cent of all transactions in the region.

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