From The Editor's Desk

by Marylou Greig

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The volatility that has characterised global markets over recent years has compelled the private equity (PE) industry to evolve structurally. Supported by sustained investor appetite, general partners have increasingly turned to alternative sources of capital, including non-institutional investors – most notably high-net-worth individuals – providing a meaningful boost to global assets under management. Alongside this shift, new
fund structures have emerged and are being deployed with growing frequency, particularly in complex transactions such as public-to-private deals.
 

At the same time, the rapid advancement of generative AI is accelerating innovation across the sector, driving the
development of AI-enabled value-creation initiatives and the scaling of external AI partnerships.

 

Another notable trend is that funds are planning exits from the
outset. Buyers are being identified early, businesses shaped to meet their specific requirements, and regulatory and currency considerations addressed upfront. Leadership structures are also being professionalised sooner: founder-led companies are increasingly appointing experienced non-executive directors, strengthening finance teams and formalising succession planning to ensure genuine exit readiness. In capital-intensive and complex sectors such as renewables, logistics and data centres, investors are leveraging shared specialist teams to build and operate multiple assets more efficiently.

In 2025, DealMakers recorded a total of 119 private equity transactions, the majority in the unlisted space, up from 108 in 2024. Close to 20 nominations were received for Private Equity Deal of the Year 2025, with four finalists selected by the Independent Panel. The investment by Norfund and Mahlako in Anthem ultimately emerged as the standout transaction.

So, what lies ahead for the industry in 2026? The articles in this issue explore the macro tailwinds reshaping investor thinking, and examine how private equity is poised to help steer economic growth across Africa in the year ahead.
What is clear is that private capital remains one of South Africa’s most effective levers for accelerating transformation
and growth. It is well positioned to provide both the mandate and the mechanisms needed to deliver measurable outcomes.
 

With smarter exits, stronger institutions, and the right mix of capital and talent, private equity can play a catalytic role in delivering resilient businesses that compound value for investors and society alike. ◆​​​​​​