AVCA, the African Private Capital Association, hosted its sixth Venture Capital (VC) Summit on Monday, opening its 22nd Annual Conference in Nairobi, held from April 27 to 30, 2026.
The event brought together founders, venture capital investors, corporate venture arms, philanthropic organisations and policymakers to examine the state of Africa’s private capital ecosystem.
AVCA Chief Executive Officer Abi Mustapha-Maduakor opened the summit and commended the resilience of the venture capital sector through difficult funding cycles.
She said that despite tougher fundraising conditions, “venture-backed exits reached a record high in 2025,” pointing to what she described as a shift in the market. She added, “The centre of gravity is moving toward local capital, local expertise, and local conviction.”
A keynote fireside conversation followed between actor and investor Boris Kodjoe and AVCA’s CEO. Kodjoe focused on how perception influences investment decisions and market behaviour. He said, “Storytelling is economic architecture, those who control the narrative shape valuation, and perception is what drives investment.”
The AVCA VC summit then moved into deeper industry discussions on the structure of venture capital in Africa.
A panel titled From Hype to Fundamentals: Resetting the African VC Story brought together Tidjane Dème of Partech Partners, Sapna Shah of Novastar Ventures, Fatoumata Bâ of Janngo Capital, and Mohamed Eissa of the International Finance Corporation (IFC).
The session focused on whether global venture capital models align with African market realities and where expectations have not matched outcomes.
Tidjane Dème pushed back against the idea that the ecosystem is underperforming. He quoted Ido Sum, saying, “African venture capital isn’t broken, it’s just young.”
He added, “A decade ago, we saw around 30 deals a year; today, that number exceeds 500. We’re still building, and we can’t compare ourselves to a 50-year-old U.S ecosystem just yet. We have time.”
Mohamed Eissa also highlighted the scale of growth in funding. “This ecosystem is still very young, but it has grown from about $400 million of annual investment to roughly $4 billion in just over a decade, clear evidence that the capital base is expanding, even if it’s still not enough.”
Attention later shifted to exit routes and liquidity challenges in the market. Industry participants including Patricia Rinke of AfricInvest, Ibrahim Sagna of Silverbacks Holdings, and Andreata Muforo of TLcom Capital discussed the importance of collaboration in improving exits.
They also pointed to mergers, acquisitions and strategic sales as more practical liquidity options than public listings in many cases.
Speaking on the role of domestic capital, Alex Rumanyika of Uganda’s National Social Security Fund (NSSF) called for stronger participation from African institutional investors.
He said, “If we don’t get into this space, it is going to be an existential threat for NSSF and many pension funds. We need to diversify away from overexposure to government assets and into the sectors where jobs are actually being created.”
The conference was followed by a Private Credit Summit, where investors discussed new financing approaches shaping Africa’s private capital market. The focus shifted to credit strategies and how they are expanding funding options for businesses across the region.
Nathaniel Micklem of Ninety One said, “Private credit is one of the most exciting parts of our asset management platform, but it cannot be built using imported public equity or private-equity instincts. What works in Africa is deploying into stronger, more resilient businesses and sectors, not earlier-stage ventures or smaller SME exposures.”
Walid Cherif of BluePeak Private Capital said private credit continues to gain relevance in Africa due to its flexibility in markets where exits remain limited.
He said, “Private credit is especially suited to African markets because companies continue to perform even when exits are hard to achieve. It is an easier conversation today than it was years ago.”
He added that discipline is essential in the sector, noting that credibility with investors depends on long-term execution and returns, not just strong market narratives.
