Mauritius Displaces Nigeria, Climbs To No. 1 Spot In Africa’s PE Market In The First 9 Months Of 2025

In the first nine months of 2025, Mauritius vaulted to the top spot among African private equity destinations, outpacing Nigeria even though it completed far fewer transactions.

According to data from DealMakers Africa, Mauritius recorded a total deal value of USD 1.25 B, a dramatic 311% rise from just USD 38.9 M in the same period the previous year. Meanwhile, Nigeria, despite closing 45 deals, saw its total deal value shrink sharply to USD 987.5 M from USD 3.8 B

That leap didn’t come from an increase in deal count but from a few very large transactions. In June 2025, a merger combining the diplomatic-housing businesses of Diplomatic Holdings Africa, Verdant Ventures, and Verdant Property Holdings—made official through 24.7 million Grit Real Estate shares—alone accounted for USD 839 M.

That same month, another major transaction saw Tremont Master sell a 56% stake in Alphamin Resources (approximately 718.99 million shares) to Alpha Mining in a deal worth USD 367 M. Together, these two transactions accounted for a substantial portion of Mauritius’ 2025 surge.

Mauritius’ race to the top comes as the momentum in the broader African private equity market weakens. DealMakers Africa found that deal value outside South Africa slipped 6% year-on-year to USD 6.85 B, after a 10% fall in 2024. Total deal count dropped to 259 from 282.

West Africa led the regional tables with 78 deals, thanks to Nigeria’s volume. North Africa followed with 67, most of them in Egypt, and East Africa posted 63, driven by Kenya.

General corporate finance activity took a sharper hit. There were 64 transactions worth USD 2.2 B, down from 88 deals worth USD 10.4 B in 2024. Notable transactions included Sun King’s USD 156 M securitization, the largest of its kind in sub-Saharan Africa outside South Africa. Mining dominated the top 10 list, led by Vitol’s USD 1.65 B acquisition of stakes in Côte d’Ivoire’s Baleine project and the Republic of Congo’s LNG project.

Mauritius’ Rebranding into an Economic Hub

Mauritius, once best known as an idyllic tourist destination, is now one of Africa’s most sophisticated financial hubs. Over the past few decades, the island has built a strong legal and regulatory framework, fashioned a business-friendly tax regime, and leveraged its geographical position, bridging Africa, Asia, and Europe to become a go-to gateway for capital flows across the continent. 

Today, the island-state, with only a population of 1.3 million and a GDP of USD 14.95 B in 2024 per the World Bank, hosts more than 450 private equity funds that collectively manage almost USD 40 B in assets spanning infrastructure, renewable energy, agriculture, telecoms, logistics, fintech, and financial services. That concentration of capital, expertise, and governance gives fund managers a reliable base for structuring continent-wide investments and navigating cross-border deals in volatile markets.

Moreover, Mauritius benefits from a network of bilateral investment treaties and its participation in the African Continental Free Trade Area (AfCFTA), enhancing regional integration and strengthening investor legal protection.

According to advisers like StraFin Corporate Services, structuring investments via Mauritius offers tax efficiency, simplified governance, and compliance with international standards, all major draws for global investors, family offices, and multinationals seeking Africa exposure.

Mauritius’ rise as a financial gateway sends a powerful signal about the shifting landscape in Africa’s PE. For investors and fund managers, Mauritius’s legal, regulatory, and tax infrastructure offers a secure, efficient launching pad for cross-border deployments. As a result, a handful of large transactions now carry more weight in shaping deal-value rankings than many smaller deals combined.

Overall, private equity is increasingly being seen not just as niche funding but as a reliable engine for scale, consolidation, and long-term value creation.