Mauritius has overtaken Nigeria as Africa’s top private equity destination in the first nine months of 2025. The island nation attracted $1.25 billion across just six deals, a remarkable 311% surge year-on-year. Nigeria recorded $987.5 million only from 45 transactions, down sharply from $3.8 billion the previous year.
Two mega-deals in June powered Mauritius’ rise: an $839 million diplomatic housing merger involving Grit Real Estate shares and a $367 million controlling-stake sale in Alphamin Resources. These large-cap transactions highlight Mauritius’ growing appeal for high-value private equity activity.
Long established as Africa’s leading international financial centre, Mauritius hosts over 450 private equity funds managing nearly $40 billion in African assets. Investors are drawn to its stable legal system, tax efficiency, extensive double-taxation treaty network (over 40 agreements), and strong regulatory framework.
Meanwhile, African M&A activity outside South Africa has slowed amid global volatility, rising interest rates, and currency challenges, making investors more selective. Nigeria still leads in deal volume but has seen values plummet due to FX shortages and macroeconomic pressures.
In 2025, Mauritius has cemented its position as the preferred gateway and holding jurisdiction for sophisticated private equity flows into Africa — proving that quality now trumps quantity on the continent.
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