Sango Capital has acquired more than $120 million in net asset value across four African-focused funds from an institutional investor rebalancing its global portfolio, in a transaction that highlights growing activity in Africa’s secondary private markets.

The deal was funded using Sango’s own capital alongside additional commitments raised from a group of commercial investors, including first-time allocators to Africa.

The acquired portfolio includes 30 investments spanning financial services, consumer and FMCG, infrastructure, and light manufacturing sectors, with operations across more than 14 African markets.

Sango said the transaction was executed quickly to provide liquidity for the exiting investor while positioning the firm to capture value for its limited partners.

“This transaction reflects everything Sango has built over 15 years: the analytical depth to underwrite complex African portfolios, the relationships to source off-market opportunities, the structuring expertise to create solutions for LPs and GPs navigating liquidity, and the local GP relationships to enable smooth asset transfers,” said Richard Okello.

“We’re proud to have delivered for the seller, brought new institutional capital into Africa, and we are well positioned to generate significant value for our investors,” he added.

The transaction further expands Sango’s activity in Africa’s developing secondaries market, where firms are increasingly providing liquidity solutions to investors seeking portfolio rebalancing or exits from long-duration private equity structures.

The firm said it has previously executed a range of secondary transactions, including acquisitions of LP interests, GP-led end-of-fund-life transactions and continuation vehicle structures.

Charles Mwebeiha said the transaction reflected broader changes taking place across African private markets.

“Global institutional investors have long cited liquidity and exit concerns around investing in Africa. That is changing as the ecosystem matures,” Mwebeiha said.

“This landmark transaction is one of several that the team at Sango is working on to accelerate the delivery of liquidity and portfolio solutions for investors at scale,” he added.