There is a growing shift toward private credit across Africa’s private markets, as investors increasingly prioritize yield, downside protection and faster capital deployment over traditional private equity models. With slower exits, tighter fundraising conditions and a vast financing gap across the continent, private lending strategies are moving from niche allocations to a more mainstream source of capital and opportunity. Read more on p.14.

In this month’s issue, we speak with Mike Velings, CEO of Aqua-Spark, after the Aqua-Spark Africa Fund reached its first financial close at $48 million, an important milestone in its ambition to build a $250 million platform supporting sustainable aquaculture across Sub-Saharan Africa over the next decade. (p.12).

In addition, Clément Marchand, Partner at Enexus, examines how Africa’s investment landscape is being reshaped as European multinationals retreat and investors from the Gulf, Morocco, Asia and within Africa expand their presence. Read on p.13.

In this issue, Africonology explores how African governments can close the public sector implementation gap as digital transformation agendas accelerate across the continent. (p.15).

Meanwhile, Dr. Alfred Okot Okidi argues that Uganda’s forests demonstrate how climate finance can deliver real results when backed by governance, credible monitoring and long-term policy commitment. Read on p.16.

Finally, we examine the AVCA 2026 Investors Sentiment & Outlook report, which shows Africa’s private capital markets gaining momentum as deployment strengthens despite continued liquidity constraints on p.22.