After several turbulent years marked by fiscal strain, currency dislocations and subdued investor confidence, Africa’s investment landscape is entering 2026 on a markedly firmer footing. Improving macro stability, reform momentum across key economies and a more supportive global backdrop have driven a sharp recovery in performance during 2025, reigniting global interest in the continent’s equity and debt markets. In this Outlook 2026 interview, leading African equity investors from Allan Gray, Robeco and Old Mutual Investment Group share their perspectives on the macro environment, valuations, sector opportunities, portfolio positioning, liquidity conditions and the key risks investors should be watching in the year ahead. (pp.12-14).

Africa's M&A deal value declined 24% year-on-year, contrasting sharply with a 10% global increase and highlighting the continent's more cautious dealmaking environment, according to the 22nd annual Global M&A Report from Boston Consulting Group. Africa Global Funds spoke with Ghita Lahlou, Managing Director and Partner at BCG in Casablanca, to discuss what's driving regional differences and where opportunities lie for dealmakers navigating Africa's evolving M&A landscape  (p.16-17).

In this month’s issue, we also spoke with Phatisa’s Managing Partner, Stuart Bradley, who in an exclusive interview revealed that the firm is raising its third food fund, targeting $300m, and has already secured capital commitments from a number of aligned development finance institutions ahead of a first close in early 2026 (p.4).

In this month’s issue, we also examine the often-overlooked risks involved when pension funds and asset managers change portfolio strategies, and how effective transition management can play a critical role in preserving value. Drawing on insights from Standard Bank CIB and its global transition management partner, Northern Trust, the article highlights why portfolio transitions should be treated as a specialist investment function rather than a routine administrative exercise (p.20).

As we close out the year, the team at Africa Global Funds would like to thank you for your continued support and engagement throughout 2025. We wish you and your loved ones a joyful Christmas, a restful festive season, and a prosperous New Year. We look forward to sharing more insights, ideas and conversations on Africa’s investment landscape with you in 2026.