Mauritius has snatched Nigeria’s crown to become Africa’s leading private equity (PE) destination despite recording just six transactions for the first nine months of 2025, according to recent data from DealMakers Africa.
The island nation’s total deal value reached $1.38 billion, a 311 percent jump from the $38.9 million it reached last year. This is its highest in three years. Meanwhile, Nigeria saw its value slump from $3.8 billion to $987.5 million despite recording 45 transactions.
This dramatic shift is the result of two colossal transactions that shook the market. In June, Diplomatic Holdings Africa, Verdant Ventures, and Verdant Properties Holdings merged their diplomatic housing businesses involving 24.7 million Grit Real Estate shares and valued at $839 million.
Still in that same June, Tremont Master disposed of 718.9 million shares (56% stake) in Alphamin Resources to Alpha Mining (International Resource Holdings) for $367 million. Together, these two deals accounted for almost 100% of Mauritius’ PE deal value, illustrating the outsized influence of mega transactions.
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Marylou Greig, editor at DealMakers Africa, said, “A few strategic, large-scale deals can transform a market’s perception and attract global attention, even if total transaction volume is low.”
Mauritius is an island nation with a population estimated to be between 1 million and 1.2 million, according to Worldometer and World Population Review. It has evolved beyond its image as a tourist haven into one of Africa’s most sophisticated international financial centres.
Its robust legal framework, competitive tax regime, and strategic location at the crossroads of Africa, Asia, and Europe continue to attract international capital.
Economic Development Board (EDB) Mauritius reported that as of June 2021, more than 450 private‑equity funds were domiciled in Mauritius with nearly US$40 billion in Africa‑directed investments structured through the jurisdiction.
“Structuring operations through Mauritius offers tax efficiency, simplified governance, and alignment with international compliance standards,” said StraFin Corporate Services Limited.
Across the continent, deal activity remains uneven. DealMakers Africa reported a 6 percent year-on-year decline in total deal value (excluding South Africa) to $6.85 billion, with 259 deals completed across Africa. Mining continues to dominate the largest transactions, including Vitol’s $1.65 billion acquisition from Eni in Côte d’Ivoire and Congo.
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For fund managers, family offices, and multinational corporations, Mauritius’ rise offers a clear takeaway: strategically sized, well-structured deals can be more impactful than high volumes of smaller transactions, and a favourable jurisdiction can amplify the effect.
While experts caution that global volatility and domestic challenges in key markets are weighing on Africa’s M&A momentum, Mauritius’ scalability demonstrates that targeted, high-value deals can elevate a market’s profile, creating opportunities for both domestic and international investors.
“Africa’s M&A market has struggled to maintain momentum in 2025, against a backdrop of global volatility and domestic challenges,” said Seddik El Fihri, Managing Director & Partner at BCG in Casablanca in his note to Finance in Africa.
“Both deal volume and deal value declined during the first nine months of the year, diverging from the modest rebound seen globally. Limited large-scale transactions, dependence on resource-linked sectors, and cautious foreign investor sentiment have weighed on the market,” he added.