The 22nd Annual AVCA Conference & VC Summit kicked off in Nairobi on April 27, bringing together more than 800 investors, CEOs, fund managers and senior political leaders from around the world to position Kenya as the primary gateway for private capital entering Africa. Hosted by the African Private Capital Association under the theme “Break The Mold: Reshaping the Future of African Private Capital,” the four-day gathering at the Radisson Blu Hotel in Upper Hill arrives at a moment of both opportunity and complexity for the continent’s investment landscape. East Africa attracted US$4.1 billion in investments between 2021 and 2025, with Kenya accounting for approximately 62% of all venture capital and private equity deals in the East African Community in 2025. GDP across the region is projected at around 6% for 2026–2027, making it one of the fastest-growing zones globally. For the first time, the conference includes a dedicated Private Credit Summit, reflecting the 30% year-on-year rise in private debt deal volumes that has given East Africa a 36% share of Africa’s total private debt transactions.
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Key Overview
- Event: 22nd Annual AVCA Conference & VC Summit, Nairobi, 27–30 April 2026
- Attendees: 800+ global investors, CEOs and policymakers
- Theme: “Break The Mold: Reshaping the Future of African Private Capital”
- East Africa investment (2021–2025): US$4.1 billion
- Kenya’s EAC deal share (2025): ~62% of all VC and PE transactions
- Regional GDP forecast (2026–2027): ~6%, with Ethiopia, Uganda and Rwanda among the strongest performers
- Private debt growth: 30% year-on-year increase; East Africa holds 36% of Africa’s total private debt deals
- PE exit volumes in Kenya: Rose 14% year-on-year
- African tech funding (2025): $4.1 billion in equity and debt, up 25% YoY
- Key participants: IFC, EIB, EBRD, Africa Finance Corporation, Africa50, British International Investment, CBK Pension Fund, NSSF, DBSA, Meridiam, Old Mutual, Soros Economic Development Fund
Nairobi Stakes Its Claim as Africa’s Capital Markets Gateway
Nairobi has hosted the AVCA conference before, but the 2026 edition carries a sharper strategic edge. The choice of venue is deliberate: Kenya is not merely presenting itself as East Africa’s largest economy but as the continent’s primary point of entry for global private capital, a position reinforced by the Nairobi International Financial Centre (NIFC), which delegates highlighted as a key mechanism for facilitating cross-border transactions and reducing the friction typically associated with African foreign direct investment.
Data presented at the conference underscores the argument. In 2025, Kenya accounted for roughly 62% of all venture capital and private equity deals in the East African Community, outstripping Rwanda, Tanzania and Uganda by a wide margin. Private equity exit volumes in the country rose 14% year-on-year, signalling a maturing market where investors can not only deploy capital but also realise returns — a critical concern for international limited partners evaluating African allocations.
The broader regional picture is equally compelling. East Africa is one of the world’s fastest-growing zones, with GDP projected at approximately 6% across 2026–2027. Ethiopia, Uganda and Rwanda are among the strongest performers globally, and capital market reforms and foreign exchange liberalisation across the region are improving governance, market entry and exit execution — factors that have historically deterred institutional investors from deeper engagement with African private markets.
AVCA CEO Abi Mustapha-Maduakor framed the conference as arriving at a pivotal moment. “The current environment, while challenging, has opened doors for local institutional investors to fill gaps left by geopolitical complexity, restructure value chains, and transform technological change into investor-led growth for Africa,” she said.
The Rise of Private Credit in Africa
Perhaps the most significant structural shift highlighted at the conference is the surging role of private debt across the continent. For the first time in its 22-year history, AVCA dedicated an entire summit track to private credit, reflecting how rapidly this asset class has grown from a niche alternative into a core component of Africa’s capital stack.
According to new AVCA data, total private debt deal volume rose 30% year-on-year, with East Africa commanding a 36% share of the continent’s total private debt transactions. The trend is not limited to the region: continent-wide, debt financing reached a record $1.6 billion in 2025, up 63% year-on-year, and now accounts for 41% of all capital invested in African startups and businesses — a dramatic increase from just 17% in 2019.
Nadia Kouassi Coulibaly, AVCA’s Head of Research, explained the dynamics driving this shift: constrained domestic lending conditions are accelerating the role of private credit as local-currency structuring gains become more attractive and limited partners seek dependable cash-yielding strategies across consumer-facing and infrastructure-linked projects.
Kenya exemplifies the trend most clearly. In 2025, 60% of the country’s nearly $1 billion in total funding came from debt, driven by large rounds that reflected the growing comfort of both local and international lenders with Kenyan credit risk. For pension funds and insurance companies seeking stable income streams with reasonable risk-adjusted returns, private credit in East Africa is emerging as a compelling alternative to traditional fixed-income allocations.
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Domestic Capital Steps Up
A recurring theme across the conference panels is the growing importance of domestic institutional capital. Jane Nzau, Pension Administrator at the Central Bank of Kenya, delivered a clear message: pension funds in Kenya are ready to invest and provide long-term capital, provided there is structure, proper regulation and good returns on investment.
The statement reflects a broader strategic priority. While international capital remains critical, the conference emphasised that increasing domestic investment is essential for building resilience against the kind of geopolitical shocks — from the US-Iran war’s impact on energy markets to shifting US development finance priorities — that have disrupted capital flows in recent years. Local institutional allocators, including the Central Bank of Kenya Pension Fund, the National Social Security Fund (NSSF) and other domestic pension vehicles, are increasingly being courted to anchor private capital funds with long-dated African exposure.
AVCA’s conference agenda specifically explores how innovative capital models and strengthened local allocator participation are generating and amplifying returns across the continent, recognising that Africa’s private capital markets cannot reach maturity if they remain dependent on foreign allocation cycles that are often driven by events thousands of miles from the continent.
The conference itself draws an impressive roster of international development finance institutions — including the International Finance Corporation, European Investment Bank, EBRD, Africa Finance Corporation, Africa50 and British International Investment — alongside private fund managers like Meridiam, Old Mutual Alternative Investments and Soros Economic Development Fund. The presence of both domestic pension administrators and global DFIs in the same room is precisely the kind of bridge-building that AVCA’s model is designed to facilitate.
Beyond Fintech: Infrastructure and Green Energy in Focus
For years, African private capital has been synonymous with fintech. While fintech remains the largest equity sector on the continent — raising $769 million in 2025, or 25% of equity funding — the AVCA summit revealed a strategic pivot toward climate-smart infrastructure and agriculture. Green energy saw a 22% increase in deal flow in Kenya alone, and international fund managers managing portfolios exceeding $50 billion indicated a growing appetite for Kenyan green bonds and sustainable energy projects.
Conference discussions are exploring infrastructure that enables entire value chains: grid sustainability, energy storage, natural gas markets, and cross-border railway corridors and roads linking critical minerals with processing hubs and manufacturing centres. This infrastructure agenda intersects with the African Continental Free Trade Area (AfCFTA), which delegates expect will further enhance Nairobi’s appeal by allowing firms headquartered in Kenya to access a market of 1.3 billion people with fewer trade barriers.
The shift away from fintech dominance became unmistakable in early 2026. Data from TechCabal Insights showed that in February 2026, logistics and transport overtook fintech as the most-funded sector in Africa, while energy and water startups followed closely behind. Electric mobility, solar energy and ride-hailing platforms all closed significant rounds, reflecting investor confidence that Africa’s real-asset and infrastructure opportunities are finally reaching investable scale.
Navigating Political and Currency Risks
The conference is not all bullish sentiment. Delegates are also confronting the risks that could undermine Kenya’s gateway ambitions. Discussions have addressed the volatility of the Kenya Shilling, the impact of national debt on private-sector liquidity, and the “Kenya Premium” — the higher cost of capital associated with perceived political risks and fiscal instability.
The political dimension is particularly relevant. Investors at the conference are identifying strategies to navigate policy trajectories and election outcomes in Ethiopia — where elections in 2026 could reshape the investment environment — and Kenya, where a general election in 2027 will determine the direction of the economic reforms that have underpinned recent capital market improvements.
The conference builds on momentum from the World Bank and IMF Spring Meetings and the 2026 ECOSOC Forum on Financing for Development, connecting macroeconomic policy discussions at the multilateral level with the practical concerns of fund managers trying to deploy capital in frontier African markets.
What the Conference Signals
The 22nd AVCA Conference is more than a networking event. It is a declaration of intent — from Kenya, from East Africa, and from the broader African private capital ecosystem. The data points presented in Nairobi tell a story of a region that has moved beyond the startup phase of its private markets development. With $4.1 billion in investment over five years, a private credit market growing at 30% annually, maturing exit markets, and a pipeline of infrastructure and energy deals that align with global decarbonisation priorities, East Africa is positioning itself as a serious destination for institutional capital.
The challenge, as always, is execution. Regulatory reforms must continue, domestic institutional capital must be mobilised at scale, and the political risks that make international allocators hesitant must be actively managed. But the message from Nairobi this week is clear: the mould is being broken, and the capital is beginning to flow.
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