Key Takeaways
- • Carlyle and Old Mutual Private Equity exit Tiger Wheel & Tyre: The partnership sold TiAuto Investments, a pan-African retailer and wholesaler of tyres, wheels, batteries, and automotive products, to Japan's Marubeni Corporation, marking a significant exit in the African automotive aftermarket sector.
- • Adenia Partners acquires majority stake in Minet Group: The growth-focused PE firm purchased a controlling interest in one of Africa's largest independent insurance brokerage and risk advisory firms from Capitalworks, expanding its footprint in the financial services sector.
- • TLG Capital closes $120 million second funding round: TLG Africa Growth Impact Fund II achieved its second close with lead investors Proparco and Calvert Impact Capital, plus six additional new investors, signaling sustained institutional interest in African growth and impact investing.
- • IMG Capital invests in Morocco's Avis Locafinance Group: The fund deployed capital for a minority stake in the integrated mobility platform, which operates car rental, full-service leasing, and vehicle maintenance services across North Africa.
- • Five transactions reflect diversified African PE activity: July 2026 dealmaking spans automotive, insurance, impact investing, and mobility sectors, demonstrating continued institutional capital deployment across the continent despite reported H1 2026 headwinds.
Summary
Africa's private capital market recorded five significant transactions in July 2026, spanning exits, acquisitions, and fundraising closings across multiple sectors and geographies. The activity reflects sustained institutional interest in African growth opportunities despite mixed broader market conditions.
Carlyle and Old Mutual Private Equity executed a notable exit, selling TiAuto Investments to Japan's Marubeni Corporation. TiAuto operates through the Tiger Wheel & Tyre and Tyres & More retail banners, positioning the sale within the automotive aftermarket segment. The transaction was facilitated by Alterra Capital Partners acting as advisors, underscoring the partnership's established presence in African automotive retail and distribution.
In the insurance and financial services space, Adenia Partners acquired a majority stake in Minet Group from Capitalworks. Minet operates as one of Africa's largest independent insurance brokerage and risk advisory platforms, representing a strategic move by Adenia to strengthen its exposure to African financial services and professional services sectors.
TLG Capital advanced fundraising momentum by achieving the $120 million second close of TLG Africa Growth Impact Fund II. The round was led by Proparco and Calvert Impact Capital, a subsidiary of U.S.-based impact investor Calvert Impact, with participation from six additional new investors and increased allocations from existing first-close backers. This close demonstrates institutional confidence in African-focused growth and impact strategies at scale.
IMG Capital deployed capital in Morocco's Avis Locafinance Group through a minority investment via IMG Fund I. Avis Locafinance, founded in 1961, has evolved into an integrated mobility platform combining short-term car rental under the Avis brand, corporate full-service leasing through Locafinance, and fleet maintenance and repair operations. The investment reflects continued PE interest in North African infrastructure and services businesses with established market positions.
Carlyle and Old Mutual Private Equity executed a notable exit, selling TiAuto Investments to Japan's Marubeni Corporation. TiAuto operates through the Tiger Wheel & Tyre and Tyres & More retail banners, positioning the sale within the automotive aftermarket segment. The transaction was facilitated by Alterra Capital Partners acting as advisors, underscoring the partnership's established presence in African automotive retail and distribution.
In the insurance and financial services space, Adenia Partners acquired a majority stake in Minet Group from Capitalworks. Minet operates as one of Africa's largest independent insurance brokerage and risk advisory platforms, representing a strategic move by Adenia to strengthen its exposure to African financial services and professional services sectors.
TLG Capital advanced fundraising momentum by achieving the $120 million second close of TLG Africa Growth Impact Fund II. The round was led by Proparco and Calvert Impact Capital, a subsidiary of U.S.-based impact investor Calvert Impact, with participation from six additional new investors and increased allocations from existing first-close backers. This close demonstrates institutional confidence in African-focused growth and impact strategies at scale.
IMG Capital deployed capital in Morocco's Avis Locafinance Group through a minority investment via IMG Fund I. Avis Locafinance, founded in 1961, has evolved into an integrated mobility platform combining short-term car rental under the Avis brand, corporate full-service leasing through Locafinance, and fleet maintenance and repair operations. The investment reflects continued PE interest in North African infrastructure and services businesses with established market positions.
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