New analysis from Ocorian*, a market leader in asset servicing for private markets and corporate and fiduciary administration, reveals that African-based private market funds currently hold around $51 billion in assets under management.
Private equity funds under management, at $31.9 billion, account for 63% of the total private market funds in Africa, with infrastructure funds the next largest at $13.1 billion. Private credit funds account for $3.3 billion, and real estate for $2.6 billion.
More than half (52%) of global assets in private market funds are in US-domiciled funds, Ocorian’s Global Asset Monitor shows. This compares to a quarter (25%) in Asia and around a fifth (19%) in Europe.
Private market assets under management domiciled by region, September 2025
| Fund value ($billion) | % of global total | |
| North America | 7262.7 | 51.7% |
| Africa | 50.9 | 0.4% |
| Americas | 143.9 | 1.0% |
| Asia | 3513.7 | 25.0% |
| Australasia | 88.3 | 0.6% |
| Europe | 2731.3 | 19.4% |
| Middle East | 66.9 | 0.5% |
| Diversified Multiregional | 189.1 | 1.3% |
Novan Maharahaje, Head of Fund Services (Africa, Middle East & Asia) at Ocorian, said: “Private markets in Africa represent only a small part of global private markets, but can play an important role in driving economic growth with impact.
“Government finances are under pressure, and risk-averse banks may be unwilling to lend to businesses seeking investment, which opens a role for private markets in general and private equity in particular.
“At Ocorian, we help alternative asset managers handle operational and regulatory complexity across the full investment lifecycle, especially when operating scale is a differentiator and investor needs and profiles are evolving fast across asset classes.”
