SA VC exit studies show maturing ecosystem

Two studies by the SA SME Fund, Endeavor South Africa and the Southern African Venture Capital and Private Equity Association (Savca) analyze 226 realized exits between 2009 and 2026, finding capital-weighted returns of 2.01x to 2.45x invested capital, in line with mature markets like the US, UK, Europe and India. A second study of 18 exits shows median gross IRR of 54%, median MOIC of 3.5x, and median exit valuation of approximately R1.6bn. The exited companies created over 4,000 direct jobs, and the broader high-growth sector saw revenue growth of 256% and employment growth of 49% since 2021. The reports identify four exit routes: international M&A, domestic M&A, secondary transactions, and IPOs. Recent notable exits include Mastercard's pending acquisition of BVNK, Motorola Solutions' acquisition of RapidDeploy, Nedbank's acquisition of IKhokha, Lesaka Technologies' acquisition of Adumo, Live Nation Entertainment — Ticketmaster's acquisition of Quicket, and Optasia's listing on the JSE Limited. The findings suggest South Africa's VC market is maturing and capable of attracting greater institutional capital.