根据一项调查，南部非洲的大部分私营资本公司预计明年及以后的业务将十分活跃，因为更高的融资额以及来自企业退出（如IPO或并购）的资金将为新的投资项目提供充足的资本。
A majority of private-capital firms in southern Africa expect business to be brisk next year and beyond as higher fundraising and more money from exits free up capital for new deals, a survey showed.
南部非洲风险投资与私募股权协会（Southern African Venture Capital and Private Equity Association）周二发布的一项行业调查显示，约57%的受访者预计明年交易量将保持高位，另有6%的受访者认为交易量会非常高。
About 57% of respondents in an industry survey by the Southern African Venture Capital and Private Equity Association released on Tuesday expect high deal flow next year, with a further 6% saying it will be very high.
这种乐观情绪源于2025年投资活动的放缓：当年投资总额下降了16%，降至224亿兰特；交易数量也减少了18%，降至186笔。
The optimism follows a slowdown in dealmaking in 2025, when investment value fell 16% to 22.4 billion rand and the number of transactions declined 18% to 186.
报告指出，基金经理们目前拥有约454亿兰特（约合28亿美元）的未使用投资资金（即“未兑现的承诺资金”），这一金额几乎是去年的两倍，这意味着私营资本公司有足够的资金来支持未来的投资活动。
Managers have 45.4 billion rand ($2.8 billion) of so-called dry powder, or undrawn commitments, available to invest.
这一前景表明私营资本市场的周期可能正在发生变化：来自企业退出的资金将回流到投资者手中，从而为新的投资基金提供资金；同时，基金经理们也拥有大量可用资金可供投资。
That’s about twice the value of investments last year, “leaving private-capital firms with sufficient capacity to support an increase in future deployment,” the report said.
在南非，私营资本公司的融资额去年几乎增长了两倍，达到了至少十年来的最高水平，这主要得益于养老基金重新回归这一投资领域，以及企业退出所获得的资金增加。2025年，用于南非投资的资金总额达到了127亿兰特，而去年同期仅为46亿兰特。
The outlook signals a potential turn in the private-capital cycle, with more funds from exits returning cash to investors that can be committed to new funds, while managers have substantial capital available to deploy. Fundraising by private-capital firms for investment in South Africa almost tripled last year to the highest in at least a decade as pension funds returned to the asset class and exit proceeds rose.
在整个南部非洲地区，融资总额增长了超过一倍，达到了220亿兰特，这也是十年来的第二高水平。其中，南非投资者占融资总额的55%，占比从2024年的36%上升到了55%；养老基金和捐赠基金的出资额也从16亿兰特增加到了44亿兰特。
Money raised for use in the continent’s biggest economy climbed to 12.7 billion rand in 2025, compared with 4.6 billion a year earlier, it said. For southern Africa as a whole, fundraising more than doubled to 22 billion rand, the second-highest level in a decade, it said.
与全球私募股权市场的低迷趋势形成对比的是，南部非洲地区的私募股权融资额增长了17%，总额从上一年的6590亿美元上升到了659亿美元。报告还显示，由于新成立的投资基金数量连续第三年减少，全球私募股权市场的融资总额出现了下降。
South African investors accounted for 55% of total fundraising, up from 36% in 2024, with pension and endowment funds increasing their commitments to 4.4 billion rand from 1.6 billion rand. The regional improvement contrasts with a 17% decline in private equity fundraising globally, with the total dropping to $659 billion from a year earlier as the number of funds closed decreased for a third straight year, the report showed.
南部非洲私募股权公司去年记录了52宗退出交易，与2024年持平，但退出所得款项攀升19%至203亿兰特。
While Southern African private-capital firms recorded 52 exits last year, matching the number in 2024, proceeds climbed 19% to 20.3 billion rand.
贸易出售是最常见的退出路径，数量从上一年的15宗增至27宗，产生58亿兰特的退出所得款项。
Trade sales were the most common exit route, rising to 27 from 15 a year earlier and generating 5.8 billion rand in proceeds.