South African VC Exits Are Finally Catching Up, and a New R10bn Raise Is Betting on More

South Africa’s venture capital industry has spent years fielding the same question from institutional investors: where are the exits? Two new studies commissioned by the SA SME Fund, Endeavor South Africa and SAVCA suggest the industry finally has an answer, and it’s a good one. The broader study, “South African Venture Capital: Exit and Performance Analysis,” tracked 226 realised exits reported by local VC fund managers between 2009 and 2026.