CMS Kenya 2nd East Africa Private Equity Breakfast, Nairobi

8 October 2026 | Hyatt Regency, Nairobi, Kenya

CMS Kenya | Daly Inamdar Advocates and Pedersen & Partners co-hosted the 2nd East Africa Private Equity Breakfast in Nairobi, bringing together leading investors, private equity professionals and investment advisers to discuss the opportunities and challenges shaping East Africa’s private markets.

Co-chaired by Abdulhafeez Noorani, Partner at CMS Kenya | Daly Inamdar Advocates, and Michael Al-Nassir, Partner and Head of Private Equity APMEA at Pedersen & Partners, the breakfast provided a platform for candid discussion, exchange of perspectives and networking among key stakeholders in the regional investment ecosystem.

The panel featured Vova Dugin of E3 Capital, Muchiru Kuria of Gaia Impact, Michael Maina of Shogun Advisory Services, Ephraim Njogu of DEG, Asif Noorani of Phatisa, Karen Serem Waithaka of DOB Equity, Arul Thomas of Lightrock and Guy Willner of Helios Investment Partners.

Key discussion themes and takeaways
The discussion examined the investment environment in East Africa, including capital flows, fundraising, private business valuations, transaction structuring, portfolio development and exit strategies.

Investment landscape and capital mobilisation
Nairobi continues to serve as a leading investment hub in East Africa, supported by its infrastructure, talent and multinational business ecosystem. However, unpredictable tax policies and competition from other regional centres present challenges. Development finance institutions remain significant sources of fund commitments, while investors from the Middle East and Asia represent emerging sources of capital. Greater mobilisation of local pension capital remains an important opportunity, particularly given competition from government securities offering attractive yields.

Valuations and investment structuring
Private business valuations have moderated from their 2020–2022 peaks, with regional multiples discussed at approximately 6–8 times EBITDA. Flexible transaction structures, including earn-outs and convertible instruments, can help bridge differences in valuation expectations. Investors must also ensure that capital structures reflect the underlying business model, particularly for asset-heavy businesses and those operating on lower margins.

Value creation, governance and human capital
Building sustainable, investment-ready businesses requires more than financial investment. Strong leadership, succession planning, talent acquisition and retention, supported by effective governance, reporting and financial controls, are essential to institutional readiness and long-term value creation. Environmental, social and governance considerations also increasingly influence bankability, resilience and access to international buyers. AI and data analytics offer further opportunities to improve operational efficiency, pricing, credit scoring and portfolio management.

Liquidity and exit strategies
Liquidity constraints continue to extend investment holding periods and delay distributions to Limited Partners. Strategic acquisitions remain an important exit route, while secondary transactions and selective initial public offerings provide alternatives. Effective exit planning should begin at the point of investment, with a focus on building businesses that attract strategic buyers and deliver sustainable long-term value.

Networking and collaboration
The breakfast also provided an opportunity for investors, advisers and other participants to exchange perspectives, strengthen professional relationships and explore areas of mutual interest. The networking session reinforced the value of bringing together stakeholders across the investment ecosystem to support collaboration and deepen understanding of the region’s private markets.

CMS Kenya | Daly Inamdar Advocates thanks Pedersen & Partners, the panellists and all attendees for contributing to a valuable and engaging discussion. The firm remains committed to facilitating dialogue and supporting investment across East Africa through commercially focused legal advice and strong regional and international relationships.

For the full key takeaways, a complete photo album, and further details from the discussion, please follow this link:

If you have any questions, please do not hesitate to contact our Events Team.

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