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Caban Academy

African capital markets, explained properly

A free, structured course on how capital actually works across African markets. Written by the desk that does the transactions — not a glossary assembled from elsewhere. Nine modules, from what growth capital is through to how listings and restructurings work.
200+transactions since 2012Freeno registrationUpdatedas markets move

Most explanations of private capital are written for developed markets and then applied here, which is why so much of the standard advice does not survive contact with a Johannesburg or Lagos transaction. These lessons describe the instruments as they behave in African markets: where the capital stack has gaps, why exit risk changes the terms an investor offers, and which constraints a business can actually do something about.

Module 1 is live. The remaining modules are in production and will be published as they are completed.

Module 1Capital in Africa

How capital works across African markets — instruments, participants and structure.

  1. What is growth capital?
  2. The African capital stack
  3. Why African capital markets work differently
  4. Investor types and capital terms

Module 2Equity CapitalIn production

Venture and private equity — how funds are structured and what founders give up.

  1. What is venture capital?
  2. What is private equity?
  3. Fund structures: GPs, LPs, fees and carry
  4. Dilution and cap tables
  5. Equity terms defined

Module 3Debt & Working CapitalIn production

Borrowing instruments, security, and the facilities tied to transactions.

  1. What is debt finance?
  2. Trade finance instruments explained
  3. Mezzanine and blended structures
  4. Security, covenants and surety
  5. Debt terms defined

Module 4ValuationIn production

How private companies are valued, and what actually moves the number.

  1. How private companies are valued
  2. EBITDA multiples and what drives them
  3. DCF versus comparables
  4. The founder-dependence discount
  5. Valuation terms defined

Module 5Mergers & AcquisitionsIn production

What happens inside a transaction, from approach to completion.

  1. What happens in an M&A transaction
  2. Sell-side versus buy-side
  3. Due diligence: what gets examined
  4. Earn-outs, escrow and warranties
  5. M&A terms defined

Module 6Public Markets & ListingIn production

Listing routes, sponsors, and what public markets require.

  1. What is a listing?
  2. JSE routes: Main Board, AltX and inward listings
  3. What a sponsor does
  4. Preparing for a listing
  5. Listing terms defined

Module 7Distress & RestructuringIn production

The legal and financial mechanics when a business is under pressure.

  1. What is business rescue?
  2. Chapter 6 explained
  3. Rescue, restructuring and liquidation compared
  4. Distress terms defined

Module 8Development & Grant FinanceIn production

Mandate-driven capital: who provides it and what it requires.

  1. What is development finance?
  2. DFIs active in Africa
  3. Grant, concessional and commercial capital
  4. Blended finance structures

Module 9Benchmarks & DataIn production

How African funding data is measured, and how far to trust it.

  1. How African funding data is measured
  2. Reading a funding round announcement
  3. Benchmark sources and their limits

Working on something specific?

The Academy explains how the instruments work. If you are in a live situation — raising, selling, buying, or under pressure — a principal will review your enquiry and reply within five working days.

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