At a Glance
- Old Mutual Private Equity acquires Honoris to strengthen its presence in Africa’s education sector.
- The acquisition aligns with Old Mutual’s push for inclusion and long-term sustainable investments.
- Honoris operates 16 institutions serving over 100,000 students across Africa’s top education hubs.
Old Mutual Private Equity, one of the largest and most established private equity managers in South Africa and Africa, has taken full control of Honoris United Universities, Africa’s largest private higher-education network, from Actis Investments, marking a significant step into a new sector for one of the continent’s biggest private equity firms.
The transaction, completed in September 2025 through Old Mutual’s sixth fund, signals a clear shift in strategy. After years of investing in healthcare and industrial businesses, the firm is now setting its sights on education, a field it views as both financially stable and socially valuable.
From hospitals to classrooms
The move comes shortly after Sanlam Private Equity agreed to acquire Medhold, a medical equipment supplier backed by Old Mutual since 2018.
Together, the two deals highlight a calculated realignment, easing out of healthcare and doubling down on Africa’s growing demand for quality education.
“Education remains one of the most durable and impactful industries on the continent,” said Chumani Kula, co-head of Old Mutual Private Equity. “Honoris sits right at the intersection of growth, skills, and social progress.”
Under the new ownership, Honoris, Africa’s largest private higher-education network, will become majority Black-owned, aligning with Old Mutual’s long-term goal of advancing inclusion and transformation in South Africa’s private sector.
An expanding network across the continent
Established by Actis in 2017, Honoris United Universities links 16 institutions across South Africa, Tunisia, Nigeria, Morocco, and Mauritius. Its network includes universities, technical institutes, and creative schools offering practical, career-focused programs.
Honoris currently serves more than 100,000 students across 26 cities, with nearly 500 accredited qualifications in business, health, design, engineering, and the arts. The group boasts an 86% graduate employability rate, a figure that underscores its hands-on approach to education.
Its South African institutions include Mancosa, Regent Business School, Fedisa, Red & Yellow Creative School of Business, and The Animation School, all recognized for expanding access to skill-based learning in underserved communities.
Karen Basiye, Old Mutual’s director for sustainable business and social impact, said the acquisition blends financial purpose with measurable community outcomes.
“Honoris is exactly the kind of platform we want to support,” she said. “It’s an investment in both Africa’s youth and its long-term economic resilience.”
Positioning for the future
The deal comes as Africa’s youth population continues to rise sharply. By 2035, more than 250 million young Africans are expected to enter the labor force, driving urgent demand for affordable, job-ready education.
Old Mutual’s move into higher education places it in a sector with both defensive strength and expansion potential. It also ties into the firm’s broader sustainability strategy, which weaves environmental, social, and governance goals into every investment decision.
Looking ahead, Honoris plans to deepen its reach in Francophone and West Africa, expand its digital learning platforms, and strengthen vocational programs to match shifting labor market needs.
Building for the long term
The Honoris acquisition adds to a string of portfolio changes for Old Mutual Private Equity, which in recent years has exited Holdsport — parent of Sportsman’s Warehouse, and food supplier in2Food, a key vendor to Woolworths and Marks & Spencer.
With its latest fund attracting strong institutional backing, the firm is reinforcing its position as one of Africa’s most active private equity investors in sustainable, high-growth industries.
For Old Mutual, the purchase of Honoris United Universities is more than a portfolio reshuffle, it marks a renewed commitment to education, inclusion, and long-term shared growth across Africa.
