2025 was not an easy year; it was, in fact, particularly challenging. Despite a context marked by institutional uncertainties in Madagascar and a complex international economic climate, Miarakap, a fund manager specializing in supporting entrepreneurs, claims to have emerged stronger. In its 2025 annual report, CEO Emmanuel Cotsoyannis describes the period as an “antifragile year.” “It is a foundation—one of a team that strengthens over the long term and makes a difference when the system is under pressure,” he explains.
According to Miarakap, the cessation of funding from the United States Agency for International Development (USAID) weighed on the macroeconomic balance. Despite this, the company reports a 5% increase in its workforce and a 10% rise in compensation. “These figures reflect our ability to endure, adapt our model, and continue investing in our mission,” says Emmanuel Cotsoyannis. The management company’s revenues grew by 15%, while income from investments tripled.
The company also highlighted several achievements in 2025, including the development of its consulting business in the Indian Ocean region, the continued fundraising for “Mitsiry” (dedicated to climate-related projects), and the first divestments from “Miarakap Investissement.” Three exits were completed, two of which were profitable. Miarakap indicates that the total value of its portfolio now exceeds its historical value by more than 100%.
For 2026, the company plans to finalize the closing of the Mitsiry fund with a target of $50 million, continue distributing value to historical investors, and strengthen its internal processes. “For the first time in a long while, an institutional crisis did not mechanically lead to an immediate economic collapse. I remain cautious, but I see it as a reason for hope,” concludes Emmanuel Cotsoyannis.
Captured & Published at: 2026-07-17 16:26:45 (Madagascar Local Time EAT)
Original Source: https://2424.mg/entrepreneuriat-miarakap-evoque-une-annee-antifragile-pour-resumer-son-bilan-de-lexercice-2025/?utm_source=rss&utm_medium=rss&utm_campaign=entrepreneuriat-miarakap-evoque-une-annee-antifragile-pour-resumer-son-bilan-de-lexercice-2025
