diff --git a/Makefile b/Makefile
index 87734cc67f0..f59c5bfc2d4 100644
--- a/Makefile
+++ b/Makefile
@@ -292,7 +292,7 @@ create-management-cluster: $(KUSTOMIZE) $(ENVSUBST) $(KUBECTL) $(KIND) ## Create
 	./hack/create-custom-cloud-provider-config.sh
 
 	# Deploy CAPI
-	curl --retry $(CURL_RETRIES) -sSL https://github.com/kubernetes-sigs/cluster-api/releases/download/v1.4.6/cluster-api-components.yaml | $(ENVSUBST) | $(KUBECTL) apply -f -
+	curl --retry $(CURL_RETRIES) -sSL https://github.com/kubernetes-sigs/cluster-api/releases/download/v1.4.7/cluster-api-components.yaml | $(ENVSUBST) | $(KUBECTL) apply -f -
 
 	# Deploy CAPZ
 	$(KIND) load docker-image $(CONTROLLER_IMG)-$(ARCH):$(TAG) --name=$(KIND_CLUSTER_NAME)
diff --git a/Tiltfile b/Tiltfile
index b8640111d2e..035694e1d48 100644
--- a/Tiltfile
+++ b/Tiltfile
@@ -19,8 +19,8 @@ settings = {
     "deploy_cert_manager": True,
     "preload_images_for_kind": True,
     "kind_cluster_name": "capz",
-    "capi_version": "v1.4.6",
-    "cert_manager_version": "v1.12.3",
+    "capi_version": "v1.4.7",
+    "cert_manager_version": "v1.13.0",
     "kubernetes_version": "v1.27.2",
     "aks_kubernetes_version": "v1.26.3",
     "flatcar_version": "3374.2.1",
diff --git a/go.mod b/go.mod
index f45da5acf68..ade80417ed7 100644
--- a/go.mod
+++ b/go.mod
@@ -44,8 +44,8 @@ require (
 	k8s.io/kubectl v0.26.1
 	k8s.io/utils v0.0.0-20230220204549-a5ecb0141aa5
 	sigs.k8s.io/cloud-provider-azure v1.26.7
-	sigs.k8s.io/cluster-api v1.4.6
-	sigs.k8s.io/cluster-api/test v1.4.6
+	sigs.k8s.io/cluster-api v1.4.7
+	sigs.k8s.io/cluster-api/test v1.4.7
 	sigs.k8s.io/controller-runtime v0.14.5
 	sigs.k8s.io/kind v0.20.0
 )
@@ -197,4 +197,4 @@ require (
 	sigs.k8s.io/yaml v1.3.0 // indirect
 )
 
-replace sigs.k8s.io/cluster-api => sigs.k8s.io/cluster-api v1.4.6
+replace sigs.k8s.io/cluster-api => sigs.k8s.io/cluster-api v1.4.7
diff --git a/hack/install-cert-manager.sh b/hack/install-cert-manager.sh
index ba64b8eb6a8..1a1a6b64df1 100755
--- a/hack/install-cert-manager.sh
+++ b/hack/install-cert-manager.sh
@@ -54,7 +54,7 @@ source "${REPO_ROOT}/hack/common-vars.sh"
 make --directory="${REPO_ROOT}" "${KUBECTL##*/}"
 
 ## Install cert manager and wait for availability
-"${KUBECTL}" apply -f https://github.com/jetstack/cert-manager/releases/download/v1.12.3/cert-manager.yaml
+"${KUBECTL}" apply -f https://github.com/jetstack/cert-manager/releases/download/v1.13.0/cert-manager.yaml
 "${KUBECTL}" wait --for=condition=Available --timeout=5m -n cert-manager deployment/cert-manager
 "${KUBECTL}" wait --for=condition=Available --timeout=5m -n cert-manager deployment/cert-manager-cainjector
 "${KUBECTL}" wait --for=condition=Available --timeout=5m -n cert-manager deployment/cert-manager-webhook
diff --git a/test/e2e/config/azure-dev.yaml b/test/e2e/config/azure-dev.yaml
index 174234abb12..218dc346e81 100644
--- a/test/e2e/config/azure-dev.yaml
+++ b/test/e2e/config/azure-dev.yaml
@@ -3,11 +3,11 @@ managementClusterName: capz-e2e
 images:
   - name: ${MANAGER_IMAGE}
     loadBehavior: mustLoad
-  - name: registry.k8s.io/cluster-api/cluster-api-controller:v1.4.6
+  - name: registry.k8s.io/cluster-api/cluster-api-controller:v1.4.7
     loadBehavior: tryLoad
-  - name: registry.k8s.io/cluster-api/kubeadm-bootstrap-controller:v1.4.6
+  - name: registry.k8s.io/cluster-api/kubeadm-bootstrap-controller:v1.4.7
     loadBehavior: tryLoad
-  - name: registry.k8s.io/cluster-api/kubeadm-control-plane-controller:v1.4.6
+  - name: registry.k8s.io/cluster-api/kubeadm-control-plane-controller:v1.4.7
     loadBehavior: tryLoad
 
 providers:
@@ -23,8 +23,8 @@ providers:
           new: --metrics-addr=:8080
       files:
         - sourcePath: "../data/shared/v1beta1/metadata.yaml"
-    - name: v1.4.6
-      value: https://github.com/kubernetes-sigs/cluster-api/releases/download/v1.4.6/core-components.yaml
+    - name: v1.4.7
+      value: https://github.com/kubernetes-sigs/cluster-api/releases/download/v1.4.7/core-components.yaml
       type: url
       contract: v1beta1
       files:
@@ -46,8 +46,8 @@ providers:
           new: --metrics-addr=:8080
       files:
         - sourcePath: "../data/shared/v1beta1/metadata.yaml"
-    - name: v1.4.6
-      value: https://github.com/kubernetes-sigs/cluster-api/releases/download/v1.4.6/bootstrap-components.yaml
+    - name: v1.4.7
+      value: https://github.com/kubernetes-sigs/cluster-api/releases/download/v1.4.7/bootstrap-components.yaml
       type: url
       contract: v1beta1
       files:
@@ -68,8 +68,8 @@ providers:
           new: --metrics-addr=:8080
       files:
         - sourcePath: "../data/shared/v1beta1/metadata.yaml"
-    - name: v1.4.6
-      value: https://github.com/kubernetes-sigs/cluster-api/releases/download/v1.4.6/control-plane-components.yaml
+    - name: v1.4.7
+      value: https://github.com/kubernetes-sigs/cluster-api/releases/download/v1.4.7/control-plane-components.yaml
       type: url
       contract: v1beta1
       files: