AfricInvest raises €172m

The midcap private equity firm holds second closing of its North Africa-focused fund.

AfricInvest has held a second close of Maghreb Private Equity IV at €172 million, with a third closing expected by year end at the target size of €200 million. The fund, which has a target of €200 million to €250 million, will invest in SMEs in North Africa, targeting sectors including TMT, healthcare, logistics, education, agribusiness, financial and business services.

OeEB, the development bank of Austria, and a South-Africa based fund of funds contributed to the fund’s second round of fundraising. The Swiss Investment Fund for Emerging Markets are also part of the fund’s investor base.