AfricInvest raises €194m

The Tunisia-headquartered private equity firm receives strong support from long-standing investors for latest fund.

AfricInvest has held a final close of Maghreb Private Equity Fund IV at €194 million, after receiving a €20 million commitment from the African Development Bank. The fund, which closed just shy of its €200 million target, will take substantial minority stakes in small to medium enterprises in North Africa, with a specific focus on Algeria, Egypt, Morocco and Tunisia. MPEF IV has a diversified sector focus with targeted sectors including: TMT, healthcare, education, logistics, agribusiness, financial services and business services.

Among the other investors in the fund were the Swiss Investment Fund for Emerging Markets, OeEB, EBRD, CDC UK, FMO, DEG, EIB, IFC, BIO, IFU, and Proparco.

Maghreb Private Equity III was a smaller vehicle, closing at €156 million in March 2013. Many of the investors in MPEF III re-upped to Fund IV.