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AfricInvest Closes 10-Year North African Fund At €194M

Law360 (December 5, 2018, 3:27 PM EST) -- Pan-African private equity firm AfricInvest on Wednesday said its 10-year North African fund hit its final close at €194 million ($220.24 million) after investors including the African Development Bank participated in the fundraising.

AfricInvest detailed in its statement that the fund, Maghreb Private Equity IV, also saw investments from the European Bank for Reconstruction and Development, the Netherlands Development Finance Co., and the Swiss Investment Fund for Emerging Markets, among others. The African Development Bank itself contributed €20 million to the fund, AfricInvest said.

The fund will focus its investments on taking minority stakes in small and medium North African businesses,...

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