SOUTH AFRICA – Amethis Investment Fund Manager S.A., an investment fund manager dedicated to long-term responsible investing across the African continent, and Edmond de Rothschild Private Equity, have announced the final close of Amethis MENA Fund II (AMF II) on target at €120 million (US$121.82m).
AMF II is the second fund of the Amethis franchise focused on the MENA region, its fifth fund in total, and targets majority and minority investments ranging from €5-15 million (US$5.08- 15.23m) in fast-growing small-to-medium-sized (SMS) enterprises in Morocco, Egypt, Tunisia and Jordan.
It succeeds AMF I, formerly known as CNAV II, a Maghreb SME fund that Amethis took over in 2018 and successfully turned around.
AMF II is part of Amethis’ sustainability strategy in key areas including climate, job quality and gender equality.
The Fund has also qualified as a 2X Challenge investment and is thereby committed to supporting women’s economic empowerment across its end markets.
“Our MENA strategy is one of the three pillars of Amethis’ global sustainable investment strategy aimed at developing an ecosystem of long-term investors and entrepreneurs in Sub-Saharan Africa, North Africa and Europe,” Co-Founders Luc Rigouzzo and Laurent Demey stated.
“We are proud of the trust granted by our investors, especially in the current macroeconomic environment which is a testament to the quality of the Amethis MENA team, led by Wilfried Poyet, Adnane Zerhouni and Toufic Khoueiry, all three benefiting from field knowledge and experience in the region’s main markets.”
AMF II has benefited from the support of leading development finance institutions such as the European Investment Bank (EIB), Proparco/FISEA, the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), Bpifrance and British International Investment (BII).
It has also gathered, with its partner the Edmond de Rothschild Group, a large range of qualified private investors, representing altogether more than 40% of total commitments.
“The MENA region is ripe with high-quality SMEs operating in and across its different markets. We are excited at the opportunity to continue to support such players in their commitment and exciting growth journeys,” Wilfried Poyet, Adnane Zerhouni and Toufic Khoueiry commented.
“Partnering with the continent’s talented entrepreneurs and contributing to the responsible and sustainable development of local businesses allows us to have a lasting impact on the region’s economies.”
To date, AMF II has invested in two companies: Magriser, a leading distributor of micro-irrigation systems in Morocco, and Tarjama, the leading language technology & services firm in the MENA region with several other transactions at advanced stages and expected to close over the coming months.
“AMF II fully illustrates our approach to sustainable investment through concrete, long-term actions by supporting, for example, companies like Magriser with a business designed to solve environmental challenges. For us, sustainability is, more than ever, a priority in the face of a rapidly changing world,” Johnny el Hachem, CEO of Edmond de Rothschild Private Equity, commented.
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