EuroMena III

Egypt, Nigeria, Morocco, Cote d'Ivoire Manufacturing, Other consumer services, Health

EuroMena is a Beirut-based fund manager that was founded in 2004 by Romen Mathieu and Gilles de Clerck. In partnership with the Capital Trust Group (a London-based investment firm and consultancy), EuroMena raised two funds for the Levant and North Africa in 2006 and 2009.

The EuroMena III fund is pursuing a similar strategy to its predecessors, looking to acquire majority or minority stakes in small and medium-sized enterprises (SMEs) in the Levant, North Africa and sub-Saharan Africa to support local and regional expansion.

This investment was made when British International Investment was named CDC Group.

Our investment

In 2016, CDC invested $20 million into EuroMena III, alongside the IFC, the EIB, and other European DFIs, including Germany's DEG and France's Proparco. The fund manager is looking to make between eight to 10 investments of between $10 million to $20 million, and is targeting a total fund size of $150 million. Our investment will support the growth of businesses in the focus regions.

Expected impact

SMEs in the Levant, North Africa and sub-Saharan Africa typically lack access to affordable growth capital, as well as the strategic expertise to enable them to expand their regional footprint.

Our investment will enable the fund manager to provide much-needed capital to fast-growth companies in the FMCG, retail, financial services, education and healthcare sectors to support their expansion. This will support direct and indirect job creation, particularly among women and young people.

The fund manager will also provide managerial, technical and operational expertise to portfolio companies.

The fund has so far made investments in four companies in the FMCG, retail, and banking sectors operating in Nigeria, Tunisia, Morocco, and Algeria and Lebanon.

Environmental and social aspects

We are working closely with the fund manager to improve its existing Environmental and Social Management System, including delivering an action plan.

Key facts


Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.


We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people. For funds, the sectors listed here are those the fund has invested in so far.

Health, Manufacturing, Other consumer services
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

Intermediated investment
Fund manager:
Start date

For direct investments, this is the date British International Investment committed capital to the business or project.

For funds, this is the date that British International Investment committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

October 2014

For direct investments, this is the total amount that British International Investment has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that British International Investment has committed to the fund.


This is the investee company’s place of incorporation; or a fund’s jurisdiction.

United Kingdom

Investments made by this fund

  • Active
  • Exited
Investment name Country Region Sector Start date Status
Elephant Africa Holding

Elephant Africa Holding is the leading poducer of tissue paper products (including napkins, facial tissues and kitchen towels) in Nigeria. The company controls both Bel Papyrus and Bel Impex. Production is based on paper collected locally and recycled internally and has a large modern distribution network across Nigeria.

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Nigeria Africa, West Africa Manufacturing August 2015 Active
EuroMena Jasmin

Jasmin is a retail group operating in Tunisia and Morocco.

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Morocco Africa, North Africa Other consumer services November 2015 Active
Retail Holding

Retail Holding is one of the major retailers in Morocco. Its LabelVie brand is the exclusive franchisee of French giant Carrefour and Retail Holding is also the franchisee for apparel retailer Kiabi, Virgin Megastore and Burger King. It recently started its expansion to Africa, through an investment in CDCI, a supermarket chain in the Ivory Coast.

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Morocco Africa, North Africa Other consumer services May 2017 Active
Carbon Holdings Egypt Africa, North Africa Manufacturing October 2018 Active

Novamed is a leader in the development, manufacturing, and marketing of products used for diagnosing infectious diseases.

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Cote d'Ivoire Africa, West Africa Health February 2019 Active

We are now British International Investment