British International Investment

Maghreb Private Equity Fund IV

EgyptMoroccoTunisiaAfricaNorth AfricaCommunications & IT servicesConsumer - EducationConsumer - HealthConsumer - other servicesFinancial servicesFood & Agriculture

AfricInvest launched the Maghreb Private Equity Fund IV (MPEF IV) in 2017, a North African small and mid-cap fund looking to invest in Tunisia, Egypt, Morocco and Algeria. The fund will invest growth equity in a range of sectors focusing on themes of access to regional markets, deregulation and growing urban populations.

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

Our investment

Description of the investment.

In December 2017, we made a €25 million commitment to MPEF IV, alongside several other DFIs.  The target fund size is €200 million and the fund manager will be looking to make investments of between €8 million and €25 million. Our investment will support a well-established fund manager in targeting local companies that have the potential to become local or regional champions, as well as with potential to expand into sub-Saharan Africa.

Expected impact

Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.

North Africa is home to a new generation of entrepreneurs, some of whom have longstanding roots in the region, and others who are returning to take advantage of new opportunities offered by the current regional transition. However, lack of finance has been a barrier to their ability to grow their businesses, particularly internationally.  Our investment will support well-established local firms that demonstrate strong potential for growth. The fund manager will target sectors where it has significant expertise, such as IT and telecoms, FMCG, healthcare, education, logistics, agribusiness and financial and business services. Supporting these businesses with the finance and expertise to expand will help create new direct and indirect jobs in a region where youth unemployment is particularly high. It will also help to foster economic integration across the region.

Environmental and social information

  • Environmental and social summary

    A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.

  • Environmental and social risk

    A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.

Environmental and social summary

The fund manager has a well-established approach to environmental and social management and we will continue to support and monitor its approach as the portfolio grows.

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    March 2024
    Project number

    An identifier number shared by investments in the same project.


    The current status of the investment (green flag for active and red flag for exited).


    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    Africa, North Africa

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    Communications & IT services, Consumer - Education, Consumer - Health, Consumer - other services, Financial services, Food & Agriculture

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Start date :
    November 2017
    Amount :
    Currency of investment :
    Fund Manager:

    The company or investment fund’s place of incorporation.


Investments made by this fund into companies:

For further information about these companies, visit

Investment name Country Region Sector Start date Status
ArabyAds Egypt North Africa Communications & IT services July 2022 Active
CBI Morocco North Africa Communications & IT services December 2021 Active
CFG Bank Morocco North Africa Financial services April 2018 Active
CMGP – CAS Morocco North Africa Food & Agriculture June 2021 Active
ISGA Morocco North Africa Consumer - Education October 2021 Active
Khaled Khoshala Co. Egypt North Africa Food & Agriculture August 2023 Active
Land’Or Tunisia North Africa Food & Agriculture October 2018 Active
Masria DP Egypt North Africa Financial services December 2019 Active
Planet Sport Morocco North Africa Consumer - other services June 2023 Active
Promamec Morocco North Africa Consumer - Health February 2018 Active

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