Maghreb Private Equity Fund IV

Morocco, Tunisia Financial services, Food and agriculture, Health

AfricInvest is an investment and financial services company based in Tunisia. Founded in 1994, it has dedicated investment teams focused on Africa, and employs 70 professionals based in nine offices.  The firm has two dedicated investment platforms for North Africa and sub-Saharan Africa, respectively.

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

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

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 aspects

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

Key facts


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

Africa, North Africa

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.

Financial services, Food and agriculture, Health
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

November 2017

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.


Investments made by this fund

  • Active
  • Exited
Investment name Country Region Sector Start date Status
Promamec Morocco Africa, North Africa Health February 2018 Active
CFG Bank Morocco Africa, North Africa Financial services April 2018 Active
Land’Or Tunisia Africa, North Africa Food and agriculture October 2018 Active
Masria DP

Masria Cards (Masria or MasriaEgypt) has roots dating back to 1985 with its operations in card manufacturing and has produced over 100 million cards. Today, Masria is a leader in the Egyptian and African smart and payment card production and personalisation sector with the largest market share (over 75 per cent) in its home market, Egypt, and clients in more than 34 countries across Africa. It has a client base of more than 121 banks across the continent.

View investment details

Morocco Africa, North Africa Financial services December 2019 Active

We are now British International Investment