Maghreb Private Equity Fund III

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The EBRD is considering an equity investment of EUR 20 million to Maghreb Private Equity Fund III (“MPEF III” or “the Fund”), a private equity fund incorporated under the laws of Mauritius sponsored by AfricInvest-TunInvest (“the Group”). The Fund is the third Maghreb-focused fund of the Group in the Southern and Eastern Mediterranean countries (“SEMED”). The Fund will make equity and equity-related investments primarily in small and medium-sized companies in SEMED with the objective of achieving long-term capital growth, thus helping expand access to finance and spur economic growth. The EBRD’s investment in the Fund will facilitate the expansion of the private equity market in Tunisia, Morocco and Egypt, as well as provide much needed funding to SMEs in these countries. It is also expected to have a demonstration effect from innovation and active hands-on approach in investee companies, as well as to set standards for corporate governance and business conduct on the private equity industry, as well as on investee companies. The Fund will be managed by Maghreb Advisors Limited, a private company limited by shares with limited life, registered under the laws of Mauritius, and wholly owned by AfricInvest-TunInvest. AfricInvest-TunInvest is one of the most established local private equity players in North Africa, with total assets under management of approx. EUR 500 million. EUR 20 million. The Fund held a first closing of EUR 96 million in September 2011; its target size is EUR 200 million. Categorised FI. MPEF III will be required to comply with EBRD's Performance Requirements 2 and 9. The Fund will be required to adhere to the EBRD's Environmental and Social Exclusion and Referral lists, and submit Annual Environmental and Social reports to the EBRD. None. Anis Fathallah Senior Partner Immeuble Integra Centre Urbain Nord Tunis 1082 Tunisia E-mail: anis.fathallah@tuninvest.com Tel: +216 71 189 800