Capital North Africa Venture Fund II



Project number:


Business sector:

Equity funds

Notice type:


Environmental category:


Approval date:

31 Oct 2012



PSD disclosed:

31 Oct 2012

Project Description

The EBRD is considering an equity investment of up to EUR 20 million in Capital North Africa Venture Fund II (“CNAV II” or “the Fund”), a private equity fund to be incorporated under the laws of Luxembourg.

The Fund is the first Maghreb-focused fund being raised on an independent basis by the core team of Capital Invest. The Fund will make equity and equity-related investments to:

(i) support the expansion of small and medium sized companies;
(ii) carry out a buy & build industrial approach in targeted sectors; and/or
(iii) assist in the development of businesses in sectors with significant potential for growth in Morocco.

Transition Impact

The EBRD’s investment in the Fund will facilitate the expansion of the private equity market in Morocco and Tunisia, as well as provide much-needed funding to SMEs in these countries.

It is also expected to promote international best practice of corporate governance and business conduct in the private equity industry and in investee companies, as well as to demonstrate the benefits of more comprehensive approach to strategy at investee companies.

The Client

The Fund will be managed by Capital Invest International, a public company limited by shares (‘societe anonyme’), to be registered under the laws of Luxembourg.

EBRD Finance

Up to EUR 20 million.

Project Cost

The Fund’s target size is EUR 100 million.

Environmental Impact

Categorised FI. CNAV II will be required to comply with the EBRD's Performance Requirements 2 and 9. The Fund's Environmental and Social Management System is based on IFC standards which are generally in-line with EBRD's E&S requirements for FIs. The Fund will also 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.

Technical Cooperation



Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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