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.
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 Fund will be managed by Capital Invest International, a public company limited by shares (‘societe anonyme’), to be registered under the laws of Luxembourg.
Up to EUR 20 million.
The Fund’s target size is EUR 100 million.
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.
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