The firm

One of the leading private equity investor,
committed to investing in growing African small and midsized companies

At a glance

AfricInvest was founded in 1994 and is part of Integra Group, an investment and financial services company based in Tunisia.
Uniquely positioned as one of the most experienced private equity investors on the continent, AfricInvest has dedicated investment teams focused on North Africa and Sub-Saharan Africa, and employs 66 professionals based in seven offices.

AfricInvest manages USD1 billion across 16 funds and benefits from strong, long-term support from both local and international investors, including leading development finance institutions in the United States and Europe.

Having co-founded the African Venture Capital Association (AVCA) as well as the Middle East North Africa Private Equity Association (MENAPEA) and the Euromed Capital Forum, the firm is an active promotor of the private equity industry in the region.
Since 1994, AfricInvest has invested in 135 companies across 25 African countries in a variety of high growth sectors and maintains a broad network of high quality executives across Africa, offering extensive expertise in key growth industries, including financial services, agribusiness, consumer/retail, education and healthcare.

  • 20
    years
    of experience
  • 135+
    Investee
    companies
  • 8
    Offices
    accross Africa
  • $1 BN
    Assets under
    management
  • 1994

    Ahmed Abdelkefi, Aziz Mebarek, Karim Trad and Ziad Oueslati founded Tuninvest in 1994. The Firm initially managed evergreen investment vehicles focused primarily on Tunisia. The first private equity fund was closed in 1994 and focused on Tunisia (Tuninvest Sicar).

    1994
  • 2000

    • Starting from 2000, the firm broadened its focus to include the North African region, raising Maghreb Private Equity Fund I, the first private equity fund focused on Northern Africa.
    • The firm co-founded the African Venture Capital Association (AVCA) in partnership with FMO

    2000
  • 2004

    • In 2004, AfricInvest leveraged this successful investment experience to expand into Sub-Saharan Africa and raised €34 million for Africinvest Fund I.

    2004
  • 2007

    Closed dedicated fund focused on the financial services sector (AfricInvest Financial Sector Fund)

    2007
  • 2008-2009

    As the Firm continued to grow, AfricInvest opened local offices and recruited in-house, fully dedicated team members based in Nigeria, Kenya and Cote d’Ivoire, and closed Africinvest Fund II in 2008 with €143 million in capital commitments.

    2008-2009
  • 2010

    Closed second Sub-Saharan African private equity fund (AfricInvest Fund II) with a size of €142 million.

    2010
  • 2011

    Held first close on third private equity fund focused on Northern Africa (Maghreb Private Equity Fund III) with a capital of €120 million.

    2011
  • 2012

    Raised PMEC, a single country fund targeting Morocco with a capital of MAD 435 million.

    2012
  • 2013

    Held final close of the 3rd generation of PE funds focused on Northern Africa (Maghreb Private Equity Fund III) with a capital of EUR 120mln

    Raised Tuninvest Croissance, a fund dedicated to Tunisia with a capital of TND 25.8mln

    2013
  • 2014

    First closing of AfricInvest Fund III with total commitments of EUR 154 million

    2014
  • 2016

    Opening of a new office in Paris

    2016

Geographic
Presence

  • North Africa
  • Francophone West / Central Africa
  • Anglophone West Africa
  • East & Southern Africa

Values and mission

The right blend of expertise and market knowledge


AfricInvest provides its portfolio companies with valuable strategic, financial, technical and commercial advice, capitalizing on the deep knowledge of its team in a wide range of sectors. Moreover, AfricInvest’s extensive network of commercial relationships offers portfolio companies access to an even broader range of expertise and potential partnerships.

Strategic partnership


AfricInvest is neither an interventionist nor a silent shareholder. Drawing on the breadth of competencies within the firm and its global network, AfricInvest creates value through close and active supervision of its investments and through reinforcing the management of its portfolio companies when needed.

Confidence in independence


AfricInvest’s independent shareholding and management structure, which is not tied to any bank or industrial group, offers unique safeguards against conflicts of interest. Independence from other financial institutions allows AfricInvest to tap all possible funding sources in order to negotiate the best possible financial conditions on behalf of its portfolio companies.

Access to a global network of potential partners and information


Thanks to its network of strong relationships across the African continent and in Europe, AfricInvest is able to help its portfolio companies accelerate their access to international markets and create synergies. Through closely knit relationships with public and private sector companies and thanks to its extensive knowledge of the region, AfricInvest-TunInvest provides its portfolio companies with the adequate support to allow them to react promptly to changes in the economic, regulatory and financial environment.

An ethical approach to investing


Due to the sensitive nature of its work, AfricInvest and its partners are bound by a strict code of conduct and high ethical standards, particularly in terms of confidentiality. The firm expects the same high ethical standards from its investee companies. By working with its portfolio companies to improve their environmental and social performance, AfricInvest contributes to a cleaner environment and sustainable development.

investment approach

AfricInvest targets growth-capital investments in small and medium-sized enterprises (SMEs) that are well-positioned in their local markets with the potential to scale up their activities beyond their own country’s borders and become “regional champions.”

Taking significant minority (and sometimes majority) positions, AfricInvest adopts a hands-on monitoring approach centered on effective value addition. This, combined with a medium to long term view (4-6 year holding period), is consistent with the real needs of African SMEs.

AfricInvest brings significant added value to its portfolio companies by :

  • Strengthening their managerial teams and aligning the interests of all shareholders with those of management.
  • Enhancing corporate governance, financial reporting, and transparency.
  • Creating synergies by leveraging its extensive network throughout Africa.

Combining a financial and industrial approach, AfricInvest is a patient investor focused on creating real value through long-term growth and businesses improvements without getting distracted by short term developments.

AfricInvest acts as a strategic partner alongside management teams, creating shareholder value while adhering to the following principles:

  • Promoting strong governance structures and oversight in audit, risk management, conflicts of interest, compensation and policies aimed at aligning the interests of shareholders with those of management.
  • Maintaining commitment to environmental and social responsibility. AfricInvest ensures that its investee companies comply with applicable environmental regulations and labor laws and positively engage with their local communities.
  • Assuring growth and long-term sustainability for the benefit of all stakeholders, while remaining accessible, responsive and accountable.

For its limited partners, AfricInvest is committed to providing transparent, timely, and relevant information about portfolio investments over the course of their life cycle from prospection to exit.

AfricInvest’s investment approach relies on its strong team which has a deep understanding of the unique challenges and opportunities facing midcap companies, particularly family-owned businesses, in key markets throughout Africa. Its team members have:

  • Broad and extensive industry expertise within key growth segments
  • A proven track record of leading industry consolidations, regional expansion strategies, and starting companies within new and underpenetrated sectors
  • Extensive structuring experience, helping them to gain access to attractive minority investments, protecting downside, and providing multiple liquidity options

Our people

All Team Members
Senior Management

Abiola Ojo-Osagie

Senior Partner and MD of AfricInvest Nigeria

Abiola Ojo-Osagie
Abiola Ojo-Osagie

Abir Attia

Senior Manager

Abir Attia
Abir Attia

Adewale Adeyinka

Manager

Adewale  Adeyinka
Adewale Adeyinka

Anis Fathallah

Senior Partner

Anis Fathallah
Anis Fathallah

Anis Kallel

Partner

Anis Kallel
Anis Kallel

Ann Wyman

Director

Ann Wyman
Ann Wyman

Aziz Mebarek

Founding Partner

Aziz Mebarek
Aziz Mebarek

Bechir Darghouth

Logistics Manager

Bechir Darghouth
Bechir Darghouth

Ben Zwinkels

Chairmain

Ben Zwinkels
Ben Zwinkels

Brahim El Jaî

Senior Partner and MD of Africinvest Morocco

Brahim El Jaî
Brahim El Jaî

Cherif Bouattour

Partner

Cherif Bouattour
Cherif Bouattour

Christian Lim

Director

Christian Lim
Christian Lim

Elija Odolo

Senior Manager

Elija Odolo
Elija Odolo

Faisal Jiwa

Director

Faisal Jiwa
Faisal Jiwa

Farid Benlafdil

Partner

Farid Benlafdil
Farid Benlafdil

George Odo

Senior Partner and MD of AfricInvest East Africa

George Odo
George Odo

Hind Bouchtia

Administration officer

Hind Bouchtia
Hind Bouchtia

Julius Tichelaar

Partner

Julius Tichelaar
Julius Tichelaar

Karim Ghedamsi

Senior Partner

Karim Ghedamsi
Karim Ghedamsi

Karim Trad

Founding Partner

Karim Trad
Karim Trad

Khaled Ben Jennet

Partner and MD of AfricInvest Europe

Khaled Ben Jennet
Khaled Ben Jennet

Khalil Lakhoua

Senior Manager

Khalil  Lakhoua
Khalil Lakhoua

Mehdi Mahtat

Senior Manager

Mehdi Mahtat
Mehdi Mahtat

Mohamed Sebti

Senior Manager

Mohamed Sebti
Mohamed Sebti

Mokhlis El Idrissi

Director and Head of Moroccan Funds

Mokhlis  El Idrissi
Mokhlis El Idrissi

Moslem Zgueb

IT Manager

Moslem Zgueb
Moslem Zgueb

Omar Bekkali

Senior Manager

Omar Bekkali
Omar Bekkali

Omar Laalej

Senior Manager

Omar Laalej
Omar Laalej

Ons Hantous

Manager

Ons Hantous
Ons Hantous

Paul Okunaiya

Senior Manager

Paul Okunaiya
Paul Okunaiya

Rafik Mzah

Chief Legal Officer

Rafik Mzah
Rafik Mzah

Riadh Dekhli

Manager

Riadh Dekhli
Riadh Dekhli

Samia Ghorbel

Partner

Samia Ghorbel
Samia Ghorbel

Sarhan Guediche

Director

Sarhan Guediche
Sarhan Guediche

Sélim Hassani

Director

Sélim Hassani
Sélim Hassani

Soraya Ouertani

Legal Counsel

Soraya Ouertani
Soraya Ouertani

Stephane Colin

Director and Head of Paris Office

Stephane Colin
Stephane Colin

Wissal Kahia

Manager

Wissal Kahia
Wissal Kahia

Yassine Oussaifi

Senior Manager

Yassine Oussaifi
Yassine Oussaifi

Yazid Taalba

Senior Partner and MD of AfricInvest Algeria

Yazid Taalba
Yazid Taalba

Ziad Oueslati

Founding Partner

Ziad Oueslati
Ziad Oueslati