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.
- $1 BN
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).
• 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
• In 2004, AfricInvest leveraged this successful investment experience to expand into Sub-Saharan Africa and raised €34 million for Africinvest Fund I.
Closed dedicated fund focused on the financial services sector (AfricInvest Financial Sector Fund)
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.
Closed second Sub-Saharan African private equity fund (AfricInvest Fund II) with a size of €142 million.
Held first close on third private equity fund focused on Northern Africa (Maghreb Private Equity Fund III) with a capital of €120 million.
Raised PMEC, a single country fund targeting Morocco with a capital of MAD 435 million.
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
First closing of AfricInvest Fund III with total commitments of EUR 154 million
Opening of a new office in Paris
- 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.
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.
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