Maghreb Private Equity Fund III (MPEF III)


The Maghreb Private Equity Fund III takes equity stakes in private family owned companies in Morocco, Algeria and Tunisia that can become regional leaders.  The fund is managed by  Tuninvest-Africinvest, an experienced fund manager active in Africa.  The fund provides the targeted SME’s with long term capital, financial, managerial and industrial expertise and access to new markets.

BIO’s investment in the MPEF III hence contributes to the provision of long term financing and development of SMEs in the Maghreb region.

BIO’s additionality has been further reinforced as in the aftermath of the Arab Spring, availability of long term capital, which is vital to small and medium companies, has clearly diminished.  BIO’s investment should also help to give comfort to the private sector investors who decided to adopt an expectative approach on the region and should therefore help leverage private sector money.

As for the developmental impact at the level of the portfolio companies, BIO refers to the positive experience with previous investments and collaboration with Tuninvest, which shows a  proven track record of fostering significant increases in staff, tax revenues, exports and training at the level of the companies it invests in.  Next to granting long term capital to the investee companies, Tuninvest seeks to create value by improving industrial practices and environmental norms and enhancing management and transparency.  It further provides the companies with financial, managerial and industrial expertise.  Tuninvest has acquired some valuable knowledge in some sectors since its creation, that is beneficial to the new companies it invests in.

Furthermore, Tuninvest has followed environmental and social trainings at IFC and FMO.  An environmental assessment is made during the due diligence phase and is reviewed as part of the ongoing monitoring of investee companies.  This is formalized in a yearly environmental report.  Last but not least, an external environmental expert, with 20 years of experience, has been hired to help Tuninvest with the preliminary assessment and the ongoing monitoring of the environmental risk.

In 2014, all shareholders increased their stake with 25% of the original commitment to allow the fund to continue investing until the end of the investment period. BIO invested an additional EUR 2 million.

Website :

  • Investment amount (€):


    Registered office: Cyprus Beneficiary countries: Morocco, Tunesia, Algeria

  • Contract signature :

    2011; 2014

    The Fund takes equity stakes in private family owned companies that can become regional leaders.

  • Nature of intervention :


  • Development impacts :

    • 1 — Development of an integrated regional business community in North Africa
    • 2 — Bringing best practices to private SMEs
    • 3 — Improve industrial processes and environmental norms