The fund, named SPE AIF I, is managed by SPE Capital Partners and will focus mainly on Egypt, Morocco, and Tunisia. The International Finance Corporation (IFC) is investing up to $20m in a newly independent private equity fund operating in the Middle East and North Africa (MENA) region. Private equity has emerged as a critical source of equity financing for smaller cap companies globally. However, the penetration rate is just 0.02% in North Africa, compared to 0.11% in emerging markets, according to the Emerging Markets Private Equity Association data. In the fiscal year 2019/20, IFC has invested a total of $40.5m in private equity and venture capital funds to support businesses in MENA.

Source: The North Africa Journal April 13, 2020 22:07 UTC