Marocinvest

Marocinvest

Proparco has been supporting the regional group Tuninvest since 1997. Marocinvest, its Moroccan subsidiary, manages two private equity funds: MPEF I (Maghreb Private Equity Fund I) and MPEF II which both operate throughout the Maghreb region and have a total endowment of roughly €140M

In 2000, Proparco invested $5.1M in MPEF via the Averroès fund of funds. This $23M investment vehicle operates in the development capital and capital transfer segment and, to a lesser extent, the venture capital segment. It has mainly made minority equity investments in Morocco for an average amount of $1.5M in industry (54%), distribution (23%) and the service sector (23%). Its portfolio is in the disinvestment phase and is expected to generate a satisfactory IRR.

Thanks to the success of the first MPEF fund, the management team was able to raise a much more ambitious amount of funds for the second vehicle which carries the same name. MPEF II has a €124M endowment, including a €6M direct investment by Proparco. It has made roughly a dozen investments since 2006. This vehicle reinforces the regional vocation of Maroc Invest with a sizeable number of operations in Algeria and Tunisia, such as Vitalait (milk production, Tunisia), Cotugrain (cereals, Tunisia), Sarl Snax (snack producer, Algeria) and Icosnet (ISP, Algeria).