EuroMena closes third fund for $150 million

EuroMena said it has completed the second and final closing of its third fund EuroMena III for a total of $150 million. As of December 2016, EuroMena III had invested in three companies at a total of $60 million, the company said in a statement.

These companies are in the retail and banking sectors, as well as the fast moving consumer goods (FMCG) sector. They operate in Nigeria, Tunisia, Morocco, Algeria, and Lebanon.

“We expect the Fund to be fully invested by end of 2017,” said Romen Mathieu, Managing Partner of EuroMena.

The investment carried out by EuroMena III in Lebanon consisted of acquiring a stake of around three percent in Credit Libanais for $20 million. EuroMena said last June that it had obtained approval to buy the stake.

EuroMena III invests in the MENA region and Africa. It diversifies its investments by countries and sectors in order to optimize their risk/reward profile. The fund invests in such sectors as retail and consumer products, food and beverages, education, healthcare, energy, financial services, and information technology. It usually exits its investment after three to five years.

EuroMena said it has “attracted first-time international investors to its third fund such as the International Finance Corporation (IFC), the German Investment and Development Corporation (DEG), and the UK’s Development Finance Institution (CDC Group) in addition to third and second time investors such as the European Investment Bank (EIB) and the French Public Wealth Funds (Proparco) respectively.”