Search En menu en ClientConnect
Search
Results
Top 5 search results See all results Advanced search
Top searches
Most visited pages

    Signature(s)

    Amount
    € 8,681,041.73
    Sector(s)
    Services : € 8,681,041.73
    Signature date(s)
    14/02/2024 : € 8,681,041.73
    Link to source

    Summary sheet

    Release date
    2 February 2024
    Status
    Reference
    Signed | 14/02/2024
    20230609
    Project name
    Promoter - financial intermediary
    SPE PRIVATE EQUITY FUND III
    SPE CAPITAL PARTNERS LTD
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    USD 9 million (EUR 9 million)
    USD 350 million (EUR 329 million)
    Location
    Sector(s)
    Description
    Objectives

    The operation consists of an equity participation in SPE Private Equity Fund III, a generalist private equity fund targeting growth capital investments predominantly in private small and medium-sized enterprises (SMEs) in North Africa.

    The aim is to support the development of the private sector, primarily in North Africa, by increasing access to risk capital for local SMEs. The fund is the successor fund of Africa Industrialization Fund (AIF), in which the EIB invested in 2018. The new fund will pursue a similar strategy. SPE Private Equity Fund III will seek to build a diversified portfolio and leverage on the strong team's knowledge and experience. The fund manager will aim to create value through a hands-on management approach, driving the growth and profitability of investee companies as well as enhancing the Environmental, Social and Governance (ESG) standards.

    Additionality and Impact

    SPE Private Equity Fund III, a generalist private equity fund targeting growth capital investments predominantly in small and medium-sized private companies located in North Africa. Through this operation, the EIB will be able to continue to support the growth and institutionalisation of an independent and well-reputed fund manager investing primarily in North Africa. Furthermore, the EIB will provide much needed equity risk capital to local enterprises that operate across various economic sectors. Access to finance - in particular equity finance - and managerial advice are among the most prevalent barriers for the growth of small and mid-sized companies. The provision of growth capital and managerial support through private equity funds has proven an effective strategy to overcome this market failure. Additionally, the EIB has played an important role throughout the Fund Manager's history and supported the team to become independent. The EIB's commitment as part of the Fund's first closing is anticipated to support the fund raising and catalyse other investors in a difficult fund-raising environment. The EIB is expecting to continue to provide guidance to the Fund Manager on best market practice for international private equity firms and thus contribute further to its institutionalisation. The proposed operation is consistent with EU policy as articulated in the new agenda for the Mediterranean. Specifically, Flagship 5 "Connected economies", foresees the financing of Micro, Small and Medium Enterprise (MSME).

    Environmental aspects
    Procurement

    The fund will operate in line with the EIB's environmental and social standards.

    N/A

    Milestone
    Under appraisal
    Approved
    Signed
    24 October 2023
    14 February 2024
    Related projects
    Link to source

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    News & Stories

    General enquiries and comments

    The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
    Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
    Alternatively, the EIB can be contacted through its external offices.
    Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

    Media enquiries

    Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

    Complaints mechanism

    Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

    Zero tolerance against fraud and corruption

    The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

    Related publications