Project number : 34823 Region : Middle East and North Africa Country : MENA Region Company name : Abraaj ANAF II Sector: P-BB - Private Equity/Venture Cap Fund - Regional Date SPI disclosed: June 13, 2014 Project Description: The proposed project consists of an equity investment of up to US$20 million in Abraaj North Africa Fund II, L.P. (the Fund ). The Fund is a closed-end private equity fund which will make investments in mid-sized private companies in Algeria, Egypt, Morocco, and Tunisia with a target Fund size of US$300 million. Project Sponsor and Major Shareholders of Project Company The Abraaj Group (the Group ) is a private equity manager investing in emerging markets across Asia, Africa, Latin America, and the Middle East. Founded in 2002, Abraaj is a limited liability company established in the United Arab Emirates, located in the Dubai International Financial Centre ( DFIC ). In 2012, Abraaj acquired Aureos, a fund manager focused on investing in SMEs. The combined Abraaj-Aureos entity now employs over 300 people and is spread across six regional hubs. Abraaj s key shareholders are institutional as well as high net-worth investors. Expected Development Impact : (i) Job creation: The Fund%s mid cap growth strategy is in full alignment with IFC%s development impact goals. (ii) Access to finance: IFC%s investment will support companies in North Africa by providing additional equity to the midcap market in a context of limited long term equity/risk capital. (iii) Private sector development: The Fund will employ hands-on management in portfolio companies, which will lead to improved competitiveness and sustainability thanks to the Fund%s structuring and management know-how. IFC%s Expected Role and Additionality : (i) Catalytic role: DFI%s support and participation (including IFC) is critical for the Fund to reach its target size due to the turbulent political environment and challenging investment climate in the MENA region. (ii) Best practices: IFC will continue to advocate the implementation of corporate governance and environmental & social standards in the Fund%s investments. Environmental & Social Categorization Rationale : The proposed project consists of an equity investment of up to US$20 million in Abraaj North Africa Fund II, L.P. The Fund will focus on growth and expansion opportunities in mid-sized companies in the consumer goods and services, education, financial institutions, logistics, and healthcare sectors The expected portfolio will largely be comprised of business activities that have limited adverse environmental and social risks and impacts that are few in number, site specific, largely reversible and can be readily addressed through mitigation measures. The project has therefore been categorized as FI-2 according to the IFC Sustainability Framework.
Project completion date : 2015-06-13 12:00:00
Major organization : THE ABRAAJ GROUP
Address : Dubai International Financial Centre (DIFC) Gate Village 8, 3rd Floor PO Box 504905 Dubai
Country :United Arab Emirates
Financier : International Finance Corporation (IFC),
Financier address : International Finance Corporation (IFC) 2121 Pennsylvania Avenue, NW Washington, DC 20433 USA Tel: (202) 473-3800 Fax: (202) 974-4384