The fund will finance the expansion of mid-market companies operating in consumer-focused and essential-service sectors across North Africa.

The African Development Bank approved a $15 million commitment, while CDP will invest $20 million through the Growth and Resilience Platform for Africa.

The institutions jointly considered the investments as part of their efforts to direct more long-term capital toward African private-sector companies with the capacity to expand operations, create jobs and improve access to goods and services.

RMBV North Africa Fund III will use equity and equity-related instruments to invest primarily in companies operating in Egypt, Morocco and Tunisia, although its wider mandate covers the North African market.

The fund will concentrate on consumer goods and services, healthcare, education and financial services, where population growth, urbanization and changing consumer demand are increasing the need for formal and scalable providers.

The vehicle is RMBV’s first fund since the investment firm became an independent manager and has a fundraising target of up to $300 million.

RMBV plans to combine growth capital with managerial and operational support, including stronger corporate governance, digital systems, leadership development and business expansion strategies.

The investment model is intended to help established companies increase capacity and enter new markets while improving the systems required to manage larger operations.

For mid-sized businesses, equity financing can support acquisitions, new facilities, technology adoption and regional expansion without adding the fixed repayment obligations associated with debt.

The AfDB and CDP commitments add to substantial development finance backing already secured by the fund. The European Bank for Reconstruction and Development committed up to $80 million as a cornerstone investor, while the European Investment Bank signed a separate $80 million investment.

Proparco, the private-sector financing arm of the French Development Agency Group, has also invested in the fund, although it has not disclosed the value of its commitment.

The participation of several development finance institutions gives RMBV a larger pool of long-term capital while placing governance, environmental and social requirements at the center of its investment strategy.

The EIB requires at least 30% of the fund’s portfolio to contribute directly to gender equality, including through support for women-led companies, inclusive employment and gender-responsive business practices.

The EBRD is also providing technical assistance to help RMBV develop and implement a gender action plan across the portfolio.

CDP’s $20 million investment is being made through the Growth and Resilience Platform for Africa, a co-investment partnership established with the African Development Bank in 2024.

The platform forms part of Italy’s Mattei Plan for Africa, which seeks to deepen economic cooperation with African governments and institutions through investments in private enterprise, food security, infrastructure and other priority areas.

The RMBV investment also connects the Mattei Plan’s institutional commitments with company-level financing in North Africa.

When the EIB announced its investment in January 2026, RMBV Managing Partner Ahmed Badreldin said the firm sought to support growth by “strengthening local value chains while deepening commercial and industrial partnerships with European suppliers, technology providers and service companies.”

For North African businesses, the additional capital expands access to private equity at a stage when companies often need larger investments and specialized operational support to move beyond domestic markets.

Growth in healthcare and education can increase service capacity, while investments in consumer industries and financial services can strengthen distribution networks, formal employment and access to commercial services.

The combined $35 million commitment strengthens the pool of institutional equity available to established North African companies and advances GRAf’s role as a channel for coordinated investment in Africa.