This fund is managed by RMBV, and represents the firm’s first independent fund as manager.

NAF III is designed to raise as much as US $300 million and will invest in mid‑cap companies across Egypt, Morocco, and Tunisia.

The investment strategy targets businesses in four core sectors: healthcare, education, financial services, and consumer goods.

RMBV prioritizes companies that offer essential goods or services and align with North Africa’s growing consumer market.

Beyond capital, the EBRD is providing technical support to help RMBV develop and implement a gender action plan, reinforcing inclusive growth practices through.

Anne Fossemalle, Director for Private Equity Funds at the EBRD, said anchoring NAF III boosts the region’s private equity sector and helps attract both public and private capital.

Ahmed Badreldin, Managing Partner of RMBV, welcomed the backing and noted the shared mission: to grow resilient, well‑governed businesses that support regional economic development while providing strong investor returns.

RMBV’s first close has already raised around US $186 million, according to industry reports. The firm aims to reach its US $300 million target by the end of next year.

Context & significance:

• The EBRD’s support marks a strategic step in expanding private sector investment in North Africa. Mid‑sized firms are often central to local job creation and economic resilience.

• RMBV, managed by former members of the Abraaj Group, has a track record of investing in impactful regional businesses like MaxAB, Taaleem, and Cepro. Fund III is its first independently raised vehicle since gaining independence in 2019.

• By including a gender action plan, the initiative aligns with broader development goals around both economic and social inclusion.