Riyada Manager, an ex–Abraaj platform, is on fundraising trail to raise its North Africa-focused vehicle that has been sized at $300 million.
The investor is on the road with North Africa Fund III which is targeting $300 million at final close.
European Bank for Reconstruction and Development (EBRD) is working on plans to commit $60 million to the latest vehicle.
The vehicle follows in the footsteps of Abraaj North Africa Fund II (ANAF II), closed at $375 million in 2015. The fund was managed by Riyada under the Abraaj umbrella.
EBRD is an LP in ANAF II, having commited $25 million to the fund in 2014.
The Fund will seek to make equity and equity-related investments in mid-cap companies in North Africa.
This latest Riyada fund will primarily invest across Egypt, Morocco and Tunisia.
Ahmed Badreldin is managing partner at Riyada.
Fund Card
| Fund Name | North Africa Fund III |
| Fund Manager | Riyada Manager (RMBV) |
| Target ($) | $300m |
| Fund Size Class | Mid-Cap ($100m to $499m) |
| Target (Base Currency) | $300m |
| Hard Cap | n/d |
| Latest Fund Size | n/d |
| Final Close (Base Currency) | n/a |
| Year Closed | n/a |
| Latest Fund Event | LP Commitment |
| Latest Fund Update | Fund launch |
| Interim Close(s) | n/d |
| Current LPs Profiles | Development finance institution |
| Current LPs Geographies | Europe |
| Current LPs & Amounts | EBRD ($60m) |
| Cornerstone LP | n/d |
| Structure | Bespoke request |
| Fund Type | Private Equity Fund |
| Domicile | Bespoke request |
| Fund Tenure | Bespoke request |
| Deal Size Range | Bespoke request |
| Sectors | Bespoke request |
| Geographical Focus | North Africa |
| Country Focus | Egypt, Morocco, Tunisia |
| Predecessor Fund | Abraaj North Africa Fund II (ANAF II) |
| Predecessor Deals | See predecessor fund |
| Lead Fundraiser | Ahmed Badreldin, Managing Partner (RMBV) |
| Fund Legal Advisers | Bespoke request |
| Other Advisers | Bespoke request |
| Fund Administrator | Bespoke request |
| Placement Agent | Bespoke request |
| Target Fund Returns | Bespoke request |
| Carry | Bespoke request |
| Hurdle | Bespoke request |
| Management Fees | Bespoke request |
| Related News Stories | 2010 to 2023 |
| Deals in Fund | Bespoke request |
| Fund Exits | n/d |
| Fund Contact | Ahmed Badreldin, Managing Partner (RMBV) |
| Notes | The vehicle follows in the footsteps of Abraaj North Africa Fund II (ANAF II), closed at $375 million in 2015. The fund was managed by Riyada under the Abraaj umbrella. |
| Fund status | Open |
| Fund Phase | Fundraising |
Source: Deal Book Africa
