Four LPs back GP 1st close

Four LPs have backed the first close of Mediterrania Capital Partners’ fourth North Africa-focused generalist vehicle. The four are part of an undisclosed number of LPs in the close.

The LPs are backing Mediterrania Capital IV, which is targeting approximately $358 million (€350 million) at final close.

The size of the first close has not been disclosed.

Netherland’s FMO, the US’s International Finance Corporation (IFC) and Germany’s DEG are all in the first close – with IFC and FMO each committing €25 million to the fund

DEG has commited €10 million to the fund.

All the three are return LPs, FMO and IFC are backing the GP for the third time, while DEG backing Mediterrania for the second time.

Also in the first close is German insurer Allianz Group – investing from the AfricaGrow fund, an Africa-focused fund-of-funds (FoF) which is targeting up to approximately $242 million (€200 million) at final close.

The four LPs are part of an undisclosed number of LPs that have backed the first close.

Mediterrania Capital IV is about 40% larger than its predecessor fund, Mediterrania Capital III (MC III) which was set to target €250million at final close. MC III closed at €286 million in 2020, beating its target by approximately 14%.

Albert Alsina is founder and chief executive officer at Mediterrania Capital Partners.

Mediterrania Capital IV will primarily look to back small and medium sized companies across North Africa, with 25% of the capital allocated to West and Central Africa.

The fund will invest in companies operating in healthcare, consumer goods and financial services sectors.

Deals from the fund include backing an investment into Laprophan, Morocco-based pharmaceutical products production company, sealed in 2023.  The GP co-invested alongside FMO, Proparco and DEG.

Deal Card

Source: Deal Book Africa