About This Fund
SPE Africa Industrialisation Fund I (SPE AIF I) is a private equity growth fund managed by SPE Capital Partners, a Tunis-headquartered firm established in 2016 as a spinoff from Swicorp. The fund achieved a final close of USD 258 million on January 26, 2021, oversubscribed versus its USD 200 million hard cap. SPE AIF I represents SPE Capital's third fund generation and the successor to the Intaj II vehicle, building on the firm's decade of private equity investing across North Africa from offices in Tunis, Casablanca, Cairo, and Abidjan.
The fund targets SME and mid-market companies primarily in Egypt, Morocco, and Tunisia, with selective investments across the broader African continent. SPE AIF I deploys majority and significant minority equity stakes in companies with strong growth potential across healthcare and pharmaceuticals, education (K-12 and higher), manufacturing and food processing, industrial services, and FMCG distribution. SPE Capital's investment philosophy emphasizes active value creation through operational support, governance strengthening, and regional expansion advisory.
SPE AIF I has been fully invested across a portfolio including Future Pharmaceutical Industries (branded generics, Egypt), Holged Tunisie (private K-12 school operator), Dislog Group (FMCG producer and distributor, Morocco), and Amanys Pharma (formerly Saham Pharma, antibiotics manufacturer, Morocco). The fund attracted a marquee consortium of development finance institution LPs: the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), IFC, Proparco, DEG, British International Investment (BII), the African Development Bank, SIFEM, and AfricaGrow (Allianz Global Investors / KfW).