About This Fund
SPE Capital Private Equity Fund III (SPE PEF III) is a growth equity fund managed by SPE Capital Partners, the Tunis-based private equity firm founded in 2016. The fund launched fundraising in 2023, achieved its first close of approximately USD 140 million on June 25, 2024, and is targeting a final close of USD 350 million with a hard cap of USD 400 million. SPE PEF III is the direct successor to the oversubscribed SPE Africa Industrialisation Fund I (USD 258 million final close, 2021) and continues SPE Capital's strategy of backing mid-market SMEs across North Africa and selective Sub-Saharan Africa.
The fund targets equity and growth capital investments in 8–12 mid-market companies primarily in Egypt, Morocco, and Tunisia (approximately 75% of capital), with up to 25% allocated opportunistically to Sub-Saharan Africa. SPE PEF III focuses on four sectors: manufacturing, production and processing (FMCG, food, packaging); business and industry services (logistics, BPO, B2B distribution); healthcare and pharma; and education. The ten-year vehicle applies an integrated ESG and gender lens, committing a minimum 25% of invested capital to companies that are women-owned or women-led.
SPE Capital's track record from previous funds anchored a marquee first-close DFI consortium for SPE PEF III. Confirmed LP commitments include the EBRD (USD 40 million), IFC (USD 30 million equity plus USD 20 million co-investment envelope), FMO (USD 20 million), EIB (EUR 8.7 million), SIFEM (USD 15 million), and the African Development Bank (USD 15 million). SPE Capital operates from offices in Tunis, Casablanca, Cairo, and Abidjan, providing on-the-ground investment and portfolio management capabilities.