The European Bank for Reconstruction and Development (EBRD) has announced a commitment of up to US $80 million as a founding investor in North Africa Fund III (NAF III), a private equity fund managed by RMBV. This marks RMBV’s first independently managed fund since its transition to independence in 2019.
RMBV said in a statement:
This $80 million commitment to our new fund NAF III is a strong vote of confidence in our strategy – one focused on empowering mid-market companies across Egypt and North Africa to scale sustainably and contribute to inclusive economic growth by expanding access to quality goods, services, and employment. With this support, we aim to further our mission of backing resilient businesses that address essential needs in our focus sectors: healthcare, education, consumer goods, and financial services – with a particular emphasis on job creation, gender inclusion, and climate-conscious operations.
NAF III aims to raise US $300 million to invest in mid-cap companies across Egypt, Morocco, and Tunisia. The fund’s investment strategy focuses on four high-growth sectors:
- Healthcare
- Education
- Financial Services
- Consumer Goods
RMBV targets businesses that provide essential goods and services, aligning with the region’s expanding consumer base and long-term economic trends.
In addition to its financial commitment, the EBRD will provide technical assistance to RMBV, including support in developing and implementing a gender action plan. This initiative underscores the fund’s commitment to inclusive growth and gender equality in private equity investments.
Anne Fossemalle, Director for Private Equity Funds at the EBRD, highlighted the significance of this investment:
Anchoring NAF III strengthens the private equity ecosystem in North Africa and helps attract both public and private capital to the region.
Ahmed Badreldin, Managing Partner at RMBV, expressed his appreciation for the EBRD’s support, emphasizing their shared vision: to build resilient, well-governed businesses that not only drive regional economic development but also deliver strong, sustainable returns for investors.
Industry reports indicate that RMBV has already achieved a first close of approximately US $186 million, with the firm targeting the full US $300 million by the end of next year.
The EBRD’s participation represents a strategic boost for private sector investment in North Africa, where mid-sized companies play a critical role in job creation, economic resilience, and regional development. RMBV, led by former members of the Abraaj Group, has a proven track record of impactful investments in companies such as MaxAB, Taaleem, and Cepro.
By integrating a gender action plan, NAF III aligns with broader development objectives, promoting both economic growth and social inclusion.
