SPE Capital Partners has raised $258 million in its first private equity fund focused on Africa after spinning out from Saudi Arabian financial services group Swicorp five years ago.
The PE firm’s SPE Africa Industrialisation Fund I (SPE AIF I) was oversubscribed more than 25% against its initial hard cap of $200 million. The fund was launched in 2019 to invest in companies across Africa, with a particular focus on North Africa. The fund’s strategy includes making control deals in sectors such as industrial goods, services, healthcare and education.
It had marked a first closing at $80 million. The first closing is a milestone after which a PE fund starts deploying the capital.
The fund has already invested in four companies: Egyptian branded generics maker Future Pharmaceutical Industries, Tunisian K-12 school operator Holged Tunisie, Moroccan FMCG firm Dislog Group, and Moroccan antibiotics and injectables firm Amanys Pharma (formerly Saham Pharma).
Previously, the fund had attracted limited partners–or investors–like the European Investment Bank (EIB), which committed $15 million.
Its other LPs include the African Development Bank (AfDB), Sango Capital, BPI France, CDC Group Plc, German Investment Corporation, the European Bank for Reconstruction and Development, the European Investment Bank, Swiss investment adviser OBVIAM and SIFEM, and French development finance institution Proparco.
Other backers of the fund are US International Development Finance Corporation (DFC), International Finance Corporation and the Islamic Development Bank.
At the time of the spinoff Swicorp had committed to remain a major sponsor of the PE firm, which is led by its managing partner Nabil Triki.