Abraaj North Africa Fund II is already about 70 percent invested, sister publication Private Equity International has learned.
The fund closed on $375 million in July 2015, exceeding its $250 million target, following a first close a year earlier.
“2015 was an active year for the firm across our markets,” Abraaj partner and head of Middle East and North Africa Ahmed Badreldin told PEI. “We saw a high level of activity in the MENA region, on both the investments and exit side, in sectors such as healthcare, education, financial ?services, and consumer facing businesses”.
In November, the firm acquired Moroccan oncology clinics Centre de Traitement Al Kindy and Clinique Spécialisée Menara, its eighth healthcare investment in North Africa. This followed the fund’s debut investment in March in North Africa Hospital Holdings Group, which serves as its healthcare platform investing in Egypt and Tunisia.
The investment in Egyptian education group Tiba Group in September was the seventh from the fund. It was followed in November by the acquisition of a significant minority stake in Algerian hygienic product manufacturer Cellulose Processing, which among its products makes nappies and sanitary towels.
In January it acquired a stake in Tunisia’s Société d’Articles Hygiéniques, which produces disposable household and personal care products for babies, women and adults.
ANAF II is focused on three sectors – healthcare, fast moving consumer goods and education – with a fourth specialism expected to be related to food or retail.