The private equity business of Société Générale has held an initial close of its North Africa fund on €100 million. Abdellatif Imani and Andrew Brown will be in charge of the fund, which has a target size of €200 million.
The fund, SGAM AI Kantara, will target expansion capital and buyout opportunities in Morocco, Algeria, Tunisia and Egypt. It will also make some investments in Jordan and Lebanon. It aims to invest between €10 million and €15 million in each deal.
Investors in the fund include the European Investment Bank and Société Générale.
The launch of SGAM AI Kantara is the latest step in the firm’s emerging markets investment strategy. SGAM held a first close of its Central and Eastern Europe Fund on €80 million in February 2006.
Launched in 1999, SGAM Alternative Investments is the private equity business of French financial services firm Société Générale Asset Management. It manages €1.6 billion through venture capital, expansion capital, buyout funds, and funds-of-funds.