Building positive economic impact and long-term value
Who We Are
We partner with visionary entrepreneurs and management teams to build sustainable growth businesses, by identifying themes we believe in, putting our resources against that, and working with great people to achieve our outcomes. We invest with the belief that we can add value to our portfolio companies and help to accelerate their growth by identifying untapped potential, enhancing performance and through buy and build strategies. We are focused on job creation, opening the consumption choices of low to middle income consumers to more inclusive growth and higher quality products and services, and supporting digital transformation across sectors to enhance productivity, market access and the consumer experience. We have a particular track record in Consumer, Education and Healthcare.
We currently manage two private equity funds focused on North Africa, Kantara (2008 vintage) and ANAF II (2015 vintage). Our investors are primarily regional and global institutional investors including a number of Development Finance Institutions, some of which are listed below (based on public disclosure for the relevant fund). The invested capital in our current portfolio companies is $400m (including co-investors).
Our ability to forge strong relationships with entrepreneurs and founders of companies has proved an invaluable resource in terms of broadening our network and deepening our expertise within our markets and sectors. We have worked together as a team since 2011 across multiple funds with a unique track record in our sectors and a strong focus on sustainable investing. We became independent as a fund manager from Abraaj Investment Management Limited in June 2019.
We invest growth equity in our core markets in North Africa including in Egypt, Tunisia, Algeria and Morocco leveraging an expanding consumer base supported by strong macroeconomic growth drivers leading to city driven opportunities across the major economic hubs of North Africa. We invest in the rest of Sub-Saharan Africa through our portfolio companies, by creating operations and manufacturing subsidiaries and by setting up distribution hubs across countries in Sub-Saharan Africa allowing us to leverage the scale of our portfolio companies and management teams to access new expansion markets. Our current portfolio spans North Africa with subsidiaries in Francophone West Africa.
We help build platform companies across our core sectors through buy and build and greenfield market expansion. Most of our platform companies were created by us, are a product of roll-up acquisitions and integration efforts and did not exist prior to our investment. Half of our platform companies were listed on local or international stock exchanges.
Our Development Impact
We deliver sustainable and measurable developmental impact through the provision of growth capital in North Africa. We integrate Environmental, Social and Governance (ESG) factors in every aspect of our investment process and post acquisition value creation plans, applied to international standards regardless of the local regulatory environment. We also request that every portfolio company undertake that its business will be carried out in a manner that is compliant with our ESG standards and a management representation is made to the board of directors twice annually with regular monitoring to ensure compliance. We provide regular ESG reporting to our LPs on an annual basis, and our listed portfolio companies also disclose annual sustainability reporting.
Fund Workout Support
Due to Covid-19, we are likely to see a wave of funds that are out of their carry and fee potential and where the GP's require assistance to effect an action plan for an orderly exit over time and a need to realign GP interests with the LPs. We have experience in restructuring performing funds and in taking over abandoned funds and portfolio positions, implementing our restructuring skills (both at the fund "plumbing" and portfolio company) to stabilize and exit the portfolio on behalf of LPs over time.
Our most recent experience is G43 Anatolian Venture Capital Fund on behalf of EIF, where we supported the EIF in exiting 67% of the fund in an orderly manner at market based valuations within a few months of the team assuming control of the GP structure with the remaining portfolio expected to be exited in due course.
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