EBRD commits USD 60 mn to RMBV's third fund: The European Bank for Reconstruction and Development (EBRD) will invest USD 60 mn in RMBV's third North African fund, according to its website. The EBRD will sign off on the investment on 29 November.

About the fund: The USD 300 mn fund will deploy funds in mid-cap companies mostly in Egypt, Morocco, and Tunisia, with the aim of achieving long-term capital growth. The fund has reportedly been in the works since June 2020.

RMBV has a big focus on Egypt: The firm’s portfolio includes Cleopatra Hospitals Group, MaxAB, and Taaleem, according to its website. IDH, CIRA Education, and Spinneys Egypt are among the companies it has exited. The firm is led by Ahmed Badreldin, the former head of Middle East and North Africa of collapsed private equity firm Abraaj.

EBRD + RMBV know each other well: The EBRD invested in the firm’s second fund, committing USD 25 mn back in 2014.

Corrected on 11 May 2023: The EBRD had invested in RMBV's USD 300 mn North Africa fund and not Riyada Managers, as a previous version of this story had stated.

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