RMBV’s North Africa Fund III has closed six deals, with more in the pipeline

North Africa-focused private equity firm RMBV’s North Africa Fund III has closed six agreements and lined up seven or eight more, Managing Partner Ahmed Badreldin tells EnterpriseAM, as the fund pushes toward a 10-12 investment portfolio spanning Egypt, Morocco, Tunisia, and Algeria.

RMBV has deployed approximately USD 300 mn since holding NAF III’s first close in mid-2025 — a figure that includes co-investment capital across six closed transactions to date. The fund’s first close landed at approximately USD 275 mn in committed capital, within the USD 300-400 mn total target capitalization RMBV has previously flagged for the vehicle, Badreldin says, adding that “to date, we have returned more than USD 1.5 bn from 13 realizations in the region.”

More in the pipeline: The closed transactions under NAF III cover Spinneys Egypt, Taaleem, Integrated Diagnostics Holdings (IDH), CHI, Taoufik Hospitals Group (THG), and Africa Feed & Food (AFF), Badreldin confirmed. The fund is targeting a total of 10 to 12 investments, with an additional seven to eight transactions currently in progress at various stages — though “not all transactions we work on close,” Badreldin notes.

IN CONTEXT- NAF III invests across Egypt — which Badreldin says “represents [a] majority of the portfolio” — Morocco, Tunisia, and Algeria, targeting “healthcare services and manufacturing, education, consumer goods and services, and financial services.” The AfDB’s ESMS assessment report (pdf) breaks that geographic split down further, with RMBV’s target allocation set at 50-60% for Egypt, 20-30% for Morocco, and the remainder split between Tunisia and Algeria.

RMBV has said it favors exits through public markets and IPOs. Badreldin puts it plainly: “We are strong believers in exiting through public markets and IPOs and see that as a key contributor to the region’s overall economic growth.” Badreldin declined to comment on the timing of the final close, specific deployment terms, or the fund’s remaining investment pipeline, citing confidentiality obligations to LPs. However, according to the AfDB’s ESMS assessment report, NAF III is targeting final close by 4Q 2026.

Addressing Egypt’s public market capital gap: Egypt maintains one of the lowest stock market capitalization-to-GDP ratios globally at 17%, trailing regional peers like Morocco (72%), Turkey (29%), and Tunisia (22%), according to data shared with us by Badreldin. “Egypt’s private sector has a deep pipeline of attractive transaction volume and strong founder and management teams, but a significant shortage of USD capital formation,” he says. “That is the structural gap NAF III is positioned to address over the next five years.” He adds that the fund aims to “back the right founders and management teams and help them scale, professionalize governance, and eventually access public markets, including via the EGX.”

What’s next? The firm is still awaiting FRA regulatory approval for its pending SPAC application targeting Egyptian consumer, industrial, education, and fintech assets. “We are hopeful that the process will be finalized soon,” Badreldin says.

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)