Amethis MENA Fund III to get $28 million equity commitment from IFC

Amethis, an impact-oriented private equity firm, has taken a major step toward launching its third Middle East and North Africa-focused private equity vehicle, as the International Finance Corporation (IFC) considers an equity investment of up to €25 million ($28.4 million) in Amethis MENA Fund III, ahead of a projected board decision on August 26, 2026. 

The move signals growing institutional confidence in the region’s small-cap investment landscape despite a challenging fundraising environment.

Fund strategy and regional focus
Amethis MENA Fund III is targeting a total raise of €200 million ($227.4 million), positioning itself as a small-cap, generalist private equity fund with a strong geographic focus on Morocco and Egypt. The fund also retains flexibility to deploy capital in Tunisia and Jordan, broadening its reach across North Africa and the broader MENA corridor.

The fund plans to invest in both minority and majority stakes across a diverse set of sectors, including business services, healthcare, manufacturing and distribution, infrastructure-related services, energy, and technology. In addition to the core fund, a €15 million co-investment envelope has been structured to support larger or strategic deals alongside the main portfolio.

Building on prior success
The new vehicle follows Amethis MENA Fund II, a 2021 vintage fund that secured €120 million ($136.45 million) in commitments. With Fund III, Amethis aims to deepen its footprint in high-growth but undercapitalized segments of the regional economy, particularly among small and mid-sized enterprises.

The fund will be managed by Amethis MENA III General Partner S.à r.l., headquartered in Luxembourg and co-led by private equity veterans Luc Rigouzzo and Laurent Demey. The firm operates across key financial hubs including Casablanca, Cairo, Abidjan, Nairobi, Cape Town, Paris, and Luxembourg, enabling on-the-ground execution across African and MENA markets.

IFC’s role and strategic importance
IFC’s proposed €25 million ($28.4 million) investment, capped at 20% of total committed capital, is expected to play a catalytic role in the fund’s first close. In addition to capital, IFC’s participation is likely to attract other institutional investors, helping the fund reach its €200 million ($227.4 million) target.

Beyond financing, IFC will also support the fund in strengthening its environmental and social governance framework in line with international performance standards, reinforcing investor confidence and long-term sustainability.

What’s next for Amethis MENA Fund III?
Once approved, the fund is expected to accelerate private equity deployment across the MENA region, improving access to capital for small-cap businesses, including female-led enterprises. It also aims to enhance value creation, strengthen market competitiveness, and build a consistent track record of exits.

If successful, Amethis MENA Fund III could play a pivotal role in deepening the region’s private equity ecosystem, unlocking growth opportunities and reinforcing investor appetite for frontier and emerging markets across North Africa and beyond.