Investors in Algeria

Created in October 2020, Algerian Startup Fund (ASF), is an investment capital company, our mission is to develop the entrepreneurial and innovation ecosystem in Algeria by offering financing services that meet the needs of startups

The Abraaj Group is a private equity, venture capital, and real estate investment firm specializing in early venture, seed, growth capital, emerging growth, mid venture, late venture, expansion capital, industry consolidation, mezzanine, subdebt, PIPES, buyouts, bridge, recapitalization, infrastructure, and buy and build in mature companies. It seeks to invest in small and medium sized enterprises in emerging markets. The firm typically invests in oil, gas and consumable fuels, metals and mining, agricultural machinery and equipment, agricultural services, auto parts and equipment, leisure facilities, pharmaceuticals, services outsourcing, water utilities, real estate, health care and clean energy, manufacturing, food products, FMCG, construction, healthcare services, industrials, telecommunications, resource and infrastructure services, education, information technologies, aviation, materials and logistics, agribusiness, energy, and food industries. It focuses on consumer goods and services, within which it also focuses on fast moving consumer goods manufacturing, retail, and food & beverage. Within financial services it also focuses on banking, non-bank financial institutions (such as mortgage or consumer finance specialists), insurance companies (life, general and reinsurance), and payments and fintech businesses. Within healthcare it focuses on hospitals & clinics and other type of service providers in the healthcare domain. Within education, it focuses on private K-12 schools and traditional graduate and post-graduate, campus-based universities. We are also investing in clean energy power generation, i.e., renewable power generation assets. We will also selectively invest in base-load gas-fired power generation assets and select midstream and downstream energy infrastructure assets including transmission and distribution assets that complete the value chain. It invests in companies based in Far East, the Middle East including Saudi Arabia, North Africa, Kenya, Ghana, Nigeria, and South Asia with a focus on Egypt, Lebanon, Jordan, Algeria, Pakistan, Turkey, the Palestinian territories and the six Gulf Arab nations that make up the Gulf Cooperation Council. The firm also seeks to invest globally with a focus on Sub Saharan Africa including Ivory Coast region; Latin America including Argentina, Brazil; Central Asia; and Southeast Asia including India and the Philippines. The firm seeks to make equity investments between $0.5 million and $100 million; typically investing $10 million to $100 million in private equity investments as well as in real estate. It prefers to invest between $100 million and $300 million in its portfolio companies. It prefers to invest in companies with revenue between $6 million to $35 million. The firm acquires controlling or significant interest and seeks board representation in its portfolio companies. It typically exits its investments within a period of three years to five years through structured exits to strategic and trade buyers or onto public markets in the region. The firm seeks majority and minority positions in public enterprises ranging between 10% and 49%. The Abraaj Group was founded in 2002 and is headquartered in Dubai, United Arab Emirates with additional offices across Asia, Africa, and Europe.

Swicorp is a private financial services group providing solutions in the spheres of investment banking, private equity and asset management in the Middle East and North Africa (KSA, UAE, Bahrain, Jordan, Tunisia, Morocco, Algeria, Egypt and Turkey).Founded in 1987 by current chairman Kamel Lazaar, Swicorp today has grown to be one of the region’s premier financial services providers, with close to 100 employees worldwide.Licensed by both the Saudi Capital Market Authority and the Dubai Financial Services Authority, our teams leverage our regional and international network, servicing clients and investors who are seeking lucrative opportunities.Our local expertise, combined with our world-class financial solutions, has allowed us to gain a robust client base amongst leading financial institutions and regional corporations. Furthermore, it established trust with our clients to enable us to raise in excess of $1 Billion in private equity funds. Through our extensive principal investment network, we are also able to activate significant proprietary investments for MENA and international opportunities across various asset classes.

Fajr Capital Limited is a private equity and venture capital firm specializing in early venture, mezzanine, growth capital, buyout, infrastructure investments. It makes its investments with a commitment to Shariah principles. The firm invests in companies operating across diversified sectors with a focus on financial services, infrastructure, healthcare, energy and resources, education, food and beverage sector, logistics, oil and gas services, industrial manufacturing, and renewable energy. The firm also makes investments in waste water treatment, hospitals and healthcare centers, schools, marine ports and services, road and rail, marine, water, sewer and pipeline construction, petrochemicals, oil and gas storage and transportation sectors. The firm primarily makes its investments in high-growth Organisation of Islamic Cooperation (OIC) markets focusing on Algeria, Brunei Darussalam, Indonesia, Malaysia, Saudi Arabia, Turkey, the United Arab Emirates, Oman, Egypt, Bahrain, Iraq, Jordan, Kuwait, Qatar, Libya, Morocco, and Tunisia. The firm invests between $50 million and $100 million in its portfolio companies. Fajr Capital Limited is based in Dubai, United Arab Emirates with additional offices in Kuala Lumpur, Malaysia and London, United Kingdom.

Sofinance spa is a private equity and venture capital firm, which also provides additional services including leasing, short and long term loans, and business advisory. For its equity investment activities, the firm makes investment in seed/startup, early venture, mid venture, late venture, emerging growth stages, growth capital and recapitalization. The firm invests in any activity of production of goods and services excluding trade and agriculture. It focuses its investments in manufacturing activities (wood, textile), mining (stone, marble, salt), sub-contracting in the mechanical industry, electronics, telecoms, real estate, water production and distribution for consumers and agriculture, and waste management. It prefers to invest in Algeria. It prefers to invest between DZD2 million ($0.02 million) and DZD100 million ($0.77 million). The firm only takes minority stake up to 49%. The firm invests through its balance sheet and the funds it manages on behalf of the Algerian state. It seeks to exit its investments within five and seven year, on the basis of the sale of these shares to shareholders or on the financial market according to the shareholders' agreement. Sofinance spa was founded in 2001 and is based in Algiers, Algeria.

SMALT Capital SA, formerly known as ACG Management SAS until June 2020, is a private equity and venture capital firm specializing in capital-succession deals, seed, startup, mezzanine, early venture, mid venture, late venture, emerging growth, middle market and mature stage investments. It also specializes in growth capital, recapitalization and buyout transactions. It typically invests in unlisted mid-cap and small and medium sized companies. The firm invests through LBO, LBI, OBO, MBO and MBI. The firm seeks to make investments in industrials, capital goods, manufacturing, materials and new materials, automotive parts and equipment, consumer durables and apparel, commercial services and supplies, consumer goods, retail goods, tourism, entertainment and sports activities, Silver Economy, leisure and digital sectors, food products and food processing, air freight and logistics, mechanical industries, metallurgic, communications equipment, plastic products, construction materials, telecommunication services, energy, electronics, microelectronics and peripheral, software, multimedia, environment, services, distribution, information and communication technologies and security, cloud computing, public works, and real estate development sectors. It also invests in development of products, processes or services (renewable energies, organic-resources, sets of subjects related to the energy sector, gas measurement to optimize industrial processes, bio-based products, wind or solar infrastructure, recycle of waste, solar electricity production, anti-industrial pollution, green economy and carbon print, energy and industrial safety themes in the sectors of the environment, industrial ecology, environment green or friendly chemical). It also invests in healthcare, medical technology, pharmaceuticals, biotechnology, life sciences and in well-being such as care centers, leisure centers and medical technologies, medical analysis, services to persons, hotels, gastronomic sectors and the luxury sector, such as cosmetics, leather goods and accessories among others, and the digital sector and digital economy mainly in cyber security, Big Data, e-commerce, and smart objects. The firm also seek to invest in wineries and in the wine industry including production and distribution, vineyards and also traders and actors of the distribution such as retail trading, brokers and wine wholesalers and in related industries of the wine sectors such as in agri-viticultural machine tools, equipment’s, tanks, presses and supply of consumables including glass, corks, barrels, fertilizers and bottling. It considers investments in Italy, Spain, Algeria, Egypt, Morocco, Tunisia, Jordan, Turkey, Réunion, French Polynesia, New Caledonia, Martinique, French Guiana, Guyana, Guadeloupe, Martinique, Mayotte, Saint Martin, Saint Barthélemy, Saint Pierre, Miquelon, Wallis, Futuna, Clipperton, French Southern and Antarctic Lands and France. Within France, it focuses on the former French regions of Provence-Alpes-Côte-d'Azur, Rhône-Alpes, Burgundy, Franche-Comté, Ile-de-France, Corsica, Marseille, Auvergne and Languedoc-Roussillon. It also invests in the following former French regions and it’s following former French departments: Aquitaine (Gironde, Dordogne, Lot-et-Garonne, Landes and Pyrénées-Atlantiques), Poitou-Charentes (Deux-Sèvres, Vienne, Charente-Maritime and Charente), Midi-Pyrénées (Lot, Tarn-et-Garonne, Tarn, Aveyron, Gers, Haute-Garonne, Hautes-Pyrénées and Ariège), Limousin (Creuse, Haute-Vienne and Corrèze) and Pays de la Loire (Vendée). The firm prefers to invest between €0.05 million ($0.06 million) and €8 million ($10.19 million) per transaction in companies with an enterprise value between €3 million ($3.51 million) and €30 million ($42.70 million) and sales values between €1.5 million ($1.9 million) and €50 million ($65.38 million). It prefers to take a seat in the Board of Directors of its portfolio companies and seeks minority stakes of up to 35% and also majority stakes in the businesses it acquires. It typically exits its investments after five years. It also co-invests. SMALT Capital SA was founded in 2000 and is based in Marseille, France with additional offices in Marseille, France, Ajaccio, France, Nouméa, New Caledonia, Paris, France, Saint Denis, Reunion and Tunis, Tunisia.

Impact Fund Denmark is a private equity and venture capital firm specializing in financing in the form of equity, mezzanine, loans, debt and guarantees. It makes socially conscious investments. It makes directly & indirectly investments. Under directly investing, it invests in early stage & growth capital investments. Under indirectly investments, it invests in venture capital funds. It specializes in establishing new companies, setting up joint ventures between Danish companies and local business partners and in acquiring existing companies. It provides financing to private-sector projects in the developing countries. The firm can only invest in countries whose 2008 GNI capita income is below $0.03 million with an exemption granted to South Africa, Botswana, and Namibia. Also, the host countries of investments must be on the OECD’s DAC list of development aid recipients. It invests where private sector financing is unavailable or insufficient. It invests in sustainable growth and high-impact solutions in developing markets/countries. It does not invest in Forced labor or child labor, Ozone depleting substances, PCB's (Polychlorinated Biphenyls) and other specific, hazardous pharmaceuticals, pesticides/herbicides or chemicals, wildlife or products regulated under the Convention on International Trade in Endangered Species or Wild Fauna and Flora (CITES), Unsustainable fishing methods, Cross-border trade in waste and waste products, unless compliant with the Basel Convention and the underlying regulations, Destruction of High Conservation Value areas, Radioactive materials and unbounded asbestos fibres, Pornography and/or prostitution, Racist and/or anti-democratic media, Alcoholic Beverages (except beer and wine), Tobacco, Weapons and munitions, Gambling, casinos and equivalent enterprises, Standalone fossil fuelled power plants, Drilling, exploration, extraction, refining and sale of crude oil, natural gas and thermal coal, Storage, supporting infrastructure (pipelines etc.), transportation and logistics, and services primarily related to fossil fuels, Any business using captive coal for power and/or heat generation, Electricity generation from peat and activities leading to deforestation, Investments and/or other projects that aim to produce or make use of agricultural or forestry products, Biomaterials and biofuel production, Export-oriented agribusiness mod, Meat and dairy industries. It prefers investing in commercial services and supplies, biofuels, electric power by solar and wind energy and irrigation systems sector. The firm seeks to invest in climate and Agribusiness. It focuses its investments in Green energy & infrastructure with focus on Clean, affordable renewable energy, Waste recycling and management, Energy efficiency, Water access and management; Financial Services with focus on Microfinance, MSME financing, Development banks and Insurance; Sustainable food systems with focus on Climate farming, Storage and distribution, Processing, Forest and land; Healthcare with focus on Hospitals and clinics, Pharmacy chains, Diagnostic services, Pharmaceuticals & medical equipment. The firm prefers to invest in companies based in Africa focusing on North Africa, Sub-Saharan Africa, South America, Central America, Middle East and Algeria, Angola, Benin, Botswana, Jordan, Denmark, Senegal, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo (Brazzaville), Democratic Republic of Congo, Côte d'Ivoire, Djibouti, Egypt, Arab Rep., Eritrea, Ethiopia, The Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Lesotho, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Morocco, Mozambique, Namibia, Niger, Nigeria, Rwanda, Senegal, São Tomé and Principe, Sierra Leone, Somalia, South Africa, Sudan, South Sudan, Swaziland, Tanzania, Togo, Tunisia, Uganda, Zambia, Zimbabwe; Asia focusing on Afghanistan, Bangladesh, Bhutan, Cambodia, China, Fiji, India, Indonesia, Iran, Iraq, Brazil, Malaysia, Turkey, Mexico, Kiribati, Laos, South Korea, North Korea, Kyrgyzstan, Maldives, Federal States of Micronesia, Mongolia, Myanmar, Nepal, Marshall Islands, Pakistan, Papua New Guinea, Philippines, Western Samoa, Solomon Islands, Sri Lanka, Syria, Tajikistan, Thailand, East Timor, Tonga, Turkmenistan, Tuvalu, Uzbekistan, Vanuatu, Vietnam, West Bank and Gaza, Yemen; Europe focusing on Albania, Russia, Armenia, Azerbaijan, Caucasus, Belarus, Balkans, Bosnia & Herzegovina, Bulgaria, Croatia, Montenegro, Romania, Slovenia, Georgia, Kosovo, Macedonia, Moldova, Serbia, Ukraine; and Latin America with a focus on Belize, Bolivia, Colombia, Cuba, Dominican Republic, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras Nicaragua, Paraguay, Peru, Saint Lucia, Saint Vincent and The Grenadines, Suriname, Ecuador, and Jamaica and North Asia, United States of America, Latin America and parts of Europe. It seeks to invest between from DKK15 million ($2.32 million) and DKK500 million ($77.52 million). The firm can invest up to DKK350 million ($51.34 million) per company. The firm seeks to co-invest with Danish businesses in projects based in developing countries. It prefers to take minority stake between 10% to 30% and up to 49 per cent in small projects. It prefers to take a board membership. The firm prefers to exit its investments within five to seven years when the loan has been repaid or the shares have been sold. The firm also offers special assistance to small and medium-sized enterprises which employs less than 300 employees, with an annual revenue of up to DKK 300 million ($53.16 million) and has a positive result in two out of three latest financial years. It also provides advisory services to business investments in developing countries. The firm makes two thirds of its investments in partnership and can also provide additional financing. Impact Fund Denmark was founded in 1967 and is based in Copenhagen, Denmark with additional offices across Asia, Europe, South America, and Africa.

Atena invests in Portuguese leaders with sustainable barriers to entry. We pursue transitional situations such as successions, carve-outs and restructurings, for which our flexible investment mandate and deep in-house operational resources are critical. Post-closing, our team works alongside the portfolio management teams supporting the development of ambitious international expansion, operational improvement and buy-and-build plans. Atena is currently present in three sectors: Industrials, Education and Healthcare. Together they represent around 250M€ in sales, with over two thirds abroad, and more than 2000 people. We export to more than 40 countries, with local presence in Portugal, Spain, Poland, Brazil, Algeria, Mozambique and Cameroon.

Capital Trust Limited is the private equity and venture capital arm of The Capital Trust Group specializing in recapitalizations, restructuring, IPOs, privatizations, corporate joint ventures, expansion financing, acquisitions of complementary businesses or product lines, mid venture, growth, acquisitions, financings, refinancing, mezzanine and equity investments in small to middle market companies. The firm also seeks to invest in in mezzanine investments in leveraged buyouts. In case of its corporate finance investments, the firm also invests in debt and equity offerings in public and private companies. The firm also invest in private equity and venture capital fund of fund investments. The firm does not invest in sponsor less mezzanine, turnaround situations or start-ups. The firm seeks to invest in corporate finance and real estate. The firm seeks to invest up to 25 percent of its aggregate capital in the combined high-tech sector, with a focus on support services. The firm typically invests in banking and insurance; oil services; maintenance and services; pharmaceutical, healthcare services, chemicals, and cosmetics; production of food and beverages; and retail and consumer products. In the corporate finance segment, the firm seeks to invest in manufacturing, distribution, services, and specialty retail segments. The firm also invests in real estate assets with a focus on commercial property, but may also consider investments in residential real estate on an opportunistic basis. The firm primarily invests in companies that have their principal place of business or substantial business interests in Europe including United Kingdom, Western Europe, France, Germany, the Netherlands, Italy, Spain, and the Nordic countries. It prefers to invest in the Mediterranean countries in Middle East and North Africa including Algeria, Palestinian Territories, Syria, Malta, Greece, Tunisia, Morocco, Egypt, Turkey, Lebanon, Jordan, and Israel. In case of its corporate finance investments, the firm prefers to invest in United States, the Middle East, and North Africa. The firm acts as the lead investor in transactions, as well as a co-investor with other financial institutions. The firm seeks to participate seeks to invest in mezzanine transactions through third party syndications. It seeks to acquire controlling stakes or involvement at the Board or operating level in its portfolio companies and typically holds its investment for a period of three to five years. The firm’s typical investment horizon for real estate investments is three to five years and an exit strategy is always sought prior to the acquisition. Capital Trust Ltd was founded in 1985 and is based in London, United Kingdom with an additional offices in London, United Kingdom; Beirut, Lebanon; New York, New York and Vienna, Virginia.

Egypt Kuwait Holding Company (S.A.E.) is a private equity firm specializing in acquisitions. It seeks to invest in companies in oil, gas and power, fertilizers, Information Technology, utilities, infrastructure, transport, energy, petrochemicals, manufacturing, and insurance sectors. The firm seeks to invest in Africa and Middle East including; Libya, Egypt, Kuwait, United Arab Emirates, Qatar, Oman, and also in the high-growth emerging markets like Algeria and Sudan. The firm seeks to invest in greenfield projects. It also seeks to acquire controlling stakes and takes management control in its investments. Egypt Kuwait Holding Company (S.A.E.) was founded in 1997 and is based in Giza, Egypt

North Africa Holding Company is a principal investment firm specializing in growth stage investments. The firm invests in private equity ventures, pre-IPO stages, post-IPO stages, listed securities, leveraged buyouts, greenfield, early stage, privatizations, and late stage. It seeks to invest in banking services, energy, financial services, insurance, logistics, healthcare, multimedia, telecommunications, media, industry, pharmaceutical, oil gas, mining, and real estate sectors. The firm primarily invests in North Africa with a focus on Tunisia, Morocco, Algeria, Egypt, and Libya. It invests up to $15 million in its portfolio companies and co-invests for larger investments. The firm exits its investments through a strategic management buyout or an IPO. It acquires controlling stakes or minority stakes with significant shareholding in its portfolio companies and seeks to take a board seat. The firm invests for a period of two to three years and holds the investments for five to seven years and up to ten years in special cases. North Africa Holding Company was founded in September 2006 and is based in Dasman, Kuwait. North Africa Holding Company operates as a subsidiary of Kuwait Projects Company Holding K.S.C.P.

Bpifrance Investissement SAS is a private equity and venture capital firm specializing in fund of funds and direct investments. For direct investments, the firm specializes in seed, series A, series B, startup, growth capital, emerging growth, early to late venture, middle market to mature stage, industry consolidation and buyout transactions in small and medium-sized companies and mid-caps. For fund of fund investments it seeks to invest in private equity funds, venture capital funds, growth capital funds, mezzanine funds, and turnaround funds, national funds, regional funds of France or in international funds with a link with France. It considers investments in the following countries: France, Germany, Switzerland, Turkey, Morocco, Australia, Japan, South Korea, New Zealand, Mexico, Canada, and the United States of America. For fund of fund investments, the firm can invest in North America, Europe including France and Italy, in North Africa including Algeria, Egypt, Morocco and Tunisia, and in Asia-pacific. It can consider investments in all sectors, some funds prefer to invest in fintech, life sciences, technology (information and communication), industrials, services, energy including nuclear and renewable energy, energetic transition, healthcare, biotechnology, robotics, big data, cloud computing, green chemistry, clothing (accessories, leather goods, shoes, home textiles), tourism, Cinema and audiovisual, video games, music and live, publishing, fashion and luxury, beauty, art and design, gastronomy and leisure sectors including Hotels and all forms of accommodation management (traditional hotels, thalassotherapy or hydrotherapy, campsites, hotel residences, reception structures, tourist residences, etc.); Catering (restaurant chains, take-out, collective catering, fast food, etc.) Leisure and free time activities (sports or leisure facilities, leisure parks, winter sports resorts, performance halls, media in the leisure part); Travel agencies/tourist transport (tour operators, excursionists, river, air transport, car rental), software, media, perfumes, cosmetics, watch making, jewellery, food and financials including private equity and real estate sectors. Generally, for direct investments, the firm can invest between $0.064 million and $240 million in firms reporting revenues between $0.56 million and $1690 million with a maximum enterprise value of $100.31 and minimum EBITDA of $4.43 million. For fund of fund investments, the firm typically invests between $1.11 million and $67.16 million. Within growth capital it seeks to invest greater than €1.5 million ($2.21 million). The firm typically invests between €0.4 million ($0.72 million) and €10 million ($13.21 million) in growth capital and leveraged buyout transactions, in companies headquartered in France with revenues starting at €5 million ($6.61 million). Its venture capital investments range between €1.5 million ($2.11 million) and €10 million ($13.21 million), which it invests in small and medium-sized companies. For fund investments, the firm invests between €3 million ($3.83 million) and €60 million ($76.66 million). It usually takes a minority stake in the companies and the funds in which it invests. Bpifrance Investissement SAS was founded in 1988 and is based in Paris, France, with additional offices located all across France. It operates as a subsidiary of Bpifrance Participations SA., The Large Cap team invests and monitors investments in companies with a strong French presence, whether listed or unlisted ISEs or large caps, with the aim of strengthening them, helping them grow, stabilising their capital or increasing their foothold in France. The large cap team makes equity or quasi-equity investments for amounts of $15 million or more, mainly through the 2020 long-term ISE fund (99 years). The large cap team makes equity or quasi-equity investments for amounts of $15 million or more, mainly through the 2020 long-term ISE fund (99 years).

Belgian Investment Company for Developing Countries SA/NV-BIO is a private equity and venture capital firm specializing in direct and fund of funds investments. It focuses on debt, expansion, growth capital, middle market, emerging growth, mezzanine, start-up, early stage, private sector projects; private enterprises with a focus on small and medium enterprises and large companies with local base, financial sector with a focus on financial institutions or intermediary organizations who aim to finance small and medium sized enterprises including commercial banks, microfinance institutions, non-bank financial institutions, factoring, leasing, investment companies, microfinance investment funds, and private equity funds and infrastructure projects with a focus on private projects or public-private partnerships aiming at servicing local populations and businesses and new projects or rehabilitation of existing equipment, subsidies and grants to co-finance for feasibility studies and technical assistance programmes for training, technology transfer; and guarantees. It does not invest in production, trade, or activities involving harmful or exploitative forms of forced labor or harmful child labor, any product or activity deemed illegal under host country laws or regulations or international conventions and agreements, weapons and munitions, alcoholic beverages excluding beer and wine, tobacco, gambling, casinos and equivalent enterprises, wildlife or wildlife products regulated under CITES, radioactive materials, unbonded asbestos fibers, commercial logging operations or the purchase of logging equipment for use in primary tropical moist forest, products containing PCBs, pharmaceuticals subject to international phase outs or bans, pesticides and herbicides subject to international phase outs or bans, ozone depleting substances subject to international phase out, and drift net fishing in the marine environment using nets in excess of 2.5 km in length. The firm seeks to invest in all sectors with a focus on agriculture and agro-industry, information technology and telecommunications, productive sectors for private enterprises; renewable energy, water access, irrigation and agriculture, telecommunications, and transport infrastructure for infrastructure projects. It also invests in manufacturing and ICT. The firm primarily seeks to invest in countries that fall under the following categories: least developed countries, low income countries, and middle income countries. For private enterprises and financial sector, it seeks to invest in Africa, Central and Latin America, and Asia/South-East Asia with particular emphasis on Africa for infrastructure projects. Within Africa it invests in Algeria, Angola, Benin, Burkina Faso, Burundi, Cameroon, Democratic Republic of Congo, Ethiopia, Ghana, Guinea, Ivory Coast, Kenya, Madagascar, Malawi, Mali, Morocco, Mozambique, Niger, Nigeria, Rwanda, Senegal, South Africa, Tanzania, Togo, Tunisia, Uganda, Zambia and Zimbabwe; for Asia it invests in Bangladesh, Cambodia, India, Indonesia, Laos, Mongolia, Myanmar, Nepal, Philippines, Sri Lanka and Vietnam; for Latin America it invests in Bolivia, Brazil, Colombia, Dominican Republic, Ecuador, El Salvador, Guatemala, Haiti, Honduras, Nicaragua, Paraguay and Peru; it also invests in Palestine. The firm seeks to invest in small and medium sized enterprises and larger corporations and for investment companies and funds with a maximum amount of respectively €1 million ($1.10 million) and €15 million ($16.50 million) per project and minimum amount of €3 million ($4.14 million) to €15 million ($16.50 million) for infrastructure projects and less than €1 million ($1.38 million) in the financial sector. It also provides subsidiaries and grants up to a maximum of 50% of their total cost with maximum €0.1 million ($0.14 million) and usually makes early stage investments of €5 million ($6.88 million). The firm seeks a minority and majority stake in its portfolio companies and usually does not hold more than 35%. It seeks a seat on the board of its portfolio companies and may co-invest in infrastructure projects. The firm seeks to invest in equity, quasi-equity including mezzanine, subordinated loans, convertible loans and medium and long-term loans. Loan maturity for private enterprises and financial sector may vary between 3 to 10 years, with a maximum grace period of 3 years and up to 15 years, with a maximum grace period of 3 years for infrastructure projects. Belgian Investment Company for Developing Countries SA/NV-BIO was founded in 2001 and is based in Brussels, Belgium with additional offices in Nairobi, Kenya and Abidjan, Ivory Coast.