Investors in Tunisia

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.

BH Equity (fka SIM SICAR) is a venture capital and private equity arm of BH Bank Société anonyme specializing in seed, early to late venture, emerging growth, recapitalization, later stage, growth capital, leveraged buyout and turnaround. It seeks to invest in all business sectors except private household real estate, with a focus on companies operating in the technology sector or using innovative methods, operating in the recycling sector or environment protection, and also in agriculture, industrials, tourism, and services. The firm particularly invests in companies based in developing regions of Tunisia, all other areas of Tunisia and Tunisian firms based abroad. It considers investments between TND0.1 million ($0.062 million) and TND2 million ($1.25 million). The firm prefers to invest for a period of five to seven years in its portfolio companies. It takes up to 30 percent stake in its investee companies. It prefers exiting through retrocession (selling shares back to the portfolio owners), strategic acquisition or secondary sale. The firm invests through its balance sheet. BH Equity was founded in 1997 and is based in Tunis, Tunisia.

Diva SICAR is the venture capital and private equity arm of Tunisie Telecom S.A. The firm specializes in seed, startup, early stages, mid venture, late venture, emerging growth, mature, buyouts, turnarounds and growth capital investments. It invests through preferred shares, common shares, convertible bonds and securities. It invests in small and medium size companies. The firm seeks to invest in information technology, telecommunication, mobile and telephone, B2B and e-commerce software, publishing, accounting services, electronic equipment, and distribution sectors. It prefers to invest in companies based in Tunisia with a particular focus on Tunis that seeks to expand to the Maghreb market. It typically takes a minority stake of 10% to 49% and it seeks to take a seat in the Board of Directors of its portfolio companies. It typically exists its investments after five to seven years through an MBO, IBO or an IPO. Diva SICAR was founded in 2009 and it is based in Tunis, Tunisia.

Founded in Tunis in 2021 by a team of entrepreneurs, investors and company builders, 216 Capital is a venture capital firm focusing on early-stage technology companies. At 216 Capital, we invest across sectors in determined and creative founders building transformational businesses. Whether it’s Pre-seed or Seed, our mission is to help founders build the best product across different industries and sectors.

AfricInvest was founded in 1994 and is part of Integra Group, an investment and financial services company based in Tunisia. Uniquely positioned as one of the most experienced private equity investors on the continent, AfricInvest has dedicated investment teams focused on North Africa and Sub-Saharan Africa, and employs 65 professionals based in 9 offices. AfricInvest manages USD1 billion across 14 funds and benefits from strong, long-term support from both local and international investors, including leading development finance institutions in the United States and Europe.

SPE Capital is a boutique private equity firm formed in 2016 from a spinout from Swicorp, a leading regional investment banking firmThe SPE Capital team has invested over USD 500m since 2005, across Africa and the Middle EastSPE Capital is led by an experienced investment team, with a combined experience of more than 50 years investing in growth companies.

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.

Capsa Capital Partners is an Asset Management firm that manages private equity funds on behalf a selected group of institutional investors authorized by the Tunisian Financial Authority. Since its inception by a team of investment bankers, Capsa Capital Partners is dedicated to investing in private companies and asset management on behalf of third parties. Our mission is to provide funding and the necessary strategic resources to business managers in order to assist them in the implementation of their development projects, without interfering in the daily management. Our team provides financial and strategic support to companies with strong growth potential.

STB SICAR, SA is a venture capital and private equity arm of Société Tunisienne de Banque SA. The firm specializes in growth capital, leveraged buyout, turnaround, venture capital and seed/startup investments. The firm prefers to invest in small and medium sized companies from all sectors including industrials, services and tourism. It primarily invests in Tunisia. The firm considers investments between TND0.5 million ($0.22 million) and TND7 million ($3.17 million). It prefers to take minority stake in its portfolio companies and hold a seat on their board. It usually invests for a period between five and seven years. The firm makes balance sheet investment. STB SICAR, SA was founded in March 1998 and is based in Tunis, Tunisia.

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.

BIAT Risk Capital is resolutely positioned as an actor and economic partner of Tunisian entrepreneurs. With this objective, BIAT Capital Venture intends to: - fully play its role as a stakeholder in the development of the country's economic fabric and help create jobs; - promote the creation, development and restructuring of Tunisian SMEs; - help and support ambitious promoters, holders of projects with potential, to set up their projects by providing them with all the appropriate advice and supervision; - encourage innovation and the emergence of professional entrepreneurs.

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.

Riyada Managers B.V. is a private equity firm specializing in emerging growth, PIPEs, buyout and growth capital investments. The firm seeks to make equity and equity-related investments in mid-cap companies. The firm seeks to invest primarily in Egypt, Morocco and Tunisia. Riyada Managers B.V was founded in 2010 and is based in Amsterdam, the Netherlands with an additional offices in the United Arab Emirates, Egypt, France and Tunisia.

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.

Alta Semper Capital LLP is a private equity firm specializing in direct and fund-of-fund investments. In direct investments, the firm specializes in later-stage, mature, turnaround, emerging growth, growth capital, and buyout capital investments across selected growth markets. Within fund of fund investments, the firm specializes in private equity and venture capital funds. The firm invests in specific industries such as pharmaceuticals, medical equipment, cosmeceuticals, and healthcare services. The firm invests in East Africa: Kenya, Tanzania, Uganda, Ethiopia, Mozambique, North Africa; Egypt, Francophone Africa: Morocco, Tunisia, Senegal, Ivory Coast, Anglophone West Africa; Nigeria, Ghana. It makes investments between $20 million and $50 million. The firm prefers to have a majority stake in portfolio companies. The firm makes balance sheet investments. Alta Semper Capital LLP was founded in 2015 and is based in London, United Kingdom, with an additional office in Cairo, Egypt.

Admaius Capital Partners is a venture capital and private equity firm specializing in startups. It seeks to invest in sectors driving Africa’s economic and social transformation, with a focus on projects that will expand access to essential services like education, healthcare, digital infrastructure, FMCG and financial services. The firm prefer to invest in the companies based in Africa region. Admaius Capital Partners is based in Kigali, Rwanda with an additional office in Tunis, Tunisia; London, United Kingdom and Nairobi, Kenya.

Hivos Impact Investments is a venture capital firm specializing in seed, startup and early stage investments. The firm primarily invests in companies in the creative industry, such as ICT start-ups, (digital) media, (digital) creative services, technologies and innovation to increase access to essential foodstuffs, innovation in core art; and companies in the food and food lifestyle industry, such as local traditional food products, urban farming, biopesticides and organic fertilizers, farming related geodata, solutions for food handling and food transport, track and trace solutions within the food chain, food waste reduction, retail of organic food and beverages, nature-based cosmetics, food media and food marketing that promote healthy and sustainable diets. The firm typically invests in in the Middle East and North Africa (MENA), especially in Tunisia, Egypt, Jordan and Lebanon; and in Southern Africa, especially South Africa, Zambia, Zimbabwe and Malawi. Hivos Impact Investments was founded in 2015 and is headquartered in The Hague, the Netherlands, with an additional office in Joahnnesburg, South Africa.

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.

Accelerator Technology Holdings Limited is a venture capital investment firm specializing in growth capital investments. It prefers to invest in the technology sector with a focus on information and communications technology, communications infrastructure, animation and content creation, media and broadcasting, the internet and online businesses, financial technology, soft infrastructure technology, mobile financial services companies, telecommunications, and networked communities. The firm invests in companies in the Middle East with a focus on Jordan, Lebanon, and Palestinian Authority; North Africa with a focus on Egypt, Morocco, and Tunisia; and United States of America. It seeks to invest between $0.5 million and $5 million in its portfolio companies. The firm prefers to be a lead investor but can also co-invest in its portfolios. Accelerator Technology Holdings Limited was founded in 2005 and is based in Amman, Jordan with an additional office in Manama, Bahrain.

Alternative Capital Partners, SA is a private equity and venture capital firm specializing in seed, startup, buyout, middle market, mature, emerging growth, and growth capital investments. It seeks to invest in sectors such as plastic products; construction materials; airfreight and logistics; auto parts and equipment; consumer durables and apparel; food products; pharmaceuticals; communications equipment; textiles, apparel and luxury goods; and telecommunication services. The firm seeks to invest in unlisted small and medium sized enterprises based in North Africa with a focus on Tunisia. It typically invests between €0.08 million ($0.09 million) and €3 million ($3.33 million) in companies with enterprise values between €5 million ($5.55 million) and €30 million ($33.30 million) and annual revenues up to €40 million ($44.40 million). The firm usually acquires a minority position in its portfolio companies. Alternative Capital Partners, SA was founded in 2006 and is based in Tunis, Tunisia.

Caisse Des Dépôts et Consignations Gestion is a private equity and venture capital firm specializing in seed, start-up, early-to-late venture, emerging growth, growth capital, recapitalization, buyout, turnaround and bridge investments in companies at all stage of development. The firm seeks to invest in all types of sectors, with a view to regional, social and environmental development. It generally does not invest in companies operating in the real estate sector related to housing. It prefers to invest in SMEs based in Tunisia. The firm typically invests a minimum of TND0.05 million ($0.02 million) in equity and quasi-equity and the transaction amount is generally capped at 15 percent of the net assets of the target company. The firm usually exits its investments after 7 years through all possible scenario: trade sales, write-off, IPO, secondary buyouts, etc. Caisse Des Dépôts et Consignations Gestion was founded in 2013 and is based in Tunis, Tunisia.

United Gulf Financial Services-North Africa, established on November 2008, is an asset management company licensed by and working under the control of Tunisian Capital Market Authorities CMF.We offer a comprehensive access to the Tunisian financial market. We provide services through our different business platforms: private equity, asset management, advisory and corporate finance.Our clients are investors such as individuals, corporations and financial institutions.

The Swiss Investment Fund for Emerging Markets is a private equity and venture capital firm specializing in direct and fund of fund investments. The firm directly invests in mezzanine, middle markets, buyouts, mid to late venture, emerging growth, growth capital and in financial institutions with a small and medium enterprise or microfinance lending focus. It makes fund of fund investments in private equity fund, mezzanine funds and venture capital fund. The firm primarily invests in Healthcare, Education, Energy, water and resource, Business Activities and services including wholesale and retail trade, Infrastructure, Renewable Energy, Generalist, Financial service, Agribusiness, Aquaculture, Forestry, SME Development, Communication Services, manufacturing industry, transport & storage, Information & Communication Technology and consumer goods. The firm typically invests in countries whose GNI per capita is below the World Bank's IBRD graduation threshold. It seeks to invest in Latin America with a focus on Bolivia, Columbia, Central America, Cuba, and Haiti Peru; Sub Saharan Africa with a focus on Benin, Burkina Faso, Chad, Ghana, Greater Klakes Region, Horn of Africa, Mali, Mozambique, Niger, South Africa, SADC Region, and Tanzania; Middle East and Africa with a focus on Egypt, Jordan, Morocco, Occupied Palestinian Territory, and Tunisia; Southern and Eastern Europe, and CIS with a focus on Albania, Armenia, Azarbaijan, Bosnia, Georgia, Kazakhstan, Kosovo, Macedonia, Moldova, Serbia, Tajikistan, and Ukraine; and Asia with a focus on South-East Asia, Afghanistan, Bangladesh, Cambodia, Indonesia, Lao DPR, Mongolia, Myanmar, Nepal, Pakistan, Sri Lanka, and Vietnam. The firm invests at least 60 percent of its investment volume in any year to these priority countries. In cases of regional or global funds, the geographical criteria is fulfilled if at least 50 percent of fund or financial institution investment is made in the priority countries. Its primary focus is on institutions investing in the small and medium enterprise sector along with selective investments in microfinance and infrastructure projects. The firm seeks to invest between $2 million and $40 million in funds. It sources its capital through institutional investors. The firm prefers majority stakes. The firm invests in the form of loans and other debt instruments including secured or unsecured, subordinated, convertible or equity linked; direct equity or quasi-equity investments; and guarantees. It may also act as co-investor in the underlying portfolio companies of its private equity funds. The Swiss Investment Fund for Emerging Markets was founded in 2005 and is based in Geneva, Switzerland with additional offices in Bern, Switzerland.

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.