Africa-focused private equity firm Amethis wrapped up the first close for its second MENA fund last week, winning commitments totaling 70% of the firm’s final target for the fund. Amethis MENA II now has €85 million (or approximately $101 million) which has been raised from a variety of investors. These include several DFIs – European Investment Bank, European Bank for Reconstruction & Development, Proparco, and IFC – as well as a group of qualified private investors built in partnership with the Edmond de Rothschild group, Amethis’s original underwriter.
Amethis aims to hold the final close for the fund in July next year, by which time it hopes to have raised a total of €120 million (or about $142 million at current rates) which seems eminently doable given how much it has raised so far. According to the Paris-based firm, several potential LPs are performing due diligence on the fund already. A hard cap of €200 million has been set.
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