LPs re-up and double down for first close of CDG’s latest fund

CDG Invest Growth, (the former CDG Capital Private Equity)  has announced the first close for its latest fund, Capmezzanine III, garnering commitments from a range of Moroccan institutional investors, some 90% of which had backed the Casablanca-based private equity firm’s earlier funds. So far, LPs have invested approximately $105 million in the fund which will be used to back businesses on the continent in mezzanine deals or other convertible structures typically sized in the $10 million to $11 million range.

Capmezzanine III is CDG’s fourth fund and is aiming to deliver its investors an IRR of 25%. It has already raised more than double the amount of capital raised by its predecessor, Capmezzanine II, which closed with $49 million in 2015. While Fund III is generalist from an investment sector point of view, its final portfolio is expected to mirror CDG’s investment experience and the sectors which the firm believes offer the most opportunities on the continent. These will likely include businesses in the healthcare, education, new technologies, and consumer goods sectors.

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