Abraaj, a private equity investing firm, has closed $375 million in a second round of funding for North Africa, Disrupt Africa reports.
The Abraaj North Africa Fund II (ANAF II), will focus on investing in mid-market businesses that target the growing consumer class in Algeria, Egypt, Morocco and Tunisia.
“The successful closing of our second generation North Africa Fund demonstrates the continued optimism and belief of our investors in the economic growth and development of this dynamic region,” said Arif Naqvi, founder and group chief executive of the Abraaj Group.“By leveraging our deep local knowledge, global underwriting standards and successful track record, we are well positioned to identify and partner with high growth businesses that we can develop into regional champions. We look forward to investing this fund successfully and thank our investors for the confidence they have shown in Abraaj,” he added.
Established in 2002, Abraaj has investments in growth markets of Africa, Asia, Latin America, Middle East and Turkey. In April 2015, the company closed its first funding round for Sub-Saharan Africa at $990 million.