Project detail - SPE PEF III LP


Status: Approved investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

SPE PEF III ("the Fund”) is a USD 350m sector-agnostic, North Africa focused, private equity fund managed by SPE Capital (“Fund Manager” or “SPE”), which was formed in 2016 as a spin-off from a MENA-focused investment bank. The Fund will pursue control-oriented growth stage equity and equity-related investments in mid-cap companies, primarily in Egypt, Morocco and Tunisia, with the objective of achieving long-term capital growth. Opportunistic investments in Sub-Saharan Africa (SSA) will be capped at 25% of total commitments.

What is our funding objective?

FMO’s commitment aims to support the Fund in achieving its first close in a challenging fundraising environment and attract new commercial investors in subsequent funding rounds. By partnering with SPE, FMO aims to support a seasoned and experienced private equity fund manager who has been on the ground and investing in African PE for over a decade. SPE will work with portfolio companies to improve competitiveness and create sustainable value, thereby contributing to the resilience of financial markets and the development of private equity as a viable funding source in Africa.

Why do we fund this investment?

SPE’s approach towards investments is to add value and grow the companies responsibly and efficiently, which aligns well with FMO’s commercial and impact objectives. SPE’s senior investment team is present in key markets, and its in-house ESG and impact team uses a proprietary impact management system to support portfolio companies in meeting ESG standards and achieving positive multi-dimensional impact. As a signatory to the Operating Principles for Impact Management (OPIM), SPE further underscores its commitment to responsible investing. SPE has also developed a robust gender strategy, reinforcing its commitment to promoting gender diversity and supporting the economic participation of women in its markets.

What is the Environmental and Social categorization rationale?

SPE PEF III is categorised as B+ fund, considering the E&S risk profile of the currently identified pipeline companies and their investment mandate. The pipeline companies are predominantly in the manufacturing, services, healthcare, and education sectors, for which the former (manufacturing) has some higher risk in relation to occupational health and safety and potentially pollution related aspects. Other sectors have predominant risk for adverse labour and working conditions, resulting in the likelihood that the pipeline companies trigger IFC PS1-4 related risks. The Fund has the mandate to invest in Category A projects, although the likelihood given the pipeline and their ambition is considered low. Organisational capacity on E&S and their Environmental and Social Management System (ESMS) are considered of good quality.

Website customer/investment
Infrastructure, Manufacturing and Services
Publication date
Effective date
Total FMO financing
USD 20.00 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)