AfricInvest and Siparex have announced the first closing of the Fonds de Co-Localisation Franco-Tunisien (FCFT), promoted and equally subscribed by French and Tunisian state investors, Bpifrance (France) and Caisse des Dépôts et Consignations (Tunisia).

Hakim Khelifa, Senior Partner at AfricInvest, said it is a closed ended fund with an initial size of €20m.

"We may have additional closings of this same fund or launch new successor funds with larger size, the question still remains open," he told Africa Global Funds.

The fund, which has a co-location approach, was launched earlier this month in Tunis.

With a 10-year life span, the fund will contribute to the development of Franco-Tunisian economic relations through the financing of Tunisian and French SMEs with high growth potential, to develop their activities in both countries.

FCFT primarily targets performing and high potential SMEs managed by leaders with an innovative approach in their respective business segments that are looking for funding and concrete international
support.

Potential investee companies will also demonstrate an ability to develop or strengthen links with Tunisian and/or French partners.

FCFT aims to promote regional integration through industrial partnerships, technology, and sustainable
and balanced trade between the two countries.

Preferred sectors for investment include, but not limited to: information and communications technology, health, pharmaceutical and education, agri-food industries, manufacturing, mechanical and electronic industries, transport and logistics, tourism and recreation, as well as renewable energy and “cleantech”.

By supporting the growth of these companies, FCFT will also help to encourage innovation, good governance and transparency, as well as to develop export sales and to promote stable employment
and added value in both France and Tunisia.

"The first two transactions should be finalized in March," commented Khelifa.

The fund will be co-managed by Siparex and AfricInvest, benefiting from the strength of their networks on both continents.

Siparex is one of France’s leading independent private equity groups.

As a key partner to mid-market and intermediate-sized companies, its business it to make equity investments, acting as a force for growth.

AfricInvest was founded in 1994 and is today among the leading private equity firms in North and Sub-
Saharan Africa with around $1bn of assets under management across 15 PE funds and sponsored by DFIs, private and institutional investors.