Mediterrania Capital Partners, a private equity firm focusing on growth investments for SMEs, has reached a final close of Mediterrania Capital II at the planned target of €120m ($133.27m).

Albert Alsina, Founder, CEO and Managing Partner of Mediterrania Capital Partners, said the original target was €120m with a hard cap of €150m.

“We received a lot of interest from investors in the last six months, but unfortunately we were not able to accommodate our timings to some of the potential investors’ requests. Therefore, the team decided to close the fund and focus on executing the deals‎ in the pipeline,” he told Africa Global Funds.

The second fund was raised following Mediterrania Capital Partners’ first fund, Fons Mediterrania Capital FCR, currently in the divestment process.

“We are currently working on a number of exits including two secondary transactions and a strategic sale, and we are also considering an IPO,” Alsina said.

With MC II, Mediterrania Capital Partners (MCP) continues to seek growth opportunities in the Maghreb region (Morocco, Algeria and Tunisia) with potential expansion into Sub-Saharan Africa.

Mediterrania Capital Partners invests in small and mid-market companies with an equity value in the €25m ($27.77m) to €400m ($444.24m) range, usually taking a minority stake.

The private equity firm is focusing on health care, consumer goods, business services, financial services, general industry, and logistics and transport sectors.

“With our second fund, we will continue focusing on core sectors, taking advantage of the significant growth expectations of the African economies, the overall low competition levels, the relatively stable markets, and the positive demographics of the region,” said Alsina.

MC II already completed two deals in acquiring 47% of Cash Plus, a Moroccan company active in the financial services sector, in July 2014; and 45% of C.E.C.I., an industrial vehicles manufacturer of trucks and trailers and the still-expanding regional leader in Morocco and Algeria, in November 2014.

MC II is in the process of closing three additional investments in Tunisia and Algeria.

“We are looking at Fast Consumer goods, Services and Health Care,” said Alsina.

So far, the two investment vehicles managed or advised by Mediterrania Capital Partners have invested in 12 companies delivering aggregated revenues of €790m ($877.37m) in 2015.

MCP is a regulated financial investment manager, licensed by the MFSA, in Malta.