European LP considering investment in North Africa fund

The European Bank for Reconstruction and Development (EBRD) has disclosed a proposed equity investment of up to $60 million in the North Africa Fund III, managed by Riyada Managers.

The fund will seek to make equity and equity-related investments in mid-cap companies primarily in Egypt, Morocco and Tunisia with the objective of achieving long-term capital growth.

The fund has a target size of $300 million.