IFC discloses proposed $15m investment in IMG Fund I
IMG Fund I plans to invest in seven to 10 lower mid-cap companies in Morocco.
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The International Finance Corporation (IFC) has disclosed a proposed investment of up to $15 million in IMG Fund I, a Morocco-focused growth equity fund targeting MAD 1.5 billion (approximately $162 million) in commitments.
IMG Fund I plans to invest in seven to 10 lower mid-cap companies. The fund is expected to make investments ranging from MAD 60 million to MAD 200 million (approximately $6 million to $20 million) and will mainly target minority stakes, with selective majority investments.
The fund has a generalist strategy, with a focus on healthcare, FMCG, digital infrastructure, financial services, and education. It will mainly target family-owned businesses looking to institutionalise before or after succession, as well as selected buy-and-build opportunities.
IMG Fund I reached a first close of MAD 1.1 billion (approximately $120 million) in January 2026, with participation from Moroccan institutional investors including Fonds Mohammed VI pour l’Investissement.
IMG Capital, the fund manager, was founded in April 2023 by Brahim Guessous as an independent private equity firm headquartered in Morocco.
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