Luxemburg, 18/12/2007 (Agence Europe) - Last week, the European Investment Bank (EIB), through the Facility for Euro-Mediterranean Investment and Partnership (FEMIP), and the Caisse d'Epargne Provence-Alpes-Corse took part, along with all the founders, in the launch of AlterMed, an investment fund specifically for SMEs in the countries of the Central Maghreb (Algeria, Morocco and Tunisia), Turkey and Egypt.
AlterMed funds, issued and managed by Viveris management, is a venture capital mutual fund specialising in the sector of SMEs in the development and transition phases with high growth potential in the Mediterranean basin. The fund has been created at a turning point in the convergence in this region, where historically there has been a strong dynamic for growth and, generally, increasing interdependence among the economies of the area. As the main drivers of this convergence dynamic, SMEs are at the heart of the region's development challenges and the investment market is one of the strategic elements. AlterMed chimes perfectly with this dynamic and aims to support SMEs in their development plans in the region.
To enhance the position of AlterMed as a local investment fund, a specialist organisation has been set up with the creation, in association with local partners, of management companies adapted to the specific requirements and nature of each of the markets concerned. Thus, a network of investment teams has been set up in Rabat, Tunis and Istanbul.
With a target of €75 million, AlterMed will invest as a minority shareholder in SMEs in the development and transition stages in Morocco, Tunisia, Algeria and Turkey. There are plans to develop AlterMed in Egypt. This will be the first “compartment fund” with three main geographically specialised compartments and one feeder compartment: - AlterMed Maghreb, devoted to Morocco; - AlterMed Alternative Private Equity Fund (APEF), dealing mainly with Tunisia, but able to become involved in one-off operations in Algeria and Egypt; - AlterMed Turkey, devoted to Turkey; - AlterMed Global, the feeder compartment, which will give access to the three geographical compartments.
The EIB is investing €11 million in the Moroccan compartment, AlterMed Maghreb and the Tunisian compartment AlterMed APEF. The IFC (the World Bank body responsible for operations with the private sector) is considering investing up to €11 million in these same two compartments.
In Morocco, the Banque Centrale Populaire, the Mutuelle agricole marocaine d'assurances and the Banque marocaine pour le commerce et l'industrie are supporting the setting up of a Moroccan compartment of AlterMed and the formation of the AlterMed investment team, “Viveris Istithmar”, in Rabat. In Tunisia, AlterMed is backed by “Alternative Capital Partners”, which was set up in association with local capital investment professionals. For Tunisia and Egypt, partnerships with local capital investment players are being formed. To support the AlterMed investment teams, the United Nations Industrial Development Organisation (UNIDO) has offered the use of its resources already present in the Mediterranean basin. (O.L.)