Private Equity fund manager, Auvest Group has received a commitment of $30 million from The Abraaj Group for its MENASA Opportunities Fund I, which will invest in the Small and Medium Enterprise (SME) sector across the Middle East, North Africa and South Asia. The fund is looking to raise a total of between $250 million to $300 million.
The fund will be sector agnostic, but Auvest has identified the restaurant, retail, logistics, packaging, education and healthcare sectors as offering the most compelling opportunities and potential to create regional champions through organic growth and bolt-on opportunities. Within North Africa, it is expected that Egypt will be the core target country. The fund has a robust deal pipeline and is already in discussions with a number of undisclosed investment targets across a variety of sectors.
Auvest’s CEO, Humayun Shahryar, founded the firm in 2007 following a successful career at The Abraaj Group. Most of the firm’s management team have worked at Abraaj in the past, making Auvest one of the first private equity spin-offs in the region.