RMBV North Africa Fund III Draws Fifth DFI Anchor as AfDB, CDP Commit $35 Million

The African Development Bank Group has approved a $15 million equity investment in RMBV North Africa Fund III (NAF III), targeting mid-market growth companies across Egypt, Morocco, and Tunisia. The commitment was considered jointly with Cassa Depositi e Prestiti (CDP), Italy’s development finance institution, which has approved a parallel $20 million equity ticket, bringing the combined allocation to $35 million. NAF III is RMBV’s first fund raised as an independent manager, and it carries a fundraising target of up to $300 million.

CDP’s ticket runs through the Growth and Resilience Platform for Africa (GRAf), a co-investment structure anchored in Italy’s Mattei Plan for Africa and built jointly with the Bank Group to deepen Italian economic engagement across the continent. The AfDB-CDP allocation adds to a DFI syndicate already anchored by the European Bank for Reconstruction and Development, which committed up to $80 million as NAF III’s founding investor, and the European Investment Bank, which followed with an $80 million commitment of its own. Proparco has also entered as a co-investor. The fund’s investor base to date is composed entirely of development finance institutions.

NAF III deploys equity and equity-related instruments into companies operating in consumer goods and services, healthcare, education, and financial services, sectors RMBV has flagged for their alignment with North Africa’s expanding consumer base. The capital is paired with portfolio support spanning corporate governance upgrades, digital transformation, and operational scaling, the mechanisms through which equity checks convert into balance-sheet resilience and execution capacity at the company level. EBRD has additionally structured a technical cooperation package to support RMBV in building and implementing a gender action plan across the portfolio.

With AfDB and CDP’s combined $35 million now layered onto the EBRD and EIB anchor commitments, NAF III moves further toward its $300 million target, with capital earmarked for deployment across Egypt, Morocco, and Tunisia through mid-market equity checks.