Amethis

What Amethis does

Amethis is a Paris-headquartered private equity fund manager founded in 2012 by Luc Rigouzzo and Laurent Demey in partnership with Edmond de Rothschild Private Equity. The firm invests in small and mid-cap companies across three regional strategies: Small & Mid Caps Africa (flagship, deployed through Amethis Funds I-III totaling €275M / €375M / €406M), Small Caps MENA (Amethis MENA Fund II at €120M and Maghreb Fund I), and Small Caps Europe (Amethis Europe Expansion at ~€150M). Across these vintages Amethis has raised over €1.4 billion since 2012 and invested in 50+ companies, with 17 completed exits. Typical equity tickets are €25-40M for Africa (up to €100M with co-investors), €5-15M for MENA, and €10-25M for Europe. All funds are classified Article 8 or Article 9 under the EU SFDR framework, and the firm operates an integrated ESG/Impact Action Plan methodology with carried interest indexed to ESG and Impact KPIs.

The firm is built around local presence and execution capability, employing 55+ professionals of 14-15 nationalities across 7 offices in Paris, Luxembourg (AIFM regulated by the CSSF), Abidjan, Nairobi, Casablanca, Cairo and Cape Town. Capital is sourced from a consortium of development finance institutions (EIB, IFC, Bpifrance, BII, FinDev Canada, Swedfund, Proparco, KfW DEG), private investors, and Edmond de Rothschild Private Equity. The firm co-invests repeatedly with DFI peers and other PE firms (Africinvest, SPE Capital, ccap.ai, Retail Holding, Ethos PE) to share ticket sizes in larger transactions, generating €460M of co-investment for African deals. Recent thematic emphasis is on energy (a core focus of Fund III), alongside diversification across healthcare, banking software, telecom infrastructure, agri-food, specialty chemicals, B2B services, consumer goods and education.

Amethis monetizes through traditional private equity economics: recurring management fees on committed and deployed capital across multiple fund vintages, plus carried interest on realized exits, with carried interest explicitly indexed to ESG/Impact KPIs. Impact is measured and reported against UN SDGs and UN PRI frameworks; the firm achieved UN PRI 2024 scores of 5/5 in Direct Private Equity and Confidence Building Measures, and 4/5 in Policy, Governance & Strategy. Operational and value-creation support to portfolio companies spans executive recruitment, governance professionalization, ESG action plans, gender-balance programs (e.g., female workforce at Ramco Plexus raised from 5% to 20%), and regional or international expansion support.

Name

Amethis

Legal name

Amethis

Website

https://amethis.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Amethis is a Paris-based private equity firm founded in 2012 that manages €1.4B+ across multiple fund vintages, investing in small and mid-cap companies across Sub-Saharan Africa, MENA, and Europe through three regional strategies with an ESG-focused approach.

Ownership category

akta.pro rank

Product category

Private Equity / Impact Investing

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Industry-Specialist / Sector-Focused M&A Advisory (FSAEAGAJ)

akta.pro secondary industry

Real Estate M&A / Joint Venture Advisory (Platform Deals, Partnerships) (BPAJANAF)

Keywords

• Private equity
• Impact investing
• Growth capital
• Emerging markets
• ESG investing

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Private equity fund management fees and carried interest: Amethis earns management fees on assets under management across multiple vintages of funds (Amethis Fund I €275m, Fund II €375m, Fund III €406m, MENA Fund II €120m, Europe Expansion ~€150m, Amethis West Africa €45m) and carried interest on exits, with carried interest indexed to ESG/Impact KPIs. Revenue is recurring management-based with performance-linked upside.
2. Capital gains from equity investments: Long-term equity stakes (majority or minority) in portfolio companies; realized gains upon exit drive fund returns and carried interest. Includes 17 exits completed since 2012.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels7 records

Core offering

Amethis is an impact-focused private equity fund manager that invests equity capital in small and mid-cap companies across Sub-Saharan Africa, North Africa/Middle East, and Europe, deploying multiple fund vintages (Amethis Fund I/II/III, MENA Fund II, Europe Expansion, Maghreb Fund I, Amethis West Africa). It combines long-term majority and minority equity transactions with operational, strategic and ESG support to portfolio companies, with all funds classified Article 8 or 9 under EU SFDR. The firm manages 50+ portfolio companies and partners with development finance institutions and PE firms for co-investment.

Product overview

Amethis is a private equity firm, not a software platform — its offering comprises three distinct regional investment strategies that operate together as an integrated capital deployment platform. The core offering is the Small & Mid Caps Africa Strategy, deployed through flagship fund Amethis Fund III (€406M final close, 2026) and predecessor funds Amethis Fund I (€275M, 2014) and Fund II (€375M, 2019). The Small Caps North Africa & Middle East Strategy is deployed via Amethis MENA Fund II (€120M, 2022) and Amethis Maghreb Fund I. The Small Caps Europe Strategy is delivered through the Amethis Europe Expansion Fund (~€150M final close, 2025) and supports European SMEs seeking internationalization. The firm also operates the Amethis West Africa (AWA) dedicated vehicle (€45M, 2014). All funds are classified Article 8 or 9 under EU SFDR regulation. Across these strategies, Amethis manages 50+ portfolio companies in Africa, Europe, and the Middle East, organized into sector verticals: infrastructure & energy, manufacturing/retail/FMCG, healthcare, financial services, B2B services, and consumer goods.

Differentiator

Problem solved

Functional benefit

Brands

• Amethis Fund I: First Amethis flagship fund for African small and mid-cap investments, closed at €275 million in 2014.

Products and services

• Small & Mid Caps Africa Strategy Growth capital strategy supporting African companies delivering quality goods and services to consumers across Sub-Saharan Africa. Targets companies with €30-200M revenue and €20-150M enterprise value, executing majority or minority equity transactions with deal tickets of €25-40M (up to €100M with co-investors). Funds are classified Article 8 and 9 SFDR.
• Small Caps North Africa & Middle East Strategy Growth capital strategy supporting high-potential SMEs in North Africa and the MENA region. Targets companies with €5-40M revenue and €7-40M enterprise value, with deal tickets of €5-15M. Combines growth capital, partial buyouts, and 'buy & build' strategies. Funds classified Article 8 SFDR.
• Small Caps Europe Strategy Capital-transmission and development strategy aimed at European SMEs and mid-caps seeking internationalization. Targets sectors including agri-food, industrial goods and services, health, education, technology, and B2B services. Targets companies with €10-200M revenue, with deal tickets of €10-25M or more. Majority buy-out transactions.
• Amethis Fund III Latest flagship pan-African private equity fund with final closing at €406 million. Targets small and mid-sized African companies with energy as a core focus. Typical investment size €25-40 million, with roughly 10 investments planned. Managed in partnership with Edmond de Rothschild Private Equity. First closed at €140M in 2023.
• Amethis Europe Expansion Fund European-focused fund investing in SMEs and mid-caps with internationalization potential. First closing reached nearly €75M in 2023 and final closing approximately €150M in 2025.
• Amethis MENA Fund II North Africa and Middle East-focused fund, launched with first closing at €85M in 2021 and final closing at €120M target in 2022, in partnership with Edmond de Rothschild Private Equity.
• Amethis Fund II Pan-African fund with final closing at €375M above target in 2019, continuing Amethis's strategy of investing in African small and mid-cap companies.
• Amethis Maghreb Fund I (AMF I) Maghreb-focused fund acquired in 2018 through the takeover of Capital North Africa Venture II (CNAV II).
• Amethis West Africa (AWA) West Africa-dedicated investment vehicle of €45M, created in 2014.
• Amethis Fund I First Amethis fund, with final closing at €275M in 2014. Investment period ended in 2017.

Quantifiable outcome

• 40,000+ direct jobs supported in portfolio since 2012
• +11 more outcomes

Named customers18 records

Segments6 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered flagship partnership - parent partnership, charity / education partner, industry standards body and industry standards body - signatory.

• Edmond de Rothschild Private Equityflagship partnership - parent partnershipStrategic or Co-development PartnerFounding partner since 2012. Amethis is a member-partner of Edmond de Rothschild Private Equity, which manages €4bn+ AUM across 12 partners and 200+ professionals in 12 countries. Co-led the final closing of Amethis Fund III (€406M target, January 2026) and Amethis MENA Fund II (€120M, 2022). Provides investor network, expertise, and distribution. Ariane de Rothschild is a key endorser of Amethis' impact philosophy.
• CentraleSupélec / Centrale Casablanca Foundationcharity / education partnerStrategic or Co-development PartnerAmethis supports the CentraleSupélec Foundation's 'Fonds Parcours Réussite' through its Moroccan subsidiary Centrale Casablanca. Since 2016, 271 students (27% women; 70% Moroccan, 30% Sub-Saharan African) have received €700/semester financial support.
• Roots Institute Centre (Mathare, Nairobi)charity / education partnerStrategic or Co-development PartnerAmethis funds three programs at the Roots Institute Centre in the Mathare slum (Nairobi): secondary school scholarships (~10/year), daily school meals for ~400 children, and vacation school supervision.
• Operational Principles for Impact Management (OPIM)industry standards bodyOthersAmethis is a member of the Operational Principles for Impact Management, applying its impact management framework across investments.
• United Nations Principles for Responsible Investment (UN PRI)industry standards body - signatoryOthersAmethis is a signatory of the UN Principles for Responsible Investment; in 2024 received ★★★★ Policy/Governance, ★★★★★ Confidence Building and ★★★★★ Direct PE scores.

Scale indicators19 records

Recent moves15 records

Expansion highlights6 records

Direct peers

• Helios Investment Partners: Pan-African private equity firm with multi-billion AUM investing in mid-market companies across Sub-Saharan Africa; comparable in regional focus, ticket sizes, and DFI-backed LP base to Amethis.
• Actis: Global emerging-markets PE firm with a large Africa-focused strategy (energy, infrastructure, consumer); directly competes for similar mid-market and growth deals in Sub-Saharan Africa and MENA.
• Development Partners International (DPI): Pan-African private equity manager investing across consumer, financial services, healthcare, and industrials; comparable in fund size, regional mandate and DFI LP base to Amethis.
• Africinvest: Tunis-based Pan-African PE firm with multiple strategies covering North Africa and Sub-Saharan Africa; consortium co-investor with Amethis in Netis and broadly comparable in geography and ticket profile.
• SPE Capital: North Africa-focused PE firm and consortium co-investor; also a counterparty in secondary buyouts (ADEMAT) with Amethis, reflecting direct overlap in Maghreb-focused mid-market deals.
• Ethos Private Equity: South Africa-based PE firm investing across the African continent; recent counterparty in secondary buyout transactions with Amethis and directly competitive for sub-Saharan mid-market deals.
• Phatisa: Africa-focused PE firm with sectoral specialization (food, agri-business, retail); consortium partner with Amethis and competes for similar mid-market opportunities in Sub-Saharan Africa.
• Emerging Capital Partners (ECP): Pan-African private equity manager focused on mid-cap companies across multiple African regions; comparable in fund size, regional focus and senior team pedigree (Amethis's Senior Advisor Aurélie Pujo was previously at ECP).

Broad incumbents

• Carlyle (Africa Platform): Global private equity giant with an established Sub-Saharan Africa platform; competes with Amethis on the largest mid-market deals but at materially larger scale and broader sector mandate.

Emerging players

• AFIG Funds: Pan-African PE manager focused on SMEs across West and Central Africa; smaller scale than Amethis but overlapping in regional and ticket-size focus, particularly in francophone Africa.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@Amethis_Impact
• LinkedInlinkedin.com/company/amethis

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries29 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A6 records

Investments11 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Amethis