SPE Capital

What SPE Capital does

SPE Capital is an independent private equity firm founded in 2016 as a spinout from Swicorp, focused on growth equity investments across Africa and the Middle East. The firm manages two main fund vehicles—SPE AIF I, which closed at USD 258 million in January 2021 after being oversubscribed above its USD 200 million hard cap, and SPE PEF III, which is currently in fundraising with a USD 350 million target and a first close at USD 171.27 million. SPE Capital's team of approximately 20 investment professionals with over 100 years of combined experience operates from offices in Tunis, Casablanca, Cairo, Abidjan, and Paris, covering more than 30 markets across Europe, Africa, and the Middle East. The firm has deployed over USD 600 million in growth equity across 15+ current portfolio companies and has invested over USD 1 billion since 2005 when the team operated under Swicorp.

The firm invests in mid-sized companies with proven track records operating in defensive and growth sectors including Healthcare, Pharmaceuticals, Education, Manufacturing, Business Services, FMCG, and Financial Services. SPE Capital's investment model centers on majority-stake transactions executed in partnership with development finance institutions including EBRD, Proparco, BII, and BIO, as well as regional peers such as Amethis and TCV. Notable portfolio companies include Tamweely Microfinance (Egypt, acquired December 2024), OMOA Group (West/Central Africa payments, acquired August 2024), Dislog Group (Moroccan FMCG, MAD 450 million invested November 2024), Orchidia Pharmaceutical Industries (Egypt, March 2025), Delta Holdings (Egypt specialty chemicals, October 2025), and Chari (Moroccan fintech, USD 12 million Series A co-led with Orange Ventures in October 2025). SPE Capital's revenue model follows standard PE economics, generating management fees on assets under management and carried interest on fund returns.

On the operational and technology side, SPE Capital has tested 24 AI use cases across eight functional domains in partnership with Ernst & Young Advisory and with technical assistance from SIFEM, applying AI to risk and quality management, augmented analysis, employee assistance, finance automation, smart reporting, market screening, knowledge management, and contract/legal documentation. The firm is a signatory to the Operating Principles for Impact Management with BlueMark-verified impact reporting covering 3,236 jobs sustained, 734+ net jobs created across portfolio, 31% female employees, and 80% of portfolio companies with women in governance positions. SPE Capital has generated strong realized returns, including a 3x MoC and 60%+ IRR from the Sotipapier exit, a 3x return in USD from Orchidia (prior fund), and the successful sales of Amanys Pharma to Laprophan (November 2023), H&S Invest Holding (June 2021), and ADEMAT to Amethis (March 2026).

Name

SPE Capital

Legal name

SPE Capital

Website

https://www.spe-capital.com/

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

SPE Capital is an independent private equity firm founded in 2016 that deploys growth equity into mid-market companies across Africa and the Middle East, managing SPE AIF I (USD 258M) and SPE PEF III (targeting USD 350M) from five regional offices.

Ownership category

akta.pro rank

Product category

Private Equity / Growth Equity Investment Management

NAICS

Other Financial Investment Activities (5239), Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Micro-PE / Lower Middle Market ETA Funds (FSANALAG)

akta.pro secondary industries

SME Term Loans & Growth Capital (FSAKAGAB), Capital Raising Advisory (Debt/Equity/Private Capital) (BPAHADAG)

Keywords

• Private equity investing
• Growth equity capital
• Fund management services
• Emerging markets investment
• Portfolio company management

Headquarters

HQ city

Tunis

HQ country

Tunisia

HQ region

Africa

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Management Fees: SPE Capital earns management fees on assets under management across its fund vehicles (SPE AIF I and SPE PEF III), which are private equity funds raised from institutional investors.
2. Carried Interest: SPE Capital earns performance-based carried interest on investment returns above preferred return thresholds for its fund investors, aligning incentives between the GP and LPs.
3. Co-Investment Fees: The firm generates deal-specific fees and economics from co-investment opportunities alongside its primary fund vehicles in specific transactions.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels4 records

Core offering

SPE Capital is an independent private equity firm that invests growth equity capital in mid-sized companies across Africa and the Middle East, primarily through majority ownership stakes. The firm manages two private equity funds — SPE AIF I (USD 258m) and SPE PEF III (targeting USD 350m) — and provides portfolio companies with strategic, operational, and governance support alongside capital deployment. Target sectors include Healthcare, Education, Manufacturing, Business Services, FMCG, and Financial Services.

Product overview

SPE Capital operates as an independent private equity firm offering two main investment fund products: SPE AIF I (USD 258m fund raised in 2019) and SPE PEF III (currently fundraising with USD 171.27m first close). The firm's investment strategy focuses on growth equity across Africa and the Middle East in sectors including Education, Healthcare, Manufacturing, and Business Services. SPE Capital's portfolio spans approximately 15+ current investments across these sectors, including portfolio companies such as Globalcorp (financial services), Orchidia Pharmaceutical Industries (pharmaceuticals), Future Pharmaceutical Industries (pharma manufacturing), Holged Group (education), Outsourcia (BPO services), Vital (nutritional supplements), OMOA (payment services), Tamweely (microfinance), Chari (fintech/e-commerce), Ademat (power solutions), Delta Holdings (specialty chemicals), and Dislog Group (FMCG manufacturing). The firm operates from offices in Tunis, Casablanca, Cairo, Abidjan, and Paris.

Differentiator

Problem solved

Functional benefit

Brands

• SPE AIF I: USD 258m private equity fund investing across Africa, particularly North Africa, in sectors including Education, Healthcare, Manufacturing and Business Services
• SPE PEF III

Products and services

• SPE AIF I Private equity fund investing across Africa, particularly North Africa, in sectors including Education, Healthcare, Manufacturing and Business Services. The fund is fully deployed across 15+ portfolio companies.
• SPE PEF III Private equity vehicle making investments in Africa with focus on North Africa in sectors including Education, Healthcare, Manufacturing and Business Services. Currently in fundraising status with first close completed.

Quantifiable outcome

• SPE Capital has deployed over USD 600 million in predominantly growth equity across 15+ current investments.
• +6 more outcomes

Named customers15 records

Segments7 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability8 records

Feature4 records

Partnerships

13 partnerships are on record, tiered core and minor.

• CharicoreOthers · 1 October 2025SPE Capital co-led the USD 12 million Series A funding round in Chari (Morocco, October 2025) alongside Orange Ventures. Chari is a YC-backed B2B e-commerce and fintech startup with 20,000+ food business clients, which also obtained a payment institution license from Morocco's Central Bank.
• Delta HoldingscoreOthers · 1 October 2025A consortium of SPE Capital, Proparco, and Amethis invested in Delta Holdings (Egypt, October 2025). Delta Holdings is a leading manufacturer of specialty additives for paints and coatings, graphic arts, and plastics industries with 80+ products serving 30+ countries.
• Ernst & Young AdvisoryminorImplementation/ SI/ Consulting Partner · 1 June 2025SPE Capital partnered with Ernst & Young Advisory to test 24 AI use cases across eight business areas within its investment operations. EY contributed expertise in AI technology integration, data processing, and reporting frameworks.
• Orchidia Pharmaceutical IndustriescoreOthers · 1 March 2025A consortium led by SPE Capital, with EBRD, Proparco, and BIO, invested in Orchidia Pharmaceutical Industries (Egypt, March 2025) through SPE PEF III. Founded in 1993 by Dr. Ossama Abbas, Orchidia exports eye-care products to 20+ countries across MEA.
• Tamweely MicrofinancecoreOthers · 1 December 2024SPE Capital, alongside EBRD, BII, and TCV, fully acquired Tamweely Microfinance (Egypt, December 2024) through SPE PEF III for over EGP 2.5 billion. Tamweely serves 500,000+ clients across 230 branches with 3,950+ loan officers in 24 governorates.
• Dislog GroupcoreOthers · 15 November 2024SPE Capital invested MAD 350 million in Dislog Group (Morocco, November 2024) through SPE AIF I, with an additional MAD 100 million co-investment from an international financial institution, bringing the total to MAD 450 million. Dislog Group is a diversified Moroccan industrial leader in FMCG with 3,400 employees.
• OMOA GroupcoreOthers · 7 August 2024SPE Capital acquired 100% of OMOA Group (August 2024) from Adenia as the first investment from SPE PEF III. OMOA is the leading integrated payment services provider in West and Central Francophone Africa, active in 11 countries, employing 150+ people.
• VitalcoreOthers · 1 January 2023SPE Capital acquired a majority stake in Vital (Tunisia, January 2023) through SPE AIF I. Vital is the leading nutritional supplements and herbal medicine manufacturer in Tunisia with 400+ products, 8 million units manufactured annually, and 400 employees.
• Outsourcia GroupcoreOthers · 1 May 2022SPE Capital acquired a majority stake in Outsourcia Group (Morocco, 2022) through SPE AIF I for approximately MAD 330 million (USD 33 million). Outsourcia is a leading Moroccan customer experience and business process outsourcing provider with 3,400+ employees across 5 countries.
• GlobalCorpcoreOthers · 1 May 2022SPE Capital acquired GlobalCorp (Egypt, May 2022) alongside Amethis and EBRD through SPE AIF I. GlobalCorp is a leading Egyptian non-bank lender focused on leasing and factoring solutions, having extended EGP 13 billion in credit over 800+ contracts.
• AdematcoreOthers · 1 April 2021SPE Capital acquired 100% of Ademat (Côte d'Ivoire, April 2021) from Adenia. Ademat is the leading provider of power security solutions in Côte d'Ivoire, covering the entire value chain from power generation to maintenance and rentals.
• Future Pharmaceutical IndustriescoreOthers · 1 March 2019SPE Capital invested in Future Pharmaceutical Industries (Egypt, March 2019) through SPE AIF I. FPI is among the fastest growing branded generic pharmaceuticals manufacturers in Egypt, serving as a manufacturing partner for Sanofi and Novartis.
• TAG PartnersminorStrategic or Co-development Partner · 1 January 2016SPE Capital has built a partnership with TAG Partners, an independent investment company based in Paris. Through this relationship, SPE Capital benefits from a local presence in France to support the European expansion of its portfolio companies and access to the French ecosystem more generally.

Scale indicators14 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Amethis: Amethis is a pan-African private equity firm investing across Africa with a similar mid-market growth equity thesis. It is a recurring co-investment partner of SPE Capital in deals including GlobalCorp, Delta Holdings and Ademat, making it the most directly comparable peer.
• Adenia Partners: Adenia is a private equity firm focused on Africa, with similar mid-market growth equity focus. SPE has acquired several Adenia portfolio companies (OMOA Group, Ademat), indicating directly comparable investment strategies and geographies.
• Ezdehar Management: Ezdehar is an Egypt-focused private equity manager. SPE Partner Ahmed El Oraby previously led transactions at Ezdehar, and the firms share exposure to Egyptian mid-market growth equity with similar sector mixes.

Broad incumbents

• Actis: Actis is a large emerging-markets private equity firm with significant Africa exposure across multiple funds and sectors. As a much larger and more established player, it competes for similar North African mid-market opportunities with greater scale and broader LP base.
• Helios Investment Partners: Helios is one of the largest Africa-focused private equity firms with multi-billion dollar AUM. It pursues control and growth equity investments across the continent with broader sector reach than SPE Capital.
• Development Partners International (DPI): DPI is a leading Africa-focused private equity firm with multi-billion AUM and DFI backing. It competes with SPE for mid-market growth equity deals across the continent and shares DFI co-investor relationships.
• AfricInvest: AfricInvest is a leading pan-African PE and venture investor with multi-fund platform and DFI backing. It is a comparable Africa-focused GP with longer track record and broader product range including venture and private debt.
• Emerging Capital Partners (ECP): ECP is one of the longest-established Africa-focused PE managers with multiple vintages and pan-African mandate. It competes directly with SPE for North and West African growth equity investments.

Others

• Swicorp: Swicorp is the former parent of SPE Capital (which spun out in 2016) and a regional investment bank. Several SPE team members originated at Swicorp, and the two share regional MENA ecosystem relationships and infrastructure.

Emerging players

• Cardano Development (now part of Cardano Group): Cardano Development is an emerging-markets private equity firm with North African exposure. It is a comparable mid-sized emerging-markets PE platform pursuing similar DFI-backed investment strategies in select markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/specapital
• LinkedInlinkedin.com/company/spe-capital

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

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

M&A5 records

Investments13 records

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

Frequently asked questions about SPE Capital