The EuroMena Funds

What The EuroMena Funds does

The EuroMena Funds is a Beirut-headquartered private equity firm founded in 2005 that invests in established mid-to-large companies across the Middle East, North Africa, and Sub-Saharan Africa with the objective of transforming local players into Regional Leading Groups (RLGs). The firm has raised over USD 350 million across three closed-end private equity funds (EuroMena I, USD 65M in 2006; EuroMena II, USD 90M in 2009; EuroMena III, USD 150M in 2014-2016) and has executed 19+ investments and divestments spanning retail, healthcare, IT, agriculture, oil and gas, financial services, education, energy, and consumer products. Capital Trust Group serves as General Partner for EuroMena I and II and co-General Partner for EuroMena III, while the fund management company (EuroMena FMC Limited) is domiciled in Malta and regulated by the Malta Financial Services Authority under AIFMD, with an additional UK AIFMD-regulated entity in London.

The firm's business model follows a standard PE fund manager structure: it charges management fees on committed/invested capital to its Limited Partners and earns carried interest on successful exits, with no proprietary technology product or software offering. Investment approach is hands-on, typically taking minority, majority, or structured equity positions, with active board representation, executive committee involvement, and operational support to portfolio companies. The Limited Partner base is anchored by Development Finance Institutions including the European Investment Bank (EIB, repeat across all three funds for USD 56M), International Finance Corporation (IFC), CDC Group (UK BII), DEG, and Proparco, supplemented by high net worth individuals and family offices from the GCC and Levant.

The firm has a small team of 11-50 professionals operating from Beirut (HQ), London, and Qormi (Malta), led by Co-Founder and Managing Partner Romen Mathieu (former Lazard Frères and Ernst & Young Corporate Finance). The 2024 divestment of Retail Holding in Morocco and a North Africa pharmaceutical company in a combined ~USD 150M transaction generated a 1.9x multiple and ~USD 55M distribution to LPs, representing a meaningful liquidity event for EuroMena III. Geographic restrictions exclude real estate and start-ups, and the firm reports a stated policy of ESG alignment (UN Global Compact signatory, IGI declaration first signatory) and SFDR Article 4 disclosure.

Name

The EuroMena Funds

Legal name

EuroMena FMC Limited

Website

https://euromenafunds.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

The EuroMena Funds is a Beirut-based private equity firm founded in 2005 that manages over USD 350 million across three MENA-focused funds, taking minority and majority stakes in mid-to-large companies across the Levant, North Africa, and Sub-Saharan Africa. Backed by leading Development Finance Institutions, it transforms local businesses into regional leading groups.

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282), Finance Services (6199)

akta.pro primary industry

Impact Investment & Development Investment Funds (BPADACAO)

akta.pro secondary industry

Private Sector & Blended Finance Arms (IFC-type) (BPADACAJ)

Keywords

• Private equity funds
• Growth capital investments
• Emerging markets investing
• Portfolio management services
• MENA investment firm

Headquarters

HQ city

Beirut

HQ country

Lebanon

HQ region

Middle East

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. Management Fees: Private equity fund management fees charged to limited partners for managing EuroMena I, II, and III funds
2. Carried Interest: Performance-based carried interest from successful portfolio company exits, generating returns upon divestment

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

The EuroMena Funds is a private equity firm that raises and manages investment funds (EuroMena I, II, and III) targeting mid-to-large established companies in the Levant, North Africa, and Sub-Saharan Africa regions. The firm provides growth capital, operational expertise, and corporate governance support to transform local companies into Regional Leading Groups (RLGs) across sectors including retail, healthcare, IT, financial services, and consumer products. It earns revenue through management fees from limited partners and carried interest from successful portfolio company exits.

Product overview

The EuroMena Funds is a private equity firm offering investment management services through a series of funds. The core offering consists of EuroMena I, II, and III private equity funds, which have collectively invested over USD 350 million across 19 portfolio companies in the MENA and Sub-Saharan Africa regions. The funds follow a growth-oriented strategy of transforming local companies into Regional Leading Groups (RLGs) through operational improvements and expansion support. The investment approach focuses on sectors including consumer and retail, food and beverage, agriculture, education, energy, financial services, healthcare and pharmaceuticals, and information technology. EuroMena III, the current active fund, is complemented by planned future products including a Levant SME Fund and MEA Debt Fund. The firm operates from offices in Beirut (Lebanon), Malta, and London (UK), with Capital Trust Group serving as the General Partner.

Differentiator

Problem solved

Functional benefit

Products and services

• EuroMena I
• EuroMena II
• EuroMena III

Quantifiable outcome

• 2x returns on invested capital
• +3 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered minor and core.

• Live Love BeirutminorStrategic or Co-development Partner · 1 September 2017Partnership for World Cleanup Day 2018 initiative, with 3,500+ volunteers cleaning 30+ locations across Lebanon.
• Capital Trust GroupcoreStrategic or Co-development PartnerEstablished in 1985, Capital Trust Group acts as General Partner for EuroMena I and II, co-General Partner on EuroMena III, and sits on the Investment Committee. The group has raised capital for more than 100 transactions valued exceeding $1.5 billion in the U.S., Europe, and Middle East.
• Investors for Governance & Integrity (IGI) NetworkcoreStrategic or Co-development PartnerEuroMena is a member of the IGI network, committing to protect shareholders' rights and promote sound corporate governance.
• United Nations Global CompactcoreStrategic or Co-development PartnerCommitted in September 2017 to align strategies and operations with universal principles on human rights, labor, environment, and anti-corruption.

Scale indicators7 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Amethis: Amethis is a Paris-based pan-African PE fund manager with investment capacity exceeding €650M, focused on mid-cap companies in Africa. Direct co-investor with EuroMena in Novamed (Côte d'Ivoire healthcare) and Elephant Africa Holding (Nigeria FMCG), making it one of EuroMena's closest peers in mandate, geography, and DFI-driven funding model.
• Mediterrania Capital Partners: Mediterrania Capital Partners is a Malta-based PE firm focused on mid-cap growth investments in North Africa (Morocco, Tunisia, Algeria, Egypt). Co-invested with EuroMena III in Indigo Company and shares a similar Maltese regulatory/operational base, North African mandate, and DFI-backed investor base.
• Development Partners International (DPI): DPI is a London-based PE firm focused on Africa with multi-billion-dollar funds under management. Direct competitor for DFI capital allocations targeting African mid-cap deals, and a peer in the emerging-markets mid-cap PE segment where EuroMena operates.
• Helios Investment Partners: Helios is a London-based Africa-focused PE firm managing multiple billion-dollar funds with a focus on mid-to-large cap investments across the continent. Closely comparable to EuroMena in Africa focus, DFI backing, and mid-cap mandate, though significantly larger in AUM.
• Swicorp / SPE Capital: SPE Capital (formerly the PE arm of Swicorp) is a Tunisia-based PE manager focused on North Africa and the Levant. Direct competitor for mid-cap North African deals and a comparable platform in terms of regional mandate, team size, and DFI relationships.
• AfricInvest: AfricInvest is a Tunis-based pan-African PE and venture capital firm with over $2B AUM, one of the largest Africa-focused PE platforms. Direct peer in the Africa-focused mid-cap PE space, with overlapping DFI backing and a comparable focus on transforming local companies into regional leaders.

Broad incumbents

• Actis: Actis is a London-based emerging-markets PE and infrastructure investor with $12B+ AUM and a long-established presence across Africa, MENA, and South Asia. Direct competitor for DFI mandates and a much larger incumbent in the same thematic space (mid-cap growth equity in emerging markets) where EuroMena operates.
• Abraaj Group (historical peer): Abraaj was the largest MENA-focused PE firm prior to its 2018 collapse, with $14B+ AUM and a global emerging-markets mandate. The most prominent historical direct peer in MENA PE, comparable in geographic focus (MENA, Africa, South Asia) and DFI LP base, though much larger and now defunct — relevant for understanding EuroMena's market positioning.

Regional players

• Citadel Capital (now Qalaa Holdings): Qalaa Holdings (formerly Citadel Capital) is a Cairo-based private equity firm focused on Egypt and MENA, with a portfolio spanning energy, cement, retail, and financial services. A regional peer in MENA PE with overlapping sector focus (financial services, retail, energy), though primarily focused on the Egyptian market.

Others

• Capital Trust Group: Capital Trust Group acts as General Partner for EuroMena I and II and co-General Partner for EuroMena III, and sits on the Investment Committee. A long-standing strategic partner rather than a competitor, with $1.5B+ raised across 100+ transactions in the US, Europe, and MENA — relevant as a co-GP and capital partner.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/the-euromena-funds

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

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

M&A

Investments6 records

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

Frequently asked questions about The EuroMena Funds