APA-Rabat (Morocco) – The year 2023 witnessed an exceptional performance by Moroccan management companies, with a historic capital raising of three billion dirhams (MMDH), equivalent to approximately €279 million.
In Morocco, management companies have made an unprecedented achievement for the 2023 financial year, during which they more than doubled the funds accumulated between 2012 and 2017, which totalled 9.879 billion dirhams, or approximately one billion euros.
According to Hatim Ben Ahmed, Chairman of the Association Marocaine des Investisseurs en Capital (AMIC), trans-regional funds have dominated the Moroccan market, capturing 78 percent of capital since 2012 thanks to foreign legal structures favoured for tax and exchange rate advantages. Local funds, on the other hand, accounted for 22 percent of capital raised, favouring national legal vehicles such as ‘Organismes de Placement Collectif en Capital’ (OPCC).
The major contribution of international development organisations and banks or asset management companies was highlighted, accounting for almost 70 percent of fundraising from 2018 to 2023. In particular, Moroccan investors saw their participation increase significantly, rising from 25 percent to 45 percent of total fundraising over this period, after a decline between the first and third generations of funds.
Investment in 2023 also set a new record with 2.542 billion dirhams, involving 12 management companies in 25 new companies and 16 reinvestments. As the majority of funds are generalist, the services sector has particularly flourished, with its share rising from 18% to 41% of investments between 2000 and 2023. There has also been
significant growth in the health and education sectors.
Regionally, 74 percent of investments were made in the Casablanca-Settat region, followed by Rabat-Sale-Kenitra and Fes-Meknes. Seed and venture capital investments accounted for 36 percent of investments by number and 7 percent by value by the end of 2023, with an increase in their share from 26 percent to 53 percent between 2006 and 2023.
The year was also marked by 12 divestments totalling MAD 1.012 billion, surpassing the amounts recorded between 2012 and 2017. The average gross internal rate of return (IRR) was 12 percent, with an overall sector multiple of 1.9. The average holding period of the investments was 5.8 years.
This in-depth analysis was carried out by Grant Thornton, under the aegis of AMIC’s Research & Statistics Committee, chaired by Hassan Laaziri.
AMIC continues to bring together the majority of private equity structures, with 31 active members and 29 associate members, supporting and advising more than 280 Moroccan companies.
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