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ACTIVITY REPORT PRIVATE EQUITY MOROCCO 2019 12 th edition - February 26, 2020

Charte Graphique - GTM...News 2019 Investments Exits Performance Integration of 3 new funds of AMETHIS NA : - AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II 1,187 Mln MAD

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Page 1: Charte Graphique - GTM...News 2019 Investments Exits Performance Integration of 3 new funds of AMETHIS NA : - AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II 1,187 Mln MAD

Le Capital Investissement au Maroc – Année 2017 © 2018 Grant Thornton. All rights reserved.

ACTIVITY REPORT PRIVATE EQUITY

MOROCCO 2019

12th edition - February 26, 2020

Page 2: Charte Graphique - GTM...News 2019 Investments Exits Performance Integration of 3 new funds of AMETHIS NA : - AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II 1,187 Mln MAD

PE Activity Report – AMIC 2019 © 2020 Grant Thornton

19 out of 20 respondents

Page 3: Charte Graphique - GTM...News 2019 Investments Exits Performance Integration of 3 new funds of AMETHIS NA : - AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II 1,187 Mln MAD

Summary

PE Activity Report – AMIC 2019 © 2020 Grant Thornton 3

1. Executive Summary

2. Funds Raising

3. Investments

4. Exits

5. Private Equity Performance

6. Annexes I. Key Figures

II. Forecasts

III. Scope & Methodology

IV. Acronyms

V. Glossary

Présentateur
Commentaires de présentation
WCF: note Sommaire modified in Template to Summary
Page 4: Charte Graphique - GTM...News 2019 Investments Exits Performance Integration of 3 new funds of AMETHIS NA : - AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II 1,187 Mln MAD

PE Activity Report – AMIC 2019 © 2020 Grant Thornton

4.8 Bln MAD for ≃ 120 divestments

8.5 Bln MAD whose:

- 7.3 Bln MAD new investments - 1.2 Bln MAD reinvestments

20,8 Bln MAD whose:

- 15.3 Bln MAD for PE - 5.5 Bln MAD for infrastructure

funds

End of 2019 End of 2019 End of 2019

4

Overview of the Private Equity industry in Morocco

Funds Raising

News 2019

Investments Exits Performance

Integration of 3 new funds of AMETHIS NA :

- AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II

1,187 Mln MAD

796 Mln MAD 765 Mln MAD

In 2019 In 2019 In 2019 End of 2019

Gross IRR

Multiple

14 %

2,0 x

9 new investments

4 reinvestments

11 new divestments

Integration of CDG INVEST

1. EXECUTIVE SUMMARY

28 Fund Management

Companies

+ 50 Funds

+ 200 Invested companies

Page 5: Charte Graphique - GTM...News 2019 Investments Exits Performance Integration of 3 new funds of AMETHIS NA : - AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II 1,187 Mln MAD

PE Activity Report – AMIC 2019 © 2020 Grant Thornton

34%

43%

32%

42%

36% 39%

37%

39%

5

In number

SCA SAS OPCC Foreign SA

57%

37% 20% 25%

18%

43% 37%

50% 50%

4%

30% 25%

4%

2000 - 2005 2006 - 2011 2012 - 2016 2017 - 2019

56%

22% 8%

16%

16%

44%

56%

55%

74%

6%

37%

10% 1%

2000 - 2005 2006 - 2011 2012 - 2016 2017 - 2019

As % of value

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Funds intended for transregional investments opt primarily for foreign forms while local funds favor Moroccan legal forms (OPCC and SA)

2. LEGAL FORM OF FUNDS

Page 6: Charte Graphique - GTM...News 2019 Investments Exits Performance Integration of 3 new funds of AMETHIS NA : - AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II 1,187 Mln MAD

PE Activity Report – AMIC 2019 © 2020 Grant Thornton

Independents Financial institutions captives State captives Investment companies

6

End of 2019

61%

36%

2% 1%

As % of value

2. NATURE DES FONDS

43%

67% 84%

51%

32% 16%

3% 1% 2%

2006 - 2011 2012 - 2016 2017 - 2019

Strong growth of independent funds since the 2nd generation (2006-2011) of funds

2. NATURE OF FUNDS

Présentateur
Commentaires de présentation
Reprendre commentaire
Page 7: Charte Graphique - GTM...News 2019 Investments Exits Performance Integration of 3 new funds of AMETHIS NA : - AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II 1,187 Mln MAD

PE Activity Report – AMIC 2019 © 2020 Grant Thornton 7

XX Capital raised (including infrastructure funds

2. CAPITAUX LEVÉS (MMAD)

480

916

1,478

666 481

50

1,318

1,681

1,187

2011 2012 2013 2014 2015 2016 2017 2018 2019

980

2 416

3 078

Capital raised reached a total amount of 4.187 Mln MAD over the period 2017 - 2019

6,154

3,591 4,187

2006 - 2011 2012 - 2016 2017 - 2019

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2. CAPITAL RAISED PER YEAR (Mln MAD)

Page 8: Charte Graphique - GTM...News 2019 Investments Exits Performance Integration of 3 new funds of AMETHIS NA : - AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II 1,187 Mln MAD

PE Activity Report – AMIC 2019 © 2020 Grant Thornton

Transregional funds Moroccan funds

86%

8

2. CAPITAUX LEVÉS PAR TYPE DE FONDS (MMAD)

314

946

90

850

117 0 0 0 0

508 587

173 0

391

66

1,361

666 481

50

1,318 1,173

600

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

3,732

967 1,095

2,422 2,624

3,092

2006 - 2011 2012 - 2016 2017 - 2019

Transregional funds capture 75% of the funds raised for Morocco since 2012

2. CAPITAL RAISED BY FUND TYPE (Mln MAD)

Page 9: Charte Graphique - GTM...News 2019 Investments Exits Performance Integration of 3 new funds of AMETHIS NA : - AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II 1,187 Mln MAD

PE Activity Report – AMIC 2019 © 2020 Grant Thornton

As % of value

9

** Individuals, Private companies ** Funds of funds, Holdings, Investment companies

State & Public Organizations International Development Organizations Others*

Insurance Companies Investment vehicules**

Bank & Asset Management Companies

2. CAPITAUX LEVÉS PAR TYPE D’INVESTISSEUR

20% 30%

46% 62% 24%

16%

11% 10% 9%

13% 5% 8%

29% 9% 21% 32%

8% 9% 6%

5% 2% 4%

1% 1% 6% 8% 5%

2000 - 2005 2006 - 2011 2012 - 2016 2017 - 2019

International development organizations provide more than half of the funds raised from 2017, representing 62% of the funds raised for the 4th generation of funds

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2. CAPITAL RAISED BY INVESTOR TYPE

Pension Funds

Page 10: Charte Graphique - GTM...News 2019 Investments Exits Performance Integration of 3 new funds of AMETHIS NA : - AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II 1,187 Mln MAD

PE Activity Report – AMIC 2019 © 2020 Grant Thornton

*Kuweit, Saudi Arabia, Tunisia, UAE, USA

European Union Other countries* Morocco

58%

42% Moroccan capital

Foreign capital

End of 2019

10

End of 2010

47%

53%

2. CAPITAUX LEVÉS PAR NATIONALITÉ DES INVESTISSEURS

26% 36% 57%

81% 1%

16% 7%

3%

73% 48% 36%

16%

2000 - 2005 2006 - 2011 2012 - 2016 2017 - 2019

Strong increase in capital raised from international investors

2. CAPITAL RAISED BY INVESTOR NATIONALITY

Page 11: Charte Graphique - GTM...News 2019 Investments Exits Performance Integration of 3 new funds of AMETHIS NA : - AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II 1,187 Mln MAD

PE Activity Report – AMIC 2019 © 2020 Grant Thornton

Amounts invested and reinvested (in Mln MAD)

Amounts invested Amounts reinvested Number of companies

Number of new investments

11

3. MONTANTS INVESTIS ET RÉINVESTIS

193

499

593

363

714

293

1 024

707

112

219

92

148

84

50

58

6

17

14

10

18

6

16

9

2014

2013

2012

2015

2016

2017

2018

2019

Investments amounted to 765 Mln MAD in 2019 with 9 new investments recorded

NB: Update of investments made in 2018

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3. EVOLUTION OF INVESTED AND REINVESTED FUNDS

174

Page 12: Charte Graphique - GTM...News 2019 Investments Exits Performance Integration of 3 new funds of AMETHIS NA : - AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II 1,187 Mln MAD

PE Activity Report – AMIC 2019 © 2020 Grant Thornton

*Béni Mellal - Khénifra, Dakhla-Oued Eddahab, Darâa - Tafilalet, Guelmim - Oued Noun, Laâyoune - Sakia El Hamra, The’Oriental, Souss - Massa

12

9%

6%

Rabat - Salé - Kénitra

Casablanca - Settat

8%

67% Fez - Meknes

Tangier - Tétouan - Al Hoceima

Marrakech - Safi 5%

67%

9%

8%

6% 5% 5%

Rabat - Salé - Kénitra

Tangier - Tétouan - Al Hoceima Casablanca - Settat Marrakech - Safi Fez - Meknes Other regions*

As % of value

3. ZONES GÉOGRAPHIQUES DES ENTREPRISES INVESTIES

End of 2019

3. LOCATION OF INVESTED COMPANIES

Page 13: Charte Graphique - GTM...News 2019 Investments Exits Performance Integration of 3 new funds of AMETHIS NA : - AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II 1,187 Mln MAD

PE Activity Report – AMIC 2019 © 2020 Grant Thornton 13

Rabat - Salé - Kénitra Tangier - Tétouan - Al Hoceima Casablanca - Settat Marrakech - Safi

Fez - Meknes Other regions

77% 68% 65%

In number As % of value

73% 72% 62% 68%

7% 2% 4%

3%

10% 9%

13% 19%

4% 4%

7% 5% 1% 9%

5% 12% 8% 3%

2000 - 2005 2006 - 2011 2012 - 2016 2017 - 2019

77% 68% 63% 69%

2% 7%

5%

17% 13%

7% 10%

7% 10% 8%

2% 3% 9% 4% 5% 8% 5% 1%

2000 - 2005 2006 - 2011 2012 - 2016 2017 - 2019

3. ZONES GÉOGRAPHIQUES DES ENTREPRISES INVESTIES

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3. LOCATION OF INVESTED COMPANIES (2)

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PE Activity Report – AMIC 2019 © 2020 Grant Thornton

Per fund generation End of 2019

14

*Aerospace, Education, Packaging, Chemical industry and others

Iauto industry Primary Health

ICT Agribusiness Trade & Distribution

Other industries* Construction & Public Works

Services & Transport

17%

25%

25%

16%

13% 15%

14%

7% 5% 4%

1%

3. SECTEURS D’ACTIVITÉ DES ENTREPRISES INVESTIES

18% 25% 29% 25%

25% 15% 15% 15%

1% 22% 8% 13% 12%

19%

12% 13% 11%

12%

10% 21%

27%

5%

4%

1% 14% 8%

6% 1% 6% 3% 1% 2% 1%

2000 - 2005 2006 - 2011 2012 - 2016 2017 - 2019

3. SECTORS OF INVESTED COMPANIES

Page 15: Charte Graphique - GTM...News 2019 Investments Exits Performance Integration of 3 new funds of AMETHIS NA : - AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II 1,187 Mln MAD

PE Activity Report – AMIC 2019 © 2020 Grant Thornton

Par génération de fonds

1%

6%

79%

14%

End of 2019

15

Turn around Seed & Venture Buy out Growth

As % of value

3. STADE DE DÉVELOPPEMENT DES ENTREPRISES INVESTIES

71% 75% 93%

23% 16%

1% 5% 7% 5% 1% 2% 1%

2006 - 2011 2012 - 2016 2017 - 2019

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3. INVESTED COMPANIES BY DEVELOPMENT STAGE

Per fund generation

Présentateur
Commentaires de présentation
Page 16: Charte Graphique - GTM...News 2019 Investments Exits Performance Integration of 3 new funds of AMETHIS NA : - AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II 1,187 Mln MAD

PE Activity Report – AMIC 2019 © 2020 Grant Thornton

Par génération de fonds

26%

61%

12%

1%

End of 2019

16

In number

3. STADE DE DÉVELOPPEMENT DES ENTREPRISES INVESTIES

56% 58% 71%

14% 25%

13% 8% 29%

17% 9%

2006 - 2011 2012 - 2016 2017 - 2019

3. INVESTED COMPANIES BY DEVELOPMENT STAGE (2)

Turn around Seed & Venture Buy out Growth

Per fund generation

Présentateur
Commentaires de présentation
Page 17: Charte Graphique - GTM...News 2019 Investments Exits Performance Integration of 3 new funds of AMETHIS NA : - AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II 1,187 Mln MAD

PE Activity Report – AMIC 2019 © 2020 Grant Thornton

>67% <34% 34-50 50-67

In number As % of value

17

3. TRANCHE DE CAPITAL ACQUISE DANS LES ENTREPRISES

44% 61%

42%

35% 3% 11% 4%

2012 - 2016 2017 - 2019

49%

81%

33%

18% 6% 12%

1%

2012 - 2016 2017 - 2019

Significant decline in majority transactions in favor of minority positions, mainly those below 34% of capital acquired

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3. COMPANIES FUNDED BY PERCENT OF CAPITAL ACQUIRED

Page 18: Charte Graphique - GTM...News 2019 Investments Exits Performance Integration of 3 new funds of AMETHIS NA : - AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II 1,187 Mln MAD

PE Activity Report – AMIC 2019 © 2020 Grant Thornton 18

Per fund generation

<10 Mln MAD >100 Mln MAD 50-100 Mln MAD 20-50 MLn MAD 10-20 Mln MAD

Tickets ≤ 20 MMAD

Tickets ≥ 100 MMAD

End of 2019 (Size Concentration)

In number

3. TAILLE DES TRANSACTIONS

40%

26% 22% 12%

]0,5] ]5,10] ]10,15] ]15,20]

55%

14% 9% 21%

[100, 125] ]125, 150] ]150, 175] ]175, …

13% 23%

18% 16%

32% 19%

10% 19%

27% 23%

2012 - 2016 2017 - 2019

Increase of the number of transactions over 100 Mln MAD between the 3rd and 4th generation (from 13% to 23%) as well as transactions between 10 and 20 Mln MAD (from 10% to 19%)

3. COMPANIES FUNDED BY TRANSACTION SIZE

Tickets ≤ 20 Mln MAD

Tickets ≥ 100 Mln MAD

Page 19: Charte Graphique - GTM...News 2019 Investments Exits Performance Integration of 3 new funds of AMETHIS NA : - AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II 1,187 Mln MAD

PE Activity Report – AMIC 2019 © 2020 Grant Thornton

7

12

8

Seed / Venture

2006 - 2011 2012 - 2016 2017 - 2019

43 55

92 Growth / Buy out / Turn around

19

2006 - 2011

2012 - 2016

2017 - 2019

Average ticket (2017 – 2019) = 49 Mln MAD

3. TICKETS MOYENS DES INVESTISSEMENTS

The growing size of funds results in the doubling of the average investment tickets in two generations

Investment tickets are aimed at the needs of start-ups

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3. AVERAGE TICKET SIZE (Mln MAD)

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PE Activity Report – AMIC 2019 © 2020 Grant Thornton 20

Par année

By fund generation

360 448

81 99 182 205

968

314

796

2017 2011 2012 2016 2013 2014 2015 2018

4. DÉSINVESTISSEMENTS EN VALEUR (MMAD)

1 496 1 015

2 079

2006 - 2011 2012 - 2016 2017 - 2019

2019

11 divestments carried out for a total amount of 796 Mln MAD

4. EVOLUTION OF EXITS (as % of value, Mln MAD)

By year

Page 21: Charte Graphique - GTM...News 2019 Investments Exits Performance Integration of 3 new funds of AMETHIS NA : - AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II 1,187 Mln MAD

PE Activity Report – AMIC 2019 © 2020 Grant Thornton

As % of value In number

21

Management / Historical Shareholder Industrial / Strategic IPO Secondary market

Payback Loss realized

1% 9% 3%

18%

55%

25%

56% 18%

56%

11%

5%

15% 6%

21%

1%

2006 - 2011 2012 - 2016 2017 - 20192%

17% 4%

9%

6%

7%

28% 16%

22% 24% 29%

17% 5%

43% 28%

38%

5%

2006 - 2011 2012 - 2016 2017 - 2019

Other (Public Agencies, etc.)

Increase in the number of secondary market exits between the 3rd and 4th generation of funds (18% to 55%)

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E XITS

4. EXITS BY FUND GENERATION

Page 22: Charte Graphique - GTM...News 2019 Investments Exits Performance Integration of 3 new funds of AMETHIS NA : - AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II 1,187 Mln MAD

PE Activity Report – AMIC 2019 © 2020 Grant Thornton

En valeur In number

22

31%

22%

29%

15%

2% 1%

35%

22%

19%

8%

10% 5%

1%

At the end of 2019, funds achieved 122 exits Industrial and secondary market exits represent 60% of the amounts divested

4. EXITS AT THE END OF 2019

Management / Historical Shareholder Industrial / Strategic IPO Secondary market

Payback Loss realized Other (public agencies, etc.)

As % of value

Page 23: Charte Graphique - GTM...News 2019 Investments Exits Performance Integration of 3 new funds of AMETHIS NA : - AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II 1,187 Mln MAD

PE Activity Report – AMIC 2019 © 2020 Grant Thornton

-11%

6% 17%

39%

Quartile 1 Quartile 2 Quartile 3 Quartile 4

Weighted average IRR at end of 2019 : 14 %

Average multiple (unweighted) : 2.0 (Seed-Venture: 1,2 / Growth: 2,3 / Turn around: 1,8)

Average investment length: 6.1 years

TRI Brut par stade

2.0 x

TRI Brut

14 %

Multiple global

Gross Internal Rate of Return (IRR)* Multiple

2000-2019

* Average Gross IRR on exits (Cf. Methodology)

23

19 53 12

On the basis of 84 exits

Unweighted average IRR per quartile

XX Exits number per stage

2%

14% 17%

Seed / Venture Growth Turn around

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PERFORMANCE

5. DIVESTMENT PERFORMANCE

Gross IRR per stage

Page 24: Charte Graphique - GTM...News 2019 Investments Exits Performance Integration of 3 new funds of AMETHIS NA : - AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II 1,187 Mln MAD

PE Activity Report – AMIC 2019 © 2020 Grant Thornton

I. Key Figures

II. Forecasts

III. Scope & Methodology

IV. Acronyms

V. Glossary

24

6. ANNEXES

Page 25: Charte Graphique - GTM...News 2019 Investments Exits Performance Integration of 3 new funds of AMETHIS NA : - AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II 1,187 Mln MAD

PE Activity Report – AMIC 2019 © 2020 Grant Thornton

Funds raised

Investments

Exits

Performance Average multiple = 2.0 x

More than 20 Bln MAD raised for Private Equity and

infrastructure

73 % funds raised since 2012 are by transregional

funds

8.5 Bln MAD invested in ≃ 210 companies by the

end of 2019

765 Mln MAD invested in 2019

Average

investment ticket Seed / Venture = 8 Mln MAD (2017-2019)

Weighted average gross IRR = 14 %

Average investment time

= 6.1 années

Accumulated amounts exited end of 2019

≃ 5 Bln MAD

55 % of exits since 2017 through secondary market

25

About 2,7 Bln MAD still available for investment excluding infrastructure

Average investment

ticket Growth / Buy out / Turn around

= 92 Mln MAD (2017-2019)

Amount divested in 2019

= 796 Mln MAD

I. KEY FIGURES

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PE Activity Report – AMIC 2019 © 2020 Grant Thornton

36%

33%

17%

14%

Identifying exits Managing portfolio companies Fundraising

Investing in new companies Sub-Saharan Africa

Algeria

Tunisia

Egypt

Morocco

Priority investment areas (for transregional funds)

26

25%

25% 17%

17%

8% 8%

Other

II. FORECASTS

Main challenges for 2020

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PE Activity Report – AMIC 2019 © 2020 Grant Thornton

43%

14% 14%

29%

Planned fundraising for news funds

19% 28%

24% 28%

Planned exits of the majority of porfolio companies

S2 2020 S1 2020 S2 2021 S1 2021

S2 2020 S1 2020 S2 2021 S1 2021

27

* For management companies planning to raise new funds (1st graphic) and to look for exits (2nd graphic)

II. FORECASTS* (2)

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PE Activity Report – AMIC 2019 © 2020 Grant Thornton 28

11%

10%

13%

Services Health

Energy

Education

Distribution Consumer Goods Transport & Logistics

New technologies

Agribusiness Telecom Automotive Construction & Public Works

Investment sectors over the next 5 years

13%

13%

11%

11% 10%

10%

7%

7%

7%

5% 5%

2%

II. TENDANCES II. FORECASTS (3)

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PE Activity Report – AMIC 2019 © 2020 Grant Thornton

AFRICINVEST

BMCI DEVELOPPEMENT

FIROGEST

MPEF I

MPEF II

MPEF III

MPEF IV

ALMAMED

MASSINISSA MAROC

MASSINISSA LUXEMBOURG

ATLAMED

AM INVEST MOROCCO

ATTIJARI INVEST

AGRAM INVEST IGRANE

Moroccan Infrastructure Fund

AZUR PARTNERS

NÉBÉTOU FUND

BMCI DÉVELOPPEMENT

BROOKSTONE PARTNERS

EMERALD FUND MJT PARK

CDG CAPITAL INFRA

INFRAMED INFRAMAROC

CDG CAPITAL PE

SINDIBAD

CAPMEZZANINE

CAPMEZZANINE II

AMETHIS NORTH AFRICA

AMETHIS MAGHREB FUND I

SEAF MOROCCO

SEAF MOROCCO Growth Fund

ENTREPRISES PARTNERS

HOLDAGRO

TARGA

INFRA INVEST

ARGAN INFRASTRUCTURE FUND

MEDITERRANIA CAPITAL PARTNERS

MEDITERRANIA CAPITAL I

MEDITERRANIA CAPITAL II

MEDITERRANIA CAPITAL III

MITC CAPITAL

MAROC NUMERIC FUND

MAROC NUMERIC FUND II

OCP SA

OIFFA

PME CROISSANCE

UPLINE INVESTMENTS

FONDS MOUSSAHAMA I

UPLINE INVESTMENT FUND

FONDS MOUSSAHAMA II

Fund management companies New funds in 2019

Funds in divestment phase or divested

29

AMETHIS FUND I

AMETHIS FUND II

AMETHIS MENA FUND II

CDG INVEST

FIPAR AfricInvest I

III. SCOPE & METHODOLOGY

3P FUND

FIRO

Fund management management

PRIVATE EQUITY INITIATIVES (AFRICINVEST)

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PE Activity Report – AMIC 2019 © 2020 Grant Thornton

This study includes:

• All fund management companies which are members of AMIC with a local representative office in Morocco and have a portion of funds to invest dedicated to Morocco

• Funds investing mainly in SMEs and unlisted companies

• Limited Life Funds

• Infrastructure Funds both with greenfield and brownfield investment

• All investment sectors except funds dedicated to real estate and tourism

• Data collection was done via a survey of 20 management companies on a self reporting basis (including infrastructure funds)

30

Scope

III. SCOPE & METHODOLOGY (2)

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PE Activity Report – AMIC 2019 © 2020 Grant Thornton

CAPITAL RAISED The amounts of funds raised only includes the part dedicated to Morocco and the part dedicated to Private Equity Amounts raised by infrastructure funds are analyzed and presented separately For transregional funds where the portion dedicated to Morocco has not been communicated, only actual amounts invested are reported The review of statements of certain funds resulted in technical corrections to the amounts raised by year (hence differences from amounts presented in previous years) INVESTMENTS The amounts invested represent amounts disbursed Detailed investment analysis does not include “Large Caps” (transaction over 200 mln MAD) as this new segment does not currently include a sufficient number of transactions EXITS AND PERFORMANCE Amounts exited are amounts of sales of investments IRRs represent gross IRRs upon exit as reported by the funds The scope of IRR calculations does not include partial exits or IRRs from investments of less than 1 year IRR are weighted by amounts invested Losses caused by exceptional events have note been taken into account in the average calculation of IRR

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III. PÉRIMÈTRE ET MÉTHODOLOGIE DE L’ÉTUDE III. SCOPE & METHODOLOGY (3)

Methodology

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PE Activity Report – AMIC 2019 © 2020 Grant Thornton

Bln MAD Milliards de Dirhams marocains ICT Information and Communications Technology IPO Initial Public Offering (Introduction en Bourse) IRR Internal Rate of Return Mln MAD Millions de Dirhams marocains OPCC Organisme de Placement Collectif en Capital, investment vehicule dedicated to PE and created by Law 41-05 and modified by Law 18-14 SA Société Anonyme, equivalent to standard Corporation in Common Law SAS Société par Actions Simplifiée, equivalent to Limited Liability Company (LLC) SCA Société en Commandite par Actions, a partnership limited by shares

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IV. ACRONYMS

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PE Activity Report – AMIC 2019 © 2020 Grant Thornton

Buy out Capital (transmission capital): Transmission capital operations allow an executive, associated with a PE fund, to transfer its company, or more generally prepare its enterprise succession by selling its business in several stages. Exit Amount: Exit valued at proceeds of sale of investment in the enterprise. Exit Mode: Management Share by-back from PE investor by management of the enterprise. Exit Mode: Payback Recovery of the initial amount of an investment. This sometimes corresponds to the repayment of advances in equity. Funds of Funds: A fund raising funds from multiple sources for investment in a diverse number of private equity funds. Growth Capital (late stage venture capital): Investment in equity and quasi-equity in order to finance the development of a business or the acquisition of new stocks. The business partner is a company established in its markets, profitable and having significant growth prospects. Frequently called Growth Venture Capital. IRR (Internal Rate of Return): Measurement of the average annualized rate of return of an investment consisting of negative flows (cash outflows) and positive flows (cash inflows). It is used to measure and monitor performance of private equity transactions. Invested Capital: Capital invested in enterprises by venture or private equity fund companies. Multiple: Investment Multiple = Proceeds of sale / Invested amount.

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V. GLOSSARY

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PE Activity Report – AMIC 2019 © 2020 Grant Thornton

Private Equity Fund: An investment vehicle that raises capital from a diverse group of investors with a view to investing in unlisted private firms and realizing capital gains shared among investors. Quartile: Division of the quartiles are the values that share a set of values into four equal parts. Thus, in the distribution of IRR for example, the first quartile is the IRR below which lie 25% of IRRs. Quasi Equity: Financing vehicles that combine both debt and equity characteristic. Raised Capital: Confirmed investment commitments in venture or private equity funds. Seed Capital: Seed Capital investors bring, along with equity, a professional network and personal experience in early stage entrepreneurial projects that are still in development. Small and Mid Caps: The definition of small and mid caps varies depending on the maturity of the markets. In Morocco, AMIC considers that the investments “Small and Mid Caps” correspond to transactions less than 200 Mln MAD. Transregional Funds: Funds targeting several investment geographies at countries level (in contrast to ‘regional’ funds focused on regional investment within Morocco alone). Venture Capital (early stage): Equity or quasi equity in young enterprises and start-ups.

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V. GLOSSARY (2)

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PE Activity Report – AMIC 2019 © 2020 Grant Thornton

Web Site: www.fidarocgt.com Web Site: www.amic.org.ma

Founded in 2000, AMIC (the Moroccan Private Equity Association) is an independent professional association whose mission is to unite, represent and promote the Private Equity profession to local and international investors, entrepreneurs and governmental bodies. AMIC's main mission is to strengthen the Private Equity industry’s competitiveness in Morocco and abroad via:

- Effective and clear communication about the Private Equity industry - Executing reliable reports and surveys on the state of Private

Equity in Morocco

- Active participation in discussions on any draft law regulating the sector

- Establishing a good governance and ethics code for the Private

Equity industry and promoting compliance with this code - Providing support services to members on regulatory issues

related to the profession

- Development of a quality training program touching on all industry fundamental skills.

Fidaroc Grant Thornton is a leading audit and consultancy firm in Morocco, and member of the Grant Thornton International, a global leader in consulting and auditing (38 500 employees, 130 countries). For over twenty years, Fidaroc Grant Thornton has supported its clients by setting a priority to listen to them and deliver creative services value. Fidaroc Grant Thornton operates in the following areas: Auditing-Statutory Auditor Advisory

- IFRS / Consolidation - Transaction and valuation services - Actuarial - Management of fixed assets - Business Risk Services - Research and strategy - Organisation - Information system - Improvement of the performance - Certification/Categorization

Legal, tax and social services advisory Outsourcing accounting and social services support