Creating Sustainable Value

investing in the future of North Africa


$900m+

invested incl. $280m of co-investment capital

30,000+

jobs supported through our investments

$1.2bn+

returned from 12
realizations

$1.1bn+

Total revenue
across our portfolio

160%+

portfolio net income growth 2023 on 2022

$125m+

largest investor
across our funds

About Us

Growth, Impact, Empowerment. As growth investors, we partner with innovative entrepreneurs, management teams, and family offices to develop and expand unique middle-market businesses with a purpose-driven focus. Entrusted to deliver robust returns, we promote sustainable job creation and expand choices for low to middle-income consumers, fostering more inclusive growth and access to quality products and services. Our investment portfolio covers key sectors such as consumer goods, education, healthcare, and financial services — areas we identify as having significant potential for future growth.

Our Value Add

Building a company is hard. We partner with entrepreneurs and management teams who have turned their visions into reality. Our role is to support these teams to achieve more together than they could alone. With over 15 years of sector experience, we have evolved from generalist investors to sector-focused specialists, consistently creating value for our LPs through growth and transformation initiatives including strategic development, leadership and talent cultivation, brand transformation, data analytics, and supply chain optimization allowing us to unlock the full potential of our investments with a proven, value-driven approach.

Shared Ownership

Ownership works. We are committed to offering our portfolio company employees the chance to accumulate wealth within the workplace through shared ownership. Our experience shows that widespread employee ownership not only facilitates significant wealth accumulation for staff but also elevates family well-being, revitalizes company cultures, boosts employee involvement, and enhances business outcomes, leading to more robust organizations. Granting employees a share in the value they contribute to isn't just a sound business practice and a wise investment approach; it's fundamentally the right approach. 

Our People

Experienced, Entrepreneurial, Passionate. We are a team that is entrepreneurial, passionate about our work, is working for the long-term, and have worked together for over a decade across multiple funds with a unique track record of results delivery in our focus sectors. Our passion lies in helping shape a vibrant entrepreneurial ecosystem, effecting lasting change, and creating substantial exit opportunities, all with the aim to position North Africa on an equal footing in the global economy.

We deliver for investors by building businesses that power tomorrow’s economy. 

Our Portfolio

Nothing explains what we do better than the partner companies we back. Below are some of the leading companies in their sectors positively impacting their communities. These companies benefit from large addressable markets, defensible business models, and high quality capable management teams. The aggregate value of equity of our current partner companies is in excess of $1bn. 

Cleopatra Hospitals Group is the largest hospital network in Egypt, our buy and build strategy since 2014 to provide access to quality healthcare.
Taoufik Hospitals Group is the largest hospital network in Tunisia, our buy and build strategy since 2014 to provide access to quality healthcare.
Taaleem is Egypt's leading higher education group, our buy and build strategy since 2015 to deliver quality affordable higher education.
Lilas is the leading local branded FMCG producer in Francophone Africa, based in Tunisia, manufacturing from diapers to personal care products across Africa.
Cepro is Algeria's leading independent diapers producer delivering quality affordable hygiene products across the country.
MaxAB is re-engineering the traditional retail market using digital technologies and data analytics in North Africa, from Egypt. 

Realized Investments

We have been fortunate in the last decade to have partnered with leading companies across different sectors, geographies and transaction structures generating impact with attractive returns for our investors and partners. We have returned over $1.2 billion from 12 realizations in North Africa, and more than $1.6bn including the rest of the Middle East.

We unlock value by finding great companies with untapped potential and enhancing their performance. 

Our Impact

Our commitment is to provide superior returns while driving significant and enduring improvements for underserved businesses and customers in North Africa and beyond. At the heart of our mission is creating impact, with ESG principles guiding us to ensure this impact is achieved responsibly. We employ a combination of financial, operational KPIs, and governance indices to effectively measure and steer performance across our partner companies. Impact measurement and management are integral to every stage of our underwriting and investment process as we believe the need for our companies to integrate ESG into their core strategies and operations, rather than just reporting on them, to ensure long-term profitability. 

Each year, we transparently report our collective impact data, aligning with our impact measurement framework and concentrating on the most relevant and significant KPIs in our portfolio. Our impact strategy focuses on three key areas: i) expanding access to goods and services for both consumers and businesses, ii) enhancing quality through affordability, diverse product offerings, convenience, and efficiency, and iii) nurturing positive changes in our markets to encourage inclusive growth and establish investment-friendly environments. 

We are committed to advancing towards Paris Alignment. As part of this commitment, we have pledged to use commercially reasonable efforts to identify green Investments, aiming to allocate capital to projects that contribute to climate change mitigation, adaptation, and other environmental objectives. These investments will focus on energy and resource efficiency, with capital expenditures expected to positively impact the environment. 

Improving access to congenital heart disease surgeries in Africa.
Expanding higher education for employment across Egypt.
Creating FMCG jobs through capital investment in Tunisia.
Adding much needed quality hospital bed capacity in Egypt.
Capital investment in the FMCG sector to aid in decarbonization.
Promoting gender balance  across our partner companies.

► Impact Results 2023


We work with external experts and advisors on best in class independent impact portfolio monitoring and reporting to our investors. 

READ MORE

Jobs Supported

13,172

JOBS SUPPORTED BY OUR PORTFOLIO

$67 million

SALARIES PAID IN LOCAL ECONOMIES

4,226

EMPLOYEES TRAINED

Gender Balance

39%

WOMEN IN TOTAL PORTFOLIO WORKFORCE

221

WOMEN IN MANAGEMENT

27% senior roles

FILLED BY WOMEN

Other Metrics

1,137,327 

MEDICAL SERVICES RENDERED INCLUDING TELECONSULTATIONS

2,220,054 

DIAGNOSTIC TESTS AND LAB SUPPLIES PROVIDED

9,213

UNIVERSITY STUDENTS EDUCATED

65% 

STUDENTS WHO OBTAINED EMPLOYMENT 6MO AFTER GRADUATION

ESG principles guide us to ensure our impact is achieved responsibly. 

     prior years

2023

RMBV explores healthcare investment opportunities in Egypt - Express

RMBV is actively examining new investment opportunities in the country. 

Ex-Abraaj team takes another tilt at launching new fund - Private Equity International

RMBV is making a further attempt at raising a new private equity fund aiming to reach a first closing end of 2023  ...

EBRD to invest in RMBV’s USD 300 mn North Africa fund

The European Bank for Reconstruction and Development (EBRD) will invest USD 60 mn in RMBV's third North African fund ...

2022

Events: RMBV presents at the SuperReturn Africa conference in Cape Town

RMBV presented the North Africa investment opportunity at the SuperReturn Africa conference …

RMBV returns over $200m to investors from exits and distributions in 2022, well above 2021 levels of $55m

Despite a challenging macro-economic backdrop, RMBV have continued the relentless focus on driving liquidity events with good returns to investors. In 2022, RMBV have distributed over $200m to investors through exits on local equity markets and secondary transactions, well above 2021 levels of $55m ...

Events: RMBV presents at the Sango Capital LP conference in Cairo

RMBV presented the consumer opportunity in Egypt and North Africa at the Sango Capital Cairo conference …

Events: RMBV presents at the South Suez Capital Africa conference

RMBV presented the consumer opportunity in Egypt and North Africa at the South Suez Capital Cairo conference …

RMBV's partner company MaxAB nabs $40m - TechCrunch

To continue growth due to the rising demand for food and groceries and fuel its expansion across the MENAP region, MaxAB has raised more money, this time a pre-Series B to the tune of $40 million …

RMBV backed JM Holding increases it shareholding in Lilas - ilboursa 

JM Holding acquires 201,217 shares in SAH (Lilas) in September 2022 ...

RMBV closes its c. $150m RCare continuation fund investment in Care Healthcare - Filing 

RMBV managed fund, RCare, completes its Care Healthcare Ltd (Malta) landmark continuation investment, making this one of the largest private equity investments in Egypt since 2018. Care owns 464,000,000 shares representing 29% of the shares of Cleopatra Hospitals S.A.E, listed on the Egyptian Stock Exchange (CLHO.CA). RCare is controlled by Ahmed Badreldin, the Managing Partner of RMBV and current chairman of Cleopatra Hospitals Group through its General Partner, RCare GP ...

2021

RMBV sells 23% of its investment in Cleopatra Hospitals Group (CHG) to MCI Capital - Enterprise

MCI Capital Healthcare Partners, a subsidiary of Banque Misr's CI Capital, has acquired around 23%, or 367.8 mn shares, of Cleopatra Hospitals Group (CHG) ...

Thndr Claps with WAYA ft, Ahmed Badreldin, Top Impact Investor - Waya

This article is the first of three introducing Ahmed Badreldin and his main portfolio companies.  ...

RMBV leads the $55m Series A round in MaxAB, North Africa's leading B2B e-commerce business - Techcabal

MaxAB, an Egyptian eCommerce platform that serves food and grocery retailers, has raised an additional $15M from existing investors bringing its total Series A funding to $55M, the largest ever by an Egyptian startup …

RMBV's Taaleem's IPO oversubscribed by 29.38 times - Mubasher

The Egyptian Exchange (EGX) announced that the initial public offering of (IPO) of Taaleem Management Services has been oversubscribed by 29.38 times. Investors have placed orders for 525.616 million shares at a value of EGP 5.75 …


2020

RMBV to launch USD 300 mn North Africa fund - Enterprise

RMBV about to hit the road to raise a USD 300 mn fund that will target North Africa,  ...

Ex-Abraaj veteran doubles capital on North Africa fund exits - PE News

Ahmed Badreldin, who decided to leave the Dubai-based firm in 2018, made seven exits from the fund since then ...


2019

Care Healthcare divests 31.5% stake in Cleopatra Hospitals - Enterprise

Care Healthcare sold a 31.5% stake in Cleopatra Hospital Group on Wednesday, Cleopatra said in a bourse filing on Thursday. Care Healthcare, which prior to the transaction held a commanding 69.4% stake in Cleopatra, sold 503 mn shares at EGP 5.2 a share in a transaction worth EGP 2.6 bn — bringing Care’s ownership stake in Cleopatra down to 37.9% ...

Abraaj’s North Africa Fund Wants to Split From Parent - WSJ

The North Africa deal team is asking liquidators of Abraaj, the Dubai-based private-equity firm that started liquidation proceedings in June, to consider “an amicable separation” of the unit from the rest of the firm, a document sent to some investors said ...


2018

How to mitigate against GP 'sharp practice'

Ahmed Badreldin, former head of MENA for The Abraaj Group, writes for PEI about his thoughts for LPs on fund due diligence lessons and investor  ...