The Moroccan government has announced the selection of 14 investment fund managers to oversee a new programme aimed at strengthening the country’s economic resilience and attracting private capital into key sectors.
The initiative, led by the Mohammed VI Investment Fund (FM6I), will see a total of $1.9bn deployed across a range of strategic and high-growth sectors, including industry, agriculture, tourism, and transport. The fund is backed by $450m in public capital, with the remaining $1.46bn mobilised from local and international investors.
According to FM6I, the move is part of efforts to build a robust investment ecosystem and support businesses – particularly small and medium-sized enterprises (SMEs) – with long-term capital.
Breakdown of Fund Management Assignments
The 14 selected fund managers will each oversee a dedicated fund with a thematic or sectoral focus. These include:
AlphaVest Capital – to manage the MAIC OPCC-RFA fund, focused on industrial sectors.
CDG Invest Management – to manage Nama Fund I, focusing on industry.
Upline Investments – to manage Industrial Growth Fund I, targeting industrial development.
Attijari Capital Management and Holdagro – to manage Agrofund, focusing on agriculture and agro-industry.
Kasada Ltd – to manage Kasada Morocco Hospitality Fund, focused on tourism.
Westmont Development Limited – to manage Wesroc Hospitality Fund I, also focused on tourism.
APM Capital Morocco – to manage EMIF II Morocco Fund, focusing on transport and logistics.
BMCE Capital Investments – to manage Capital Croissance, a generalist investment fund.
CDG Invest Growth – to manage Capmezzanine V-FPCC RFA, a generalist fund targeting SMEs.
IMG Capital – to manage IMG Fund I, a generalist fund.
Mediterrania Capital Partners – to manage Mediterrania Capital IV Morocco, a generalist fund.
Private Equity Initiatives (AfricInvest) – to manage Build Up Fund, a generalist fund.
Red Med Private Equity – to manage Colombus I, a generalist fund.
Valoris Capital – to manage Valoris Equity Fund, a generalist fund.
All funds will be domiciled in Morocco, either independently or in partnership with international firms.
A Mixed Domestic and International Line-up
Nine of the selected fund managers are based in Morocco, while the remaining five are international. According to FM6I, international partners have committed to establishing local teams, which the fund says will help build technical capacity and develop Morocco’s private equity ecosystem.
FM6I, which is a signatory to the UN Principles for Responsible Investment, stated that environmental, social and governance (ESG) criteria were incorporated into the selection and monitoring process for all fund managers. The aim, it said, is to ensure responsible capital deployment that aligns with international standards.
Broader Economic Strategy
The announcement comes as Morocco continues its efforts to position itself as a regional investment hub in North Africa. The government views the mobilisation of private capital — supported by strategic public funds — as a key tool to reduce economic vulnerability, create jobs, and stimulate industrial production.
This latest initiative follows the fund’s launch of a separate $150m programme in 2024 focused on venture capital for startups in sectors such as fintech, agritech and healthtech. It is unclear whether the latest funds now cover that, although CGD Invest has been more of the active players in the country’s tech startup ecosystem.
The Mohammed VI Investment Fund was created in 2020 following a speech by King Mohammed VI and is now considered one of the country’s main levers for attracting private capital. It is managed independently and is chaired by Mohamed Benchaboun, Morocco’s former Minister of Economy and Finance.
The full list of fund managers and their investment focus is available on www.fm6i.ma.