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The Moroccan Association of Capital Investors (AMIC) recently unveiled its 2023 Activity Report of the private equity sector in Morocco, a study carried out by Grant Thornton under the supervision of AMIC's Studies and Statistics Commission, chaired by Hassan Laaziri.
In 2023, capital raised reached a record 3,009 million Moroccan dirhams (MMAD), more than double the funds raised between 2012 and 2017, totaling 9,879 MMAD over the 2018-2023 period.
Transregional funds have dominated fundraising, gathering 78% of funds since 2012, while Moroccan investors have increased their contribution, accounting for 45% of total fundraising over the period.
Investments in 2023 also reached a record level of 2,542 MMAD, carried out by 12 management companies. The services sector, in particular, recorded notable growth, accounting for 41% of investments between 2018 and 2023. Regionally, almost 74% of investments were made in the Casablanca-Settat region.
In terms of divestments, the year 2023 recorded 12 cases for a total amount of 1,012 MMAD. Over the last six years, between 2018 and 2023, divestments have increased considerably compared with the previous period, accounting for 4,622 MMAD, a sign of sustained activity on the secondary market.
In terms of performance, the average gross internal rate of return (IRR) over the period 2000-2023 was 12%, with an overall multiple of 1.9. The average holding period is 5.8 years. The healthcare, services and construction sectors show the highest IRRs, at 24%, 15% and 14% respectively.
