1

The Moroccan Private Equity Market

2

6
t Principal Actors
tInstitutional investorsIPMEJOHMPOHUFSNSFTPVSDFTBOENBOBHJOHBTTFUTGPSUIFQVSQPTFPGHSPXJOHUIFN

7 *O.PSPDDP UIFTFBSFNBJOMZ

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P'JOBODJBMJOTUJUVUJPOTTVDIBTCBOLT "UUJKBSJXBGB#BOL #$1 #.$& /"5&9*4 $*$
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P*OUFSOBUJPOBM%FWFMPQNFOU'JOBODF*OTUJVUUJPOTTVDIBT&*# 1301"3$0 *'$ '.0BOEPUIFST
10 P1SJWBUFIPMEJOHDPNQBOJFT .VUBOEJT 4/*

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P0UIFSmOBODJBMJOTUJUVUJPOTTVDIBTSFUJSFNFOUGVOET $*.3 $.3
BOENVUVBMJOTVSBODFHSPVQT
12 .".%".$." $/014
'VOETPG'VOETBOEJOWFTUNFOUDPNQBOJFT $G"OOFY*

13
t Management companies performing JOUFSNFEJBUJPO 5IFZ SFTFBSDI UBSHFU DPNQBOJFT  TUVEZ UBSHFU
14
DPNQBOJFTQMBOTBOEJOWFTU XIFSFBQQSPQSJBUF GVOETFOUSVTUFEUPUIFNCZJOWFTUPST5IFJSSPMFJTFTTFOUJBM
15 CFDBVTFPGUIJTUZQFPGmOBODJOHTIJHIMFWFMPGSJTL XIJDISFRVJSFTFYUFOTJWFQSFMJNJOBSZEVFEJMJHFODFBT
XFMMBTBEWBODFETLJMMTBOEFYQFSUJTF
16

17 *O.PSPDDPBUUIFFOEPG UIFSFXFSFNBOBHFNFOUDPNQBOJFT $G"OOFY*



18
tEntrepreneursBSFCVTJOFTTMFBEFSTMPPLJOHGPSGVOEJOHUPFOTVSFUIFHSPXUIPGUIFJSCVTJOFTTFT
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20 t Buyers BSF OFX FOUSBOUT BGUFS UIF FYJU PG 1SJWBUF &RVJUZ JOWFTUPST 5IFZ NBZ CF JOEVTUSJBM JOWFTUPST  UIF
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21
TQFDJBMJ[FEJOWFTUNFOUGVOE T
JOBOPUIFS1SJWBUF&RVJUZTFHNFOU

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Market Size
1SJWBUF&RVJUZTDPOUSJCVUJPOUPUIF.PSPDDBOFDPOPNZJTTUJMMMJNJUFE)PXFWFS UIFJOEVTUSZTEFWFMPQNFOU
24
QPUFOUJBMJTWFSZTJHOJmDBOU BOEDBOSFBDIPSFYDFFE JOUIFNFEJVNUFSN ."%CJMMJPOHJWFOMPDBMBOE
25 SFHJPOBMFDPOPNJDHSPXUIPOPOFIBOE BOEJOWFTUNFOUGVOETFOHBHFNFOUJOUIFEJGGFSFOUFOUFSQSJTFMJGF

26
DZDMFTUBHFTPOUIFPUIFSIBOE*OBOFDPOPNJDFOWJSPONFOUXIFSFFRVJUZmOBODJOHOFFETBSFCFDPNJOH
NPSFJNQPSUBOU 1SJWBUF&RVJUZTFSWFTBTBDPOEVJUCFUXFFOQVCMJDTBWJOHTBOEmOBODJOHPGFDPOPNJDHSPXUI
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Private Equity Activity, Growth, and Performance in Morocco - Report 2011