ACTIVITY REPORT

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

© 2018 Grant Thornton. All rights reserved. Le Capital Investissement au Maroc – Année 2017
 19 out of 20 respondents

PE Activity Report – AMIC 2019 © 2020 Grant Thornton

 Summary

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

PE Activity Report – AMIC 2019 3 © 2020 Grant Thornton

 1. EXECUTIVE SUMMARY

Overview of the Private Equity industry in Morocco

News 2019
Integration of 3 new funds of AMETHIS NA :
- AMETHIS Fund I

28 + 50 + 200
- AMETHIS Fund II
- AMETHIS MENA Fund II

Fund Management Integration of CDG INVEST

Funds Invested companies
Companies
9 new investments

4 reinvestments

11 new divestments

Funds Raising Investments Exits Performance

In 2019 In 2019 In 2019 End of 2019

1,187 Mln MAD 765 Mln MAD 796 Mln MAD Gross IRR 14 %

End of 2019 End of 2019 End of 2019 Multiple 2,0 x

20,8 Bln MAD whose: 8.5 Bln MAD whose: 4.8 Bln MAD for ≃
- 15.3 Bln MAD for PE - 7.3 Bln MAD new investments 120 divestments
- 5.5 Bln MAD for infrastructure - 1.2 Bln MAD reinvestments
funds

PE Activity Report – AMIC 2019 4 © 2020 Grant Thornton

 2. LEGAL FORM OF FUNDS

In number As % of value

LEVÉES
6% 1% 10%
4%
4%
30% 25% 37%
44%
43% 43% 42% 37%

I N V E S T I S S E ME N T S
37%
56%

74%
50%
18% 50% 32% 39%
34% 36% 39%
55%
56% 16%
57%

SORTIES
37%
20% 25% 22%
16%
8%
2000 - 2005 2006 - 2011 2012 - 2016 2017 - 2019 2000 - 2005 2006 - 2011 2012 - 2016 2017 - 2019

P E RF O RMA NC
SCA OPCC Foreign SAS SA

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

PE Activity Report – AMIC 2019 5 © 2020 Grant Thornton

 2.2.NATURE
NATUREOF
DES FONDS
FUNDS

As % of value

End of 2019

2%1% 2% 1%
3%
16%
32%

51%

36%

84%
61% 67%

43%

2006 - 2011 2012 - 2016 2017 - 2019

Investment companies State captives Financial institutions captives Independents

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

PE Activity Report – AMIC 2019 6 © 2020 Grant Thornton

 2.2.CAPITAL
CAPITAUX LEVÉSPER
RAISED (MMAD)
YEAR (Mln MAD)

3 078
1,681

LEVÉES
1,478
1,318
2 416 1,187
916
980
666

I N V E S T I S S E ME N T S
480 481

50

2011 2012 2013 2014 2015 2016 2017 2018 2019

SORTIES
6,154
4,187
3,591

P E RF O RMA NC
2006 - 2011 2012 - 2016 2017 - 2019

E
XX Capital raised (including infrastructure funds

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

PE Activity Report – AMIC 2019 7 © 2020 Grant Thornton

 2. CAPITAL RAISED BY FUND TYPE (Mln MAD)

1,361 1,318
1,173
2. CAPITAUX LEVÉS PAR TYPE DE FONDS (MMAD)
946
850
666
508 587 600
481
391
314
173 90 117
66
0 0 0 0 50 0

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

3,732
3,092
Moroccan funds
2,624
Transregional funds 2,422

967 1,095

86%

2006 - 2011 2012 - 2016 2017 - 2019

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

PE Activity Report – AMIC 2019 8 © 2020 Grant Thornton

 2.2.CAPITAL
CAPITAUX LEVÉS
RAISED BYPAR TYPE D’INVESTISSEUR
INVESTOR TYPE

As % of value

LEVÉES
1% 5% 6% 5%
8% 1%
2% 4% 6%
8%
9%
32% 21%
9%

I N V E S T I S S E ME N T S
29%
13% 5%
8%
10% 9% 11%

16%
24% 62%
46%
30%
20%

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

International Development Organizations Bank & Asset Management Companies Pension Funds Others*

P E RF O RMA NC
State & Public Organizations Insurance Companies Investment vehicules**

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

E
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

PE Activity Report – AMIC 2019 9 © 2020 Grant Thornton

 2.2.CAPITAL
CAPITAUX LEVÉS
RAISED PAR
BY NATIONALITÉ
INVESTOR DES INVESTISSEURS
NATIONALITY

16%
36% 3% Morocco
48%
73% 7%
Other countries*
European Union
16% 81%
1% 57% *Kuweit, Saudi Arabia, Tunisia, UAE, USA
36%
26%

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

End of 2010 End of 2019

Foreign capital
42
53 47 Moroccan capital
%
% % 58
%

Strong increase in capital raised from international investors

PE Activity Report – AMIC 2019 10 © 2020 Grant Thornton

 3.3.EVOLUTION
MONTANTSOF
INVESTIS ET RÉINVESTIS
INVESTED AND REINVESTED FUNDS

Amounts invested and reinvested (in Mln MAD) Number of new investments
I

LEVÉES
2012 193 112 6 N
2013 499 219 17 V
E

INVESTISSEMENTS
2014 593 92 14

2015 363 148 10

S
2016 714 84 18
T
M
2017 293 50 6
E

SORTIES
2018 1 024 174 16
N
2019
T
707 58 9

P E RF O RMA NC
Amounts reinvested Amounts invested Number of companies

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

NB: Update of investments made in 2018

PE Activity Report – AMIC 2019 11 © 2020 Grant Thornton

 3.3.LOCATION OF INVESTED COMPANIES
ZONES GÉOGRAPHIQUES DES ENTREPRISES INVESTIES

As % of value
Tangier - Tétouan - Al Hoceima
End of 2019 6%

Rabat - Salé - Kénitra 8%

5%
5% 9%
Fez - Meknes
Casablanca - Settat 67%
6%
Marrakech - Safi 5%
8%

9%
67%

Casablanca - Settat Tangier - Tétouan - Al Hoceima

Fez - Meknes Marrakech - Safi
Rabat - Salé - Kénitra Other regions*

*Béni Mellal - Khénifra, ​ Dakhla-Oued Eddahab, Darâa - Tafilalet, ​

Guelmim - Oued Noun, Laâyoune - Sakia El Hamra, The’Oriental,
Souss - Massa​

PE Activity Report – AMIC 2019 12 © 2020 Grant Thornton

 3.3.LOCATION OF INVESTED COMPANIES
ZONES GÉOGRAPHIQUES (2)
DES ENTREPRISES INVESTIES

In number As % of value I

LEVÉES
3% 1%
N
5% 8% 5% 5% 4%
5% 12%
1% 9%
7% 3% 8%
10%
9%
2%
7% V
10% 4% 13%
4% 19% 8%
E

INVESTISSEMENTS
7% 9% 2% 7% 17%
2% 13% 10%
4%
3% 7%
5% S
T
77%
M
73% 72%
62%
68% 68% 63%
69%
E

SORTIES
N
77%
68% 65%

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

P E RF O RMA NC
Casablanca - Settat Tangier - Tétouan - Al Hoceima Fez - Meknes

E
Rabat - Salé - Kénitra Marrakech - Safi Other regions

PE Activity Report – AMIC 2019 13 © 2020 Grant Thornton

 3.3.SECTORS
SECTEURS
OFD’ACTIVITÉ DES ENTREPRISES INVESTIES
INVESTED COMPANIES

End of 2019 Per fund generation

6% 1% 1% 2% 3% 1%
5% 6%
1% 8%
12% 14% 1%
25% 27%
5%4% 4% 21%
25% 19%
7% 10%
11% 13%
12%
14% 12% 22%
8% 13%
1%
16% 15%
15% 15%
15% 17% 25%
13%
25% 29% 25%
18%

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

Primary Health Construction & Public Works

Iauto industry Agribusiness Other industries*
ICT Trade & Distribution Services & Transport *Aerospace, Education, Packaging, Chemical industry and others

PE Activity Report – AMIC 2019 14 © 2020 Grant Thornton

 3.3.INVESTED
STADE DECOMPANIES
DÉVELOPPEMENT DES ENTREPRISES
BY DEVELOPMENT STAGE INVESTIES

As % of value I

LEVÉES
Pergénération
Par fund generation
de fonds End of 2019 N
V
1%
1% 2% 1% E

INVESTISSEMENTS
5% 7% 5%
1%
23% 16% 14% 6%
S
T
M
93% E
75%

SORTIES
71%
N
T
S
79%

P E RF O RMA NC
2006 - 2011 2012 - 2016 2017 - 2019

E
Seed & Venture Growth Buy out Turn around

PE Activity Report – AMIC 2019 15 © 2020 Grant Thornton

 3.3.INVESTED
STADE DECOMPANIES
DÉVELOPPEMENT DES ENTREPRISES
BY DEVELOPMENT STAGE INVESTIES
(2)

In number

Pergénération
Par fund generation
de fonds End of 2019

1%
9%
17%
8% 29% 12%
13% 26%
25%
14%

71%
56% 58%

61%

2006 - 2011 2012 - 2016 2017 - 2019

Seed & Venture Growth Buy out Turn around

PE Activity Report – AMIC 2019 16 © 2020 Grant Thornton

 3.3.COMPANIES
TRANCHE DE
FUNDED
CAPITAL
BYACQUISE
PERCENTDANS
OF CAPITAL
LES ENTREPRISES
ACQUIRED

LEVÉES
In number As % of value
N
1%
11%
3%
4%
12%
18%
V
6%
E

INVESTISSEMENTS
35%

42% 33% S
T
81% M
44%
61%
49% E

SORTIES
N
2012 - 2016 2017 - 2019 2012 - 2016 2017 - 2019
T
S

P E RF O RMA NC
<34% 34-50 50-67 >67%

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

PE Activity Report – AMIC 2019 17 © 2020 Grant Thornton

 3. TAILLE DES TRANSACTIONS
COMPANIES FUNDED BY TRANSACTION SIZE

In number

Per fund generation End of 2019 (Size Concentration)

40% Tickets≤≤20
Tickets 20MMAD
Mln MAD
27% 23% 26%
22%
12%
10% 19%
]0,5] ]5,10] ]10,15] ]15,20]

32% 19%
Tickets ≥ 100 MMAD
16%
55% Tickets ≥ 100 Mln MAD
18%
14% 21%
23% 9%
13%
[100, 125] ]125, 150] ]150, 175] ]175, …
2012 - 2016 2017 - 2019

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

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%)

PE Activity Report – AMIC 2019 18 © 2020 Grant Thornton

 3.3.TICKETS
AVERAGEMOYENS
TICKETDES
SIZE
INVESTISSEMENTS
(Mln MAD)

Average ticket (2017 – 2019) = 49 Mln MAD

I

LEVÉES
Seed / Venture
N
12
8
V
7
E

INVESTISSEMENTS
S
2006 - 2011 2012 - 2016 2017 - 2019 T
Investment tickets are aimed at the needs of start-ups M
Growth / Buy out / Turn around
E

SORTIES
92 N
55 T
43
S

P E RF O RMA NC
E
2006 - 2012 - 2017 -
2011 2016 2019
The growing size of funds results in the doubling of the average investment tickets in two generations

PE Activity Report – AMIC 2019 19 © 2020 Grant Thornton

 4. EVOLUTION
4. DÉSINVESTISSEMENTS
OF EXITS (asEN
%VALEUR
of value, (MMAD)
Mln MAD)

By
Paryear
année

968
796

448
360 314
182 205
81 99
2011 2012 2013 2014 2015 2016 2017 2018 2019

By fund generation

2 079
1 496
1 015

2006 - 2011 2012 - 2016 2017 - 2019

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

PE Activity Report – AMIC 2019 20 © 2020 Grant Thornton

 4. EXITS BY FUND GENERATION

As % of value In number

LEVÉES
6% 1% 5%
15%
11% 21%
28% E
43%
5% 38%
X

INVESTISSEMENTS
18% 17%
56% 56% 5% I
29% 22%
24% T
S
55% 7%
16% 9%
25% 18%

SORTIES
28%
6% 17%
3% 1% 9% 2% 4%
2006 - 2011 2012 - 2016 2017 - 2019 2006 - 2011 2012 - 2016 2017 - 2019

P E RF O RMA NC
Loss realized Secondary market IPO Other (Public Agencies, etc.)
Payback Industrial / Strategic Management / Historical Shareholder

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

PE Activity Report – AMIC 2019 21 © 2020 Grant Thornton

 4. EXITS AT THE END OF 2019

AsEn
%valeur
of value In number
2%1%
1%

15% 5%
31% 10%
35%
8%

29%
19%
22%
22%

Loss realized Secondary market IPO Other (public agencies, etc.)

Payback Industrial / Strategic Management / Historical Shareholder

At the end of 2019, funds achieved 122 exits

Industrial and secondary market exits represent 60% of the amounts divested

PE Activity Report – AMIC 2019 22 © 2020 Grant Thornton

 5. DIVESTMENT PERFORMANCE

Gross IRR
TRI Brut per
par stage
stade P
17% E

LEVÉES
14%

R
Gross Internal Rate of
Return (IRR)* Multiple
2000-2019 2%
14 % 2.0 x
F

INVESTISSEMENTS
Seed / Venture Growth Turn around
19 53 12 O
R
XX Exits number per stage

Unweighted average IRR per quartile

6%
17%
39%
M
A

SORTIES
TRI Brut Multiple global Quartile 1 Quartile 2 Quartile 3 Quartile 4

* Average Gross IRR on exits (Cf. Methodology) -11%

N
C
On the basis of 84 exits

PERFORMANCE
Weighted average IRR at end of 2019 : 14 %
E
Average multiple (unweighted) : 2.0 (Seed-Venture: 1,2 / Growth: 2,3 / Turn around: 1,8)
Average investment length: 6.1 years

PE Activity Report – AMIC 2019 23 © 2020 Grant Thornton

 6. ANNEXES

I. Key Figures
II. Forecasts
III. Scope & Methodology
IV. Acronyms
V. Glossary

PE Activity Report – AMIC 2019 24 © 2020 Grant Thornton

 I. KEY FIGURES

More than 20 Bln MAD raised 73 % funds raised since About 2,7 Bln MAD still
Funds raised for Private Equity and 2012 are by transregional available for investment
infrastructure funds excluding infrastructure

8.5 Bln MAD Average Average investment

765 Mln MAD investment ticket ticket
Investments invested in ≃ 210
invested Seed / Venture Growth / Buy out / Turn around
companies by the
in 2019 = 8 Mln MAD = 92 Mln MAD
end of 2019 (2017-2019) (2017-2019)

Amount divested Accumulated amounts

55 % of exits since 2017 through
Exits in 2019 exited end of 2019
secondary market
= 796 Mln MAD ≃ 5 Bln MAD

Average
Weighted average gross IRR Average multiple
Performance investment time
= 14 % = 2.0 x
= 6.1 années

PE Activity Report – AMIC 2019 25 © 2020 Grant Thornton

 II. FORECASTS

Main challenges for 2020 Priority investment areas

(for transregional funds)

8%
14%
8% 25%
36%
17%
17%

25%
17%
33%

Investing in new companies Sub-Saharan Africa Egypt

Identifying exits Morocco Algeria
Managing portfolio companies Tunisia Other
Fundraising

PE Activity Report – AMIC 2019 26 © 2020 Grant Thornton

 II. FORECASTS* (2)

Planned fundraising for news funds

43%

29%

14% 14%

S1 2020 S2 2020 S1 2021 S2 2021

Planned exits of the majority of porfolio companies

28% 28%
24%
19%

S1 2020 S2 2020 S1 2021 S2 2021

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

PE Activity Report – AMIC 2019 27 © 2020 Grant Thornton

 II.II.FORECASTS
TENDANCES(3)

Investment sectors over the next 5 years

2%

5% 13%
5%
13%
7%
13%
7% 11%

7%
11%

10%
10%
11%
10%

New technologies Distribution Consumer Goods Energy

Agribusiness Services Transport & Logistics Telecom
Health Education Automotive Construction & Public Works

PE Activity Report – AMIC 2019 28 © 2020 Grant Thornton

 III. SCOPE & METHODOLOGY

AFRICINVEST ATTIJARI INVEST CDG INVEST MITC CAPITAL

AfricInvest I AGRAM INVEST FIPAR MAROC NUMERIC FUND
IGRANE MAROC NUMERIC FUND II
MPEF I
Moroccan Infrastructure Fund ENTREPRISES PARTNERS
MPEF II
3P FUND OCP SA
MPEF III AZUR PARTNERS
OIFFA
MPEF IV NÉBÉTOU FUND
FIROGEST
PRIVATE EQUITY INITIATIVES
FIRO (AFRICINVEST)
ALMAMED BMCI DEVELOPPEMENT
PME CROISSANCE
MASSINISSA MAROC BMCI DÉVELOPPEMENT HOLDAGRO
MASSINISSA LUXEMBOURG SEAF MOROCCO
TARGA
BROOKSTONE PARTNERS
SEAF MOROCCO Growth Fund
AMETHIS NORTH AFRICA EMERALD FUND INFRA INVEST
MJT PARK UPLINE INVESTMENTS
AMETHIS MAGHREB FUND I ARGAN INFRASTRUCTURE FUND

AMETHIS FUND I FONDS MOUSSAHAMA I

CDG CAPITAL INFRA MEDITERRANIA
CAPITAL PARTNERS UPLINE INVESTMENT FUND
AMETHIS FUND II INFRAMED
INFRAMAROC MEDITERRANIA CAPITAL I FONDS MOUSSAHAMA II
AMETHIS MENA FUND II
MEDITERRANIA CAPITAL II
CDG CAPITAL PE MEDITERRANIA CAPITAL III
ATLAMED
SINDIBAD
AM INVEST MOROCCO Fund management companies New funds in 2019
CAPMEZZANINE
Fund management management Funds in divestment phase or divested
CAPMEZZANINE II

PE Activity Report – AMIC 2019 29 © 2020 Grant Thornton

 III. SCOPE & METHODOLOGY (2)

Scope

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)

PE Activity Report – AMIC 2019 30 © 2020 Grant Thornton

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

Methodology

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

PE Activity Report – AMIC 2019 31 © 2020 Grant Thornton

 IV. ACRONYMS

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

PE Activity Report – AMIC 2019 32 © 2020 Grant Thornton

 V. GLOSSARY

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.

PE Activity Report – AMIC 2019 33 © 2020 Grant Thornton

 V. GLOSSARY (2)

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.

PE Activity Report – AMIC 2019 34 © 2020 Grant Thornton

Founded in 2000, AMIC (the Moroccan Private Equity Association) is an Fidaroc Grant Thornton is a leading audit and consultancy firm in
independent professional association whose mission is to unite, represent Morocco, and member of the Grant Thornton International, a global leader
and promote the Private Equity profession to local and international in consulting and auditing (38 500 employees, 130 countries).
investors, entrepreneurs and governmental bodies.
For over twenty years, Fidaroc Grant Thornton has supported its clients by
AMIC's main mission is to strengthen the Private Equity industry’s setting a priority to listen to them and deliver creative services value.
competitiveness in Morocco and abroad via:
Fidaroc Grant Thornton operates in the following areas:
- Effective and clear communication about the Private Equity industry
Auditing-Statutory Auditor
- Executing reliable reports and surveys on the state of Private
Equity in Morocco Advisory
- IFRS / Consolidation
- Active participation in discussions on any draft law regulating the - Transaction and valuation services
sector - Actuarial
- Management of fixed assets
- Establishing a good governance and ethics code for the Private - Business Risk Services
Equity industry and promoting compliance with this code - Research and strategy
- Organisation
- Providing support services to members on regulatory issues - Information system
related to the profession - Improvement of the performance
- Certification/Categorization
- Development of a quality training program touching on all industry
fundamental skills. Legal, tax and social services advisory

Outsourcing accounting and social services support

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

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