Fund of Funds

TAEF is an investor in and co-founder of funds designed to meet specific Tunisian SME financing needs. TAEF’s fund of funds investments offer financing options for larger growing SMEs as follows:

  • Equity and quasi-equity financing
    • TunInvest Croissance
    • INMA Holding for investment tickets > 5 mTND
  • Private debt financing
    • INMA Finance for investment tickets > 5 mTND

Equity And Quasi-equity Financing

TAEF’s investments in two private equity funds provide financing tailored to growing SMEs raising equity or quasi equity financing.

TunInvest Croissance

Company Name: TunInvest Croissance
Sector of activity: Various: SME Financing
TAEF investment type: Equity
Company website:

TAEF invested in this Tunisia focused SME investment fund managed by AfricInvest, the prominent pan-African investment group.

TunInvest Croissance has fully deployed its funds through equity and quasi-equity investments in ten mid-sized entrepreneurs. TunInvest Croissance investee companies operate in diversified and high value-added sectors such as education, microfinance, waste treatment, and IT.

INMA Holding

Company Name: INMA Holding
Sector of activity: Various: SME Financing
TAEF investment type: quasi equity
Company website:

TAEF co-invested in this local investment company to make equity and quasi-equity investments in mid-sized entrepreneurs at higher investment ticket than TunInvest Croissance. INMA Holding is another example of TAEF joining local financing institutions in partnership to leverage our investments and increase our impact.

INMA Holding seeks entrepreneurs poised for growth but constrained by financing who bring innovation in business practices and product development. INMA Holding investees operate in a variety of sectors such as education and food and agribusiness.

Private Debt Financing

INMA Finance

Company Name: INMA Finance
Sector of activity: Various: SME Financing
TAEF investment type: Equity
Company website:

TAEF co-founded INMA Finance in direct response to the expressed needs of SMES. Established in 2020, INMA Finance began operations in 2021.

Through our investments in SMEs across sectors and throughout Tunisia, we have had many conversations with entrepreneurs about their constraints to growth. Time and again, we have heard requests for private debt financing outside the traditional path of Tunisian commercial banks. Tunisia’s SMEs have been seriously constrained due to the liquidity crisis of the banking sector and the relatively low level of bank credits and available debt.

INMA Finance is TAEF’s response to this need. A one-of-a-kind private debt fund, INMA Finance is expected to begin operations in 2021. It offers alternative debt financing to existing local banks products.