The year 2024 is shaping up to be a turning point for private equity in Morocco. On May 27, the Moroccan Private Equity Association (AMIC), in partnership with Grant Thornton, released a report revealing record-breaking figures that highlight the sector’s accelerating momentum.
According to the report, nearly 3.9 billion dirhams were raised in 2024 alone—a new high that brings the total raised since 2018 to 13.8 billion. This marks a 50% increase over the amount secured during the previous six-year period between 2012 and 2017. What’s fueling this impressive growth is a clear shift in investor behavior: Moroccan institutions are now taking the lead, contributing over half of the funds raised. That’s a dramatic jump from just a quarter in earlier years.
This surge in fundraising is being matched by robust investment activity on the ground. In total, ten management firms deployed 1.7 billion dirhams across 23 new companies in 2024. That’s in addition to 17 follow-on investments, pushing the total capital injected into Morocco’s economy to 15.7 billion dirhams.
Yet, the money isn’t spread evenly. Investment remains heavily concentrated both geographically and by sector. The region of Casablanca-Settat alone captures nearly three-quarters of the capital. In terms of industries, services, healthcare, and education are attracting the bulk of investor interest. Early-stage and venture capital deals are multiplying in number, but they still represent only a small slice of the pie when it comes to actual amounts—development capital continues to dominate the landscape.
Another clear sign of the market’s maturity is the increasing number of exits. Secondary market sales now account for nearly half of all divestments, with a total of 1.07 billion dirhams offloaded in 2024. Performance metrics are equally strong, with an average gross internal rate of return (IRR) of 12% and an average multiple of 1.9 across the 115 exits recorded to date.
With 62 members, AMIC remains at the heart of this fast-evolving ecosystem. The association plays a vital role in structuring the market and facilitating access to funding, particularly for Morocco’s small and medium-sized enterprises.
