Private equity in Morocco is taking a bold step forward with the launch of Atlas Capital Private Equity (ACPE), a newly formed arm of independent investment bank Atlas Capital. Currently in its setup phase, the firm is aiming to raise at least one billion dirhams in its first funding round—a signal of its ambitious intent to play a leading role in the country’s economic transformation. To spearhead this initiative, Atlas Capital has appointed a recognized figure in the field: Khaoula Ramdi.
Ramdi brings over 20 years of experience in private equity and investment management. Her most recent role was as CEO of Upline Investments, the investment arm of Banque Populaire, where she built a strong track record in fund structuring and corporate governance. Her move to ACPE marks a major step in her career and aligns with Atlas Capital’s growing ambitions to shape the future of Morocco’s corporate landscape through long-term investment and strategic support.
Under the leadership of CEO Hicham Chebihi Hassani and Chairman Rachid Marrakchi—who joined the group in 2023 after leading BMCI—Atlas Capital is sharpening its focus on a sector that’s gaining momentum. Morocco is fast becoming a magnet for private equity on the African continent, attracting both regional and international capital. The launch of ACPE is a natural extension of this trend, positioning the group to capitalize on growing investor interest.
ACPE has submitted an application to the Moroccan Capital Markets Authority (AMMC) for approval to manage private equity investment vehicles, known as OPCCs. These funds specialize in backing unlisted companies—typically those undergoing rapid growth or strategic restructuring. The first fund, Atlas Capital Fund I, will be run under a discretionary mandate, guided by independent governance committees. The fund’s mission is clear: to unlock value in promising companies while providing a fresh diversification option for institutional and individual investors.
Khaoula Ramdi is uniquely equipped to lead this effort. At Upline Investments, she oversaw the creation of two OPCCs with a combined value of 2 billion dirhams and held leadership roles across multiple portfolio companies. Her experience extends beyond Morocco’s borders, having worked with major domestic fund managers like Almamed and Capital Invest, as well as international impact investors such as Sarona in Canada and Investisseurs & Partenaires in France. Her focus on emerging African markets has given her a strategic edge in identifying and nurturing high-growth potential businesses.
Her academic background is equally impressive. Ramdi studied at Paris-Dauphine University and ISCAE and holds France’s Chartered Accountancy degree. She began her career in Paris at Arthur Andersen (now EY), specializing in transaction services before transitioning to investment. With this blend of technical expertise, cross-border experience, and leadership, she’s well-positioned to steer ACPE through its critical first phase and contribute meaningfully to the broader development of Morocco’s private sector.
