Private equity firm Mediterrania Capital Partners has closed Mediterrania Capital II, its second growth fund for North Africa, at the planned target of €120 million.

The first fund, Fons Mediterrania Capital FCR, is currently in the divestment process.

To date, the two funds have invested in 12 companies, delivering aggregated revenues of €790 million in 2015.

With the second fund, Mediterrania Capital Partners continued to seek growth opportunities in the Maghreb region – Morocco, Algeria and Tunisia – with potential expansion into Africa Sub-Saharan countries.

Mediterrania Capital Partners invests in small and mid-market companies with an equity value in the €25 million to €400 million range, usually taking a minority stake.

“With our second fund, we will continue focusing on core sectors, taking advantage of the significant growth expectations of the African economies, the overall low competition levels, the relatively stable markets, and the positive demographics of the region,” Mediterrania Capital Partners chief executive officer Albert Alsina said.

Mediterrania Capital Partners started its operations in 2008 and has offices in Barcelona, Casablanca, Tunisia, Algiers and Malta.