Private equity: 2025, a record-breaking year

The private equity industry recorded its best annual performance since its inception in 2025, with 6.6 billion dirhams raised by 11 investment funds. This result is part of an exceptional generational dynamic. Indeed, over the 2020–2025 period, cumulative fundraising reached 20.1 billion dirhams—four times the volume of the previous generation (2014–2019).

The sector is entering a phase of maturity, sending a strong signal to the market. Sixty percent of the capital raised between 2020 and 2025 is now of Moroccan origin, compared with only 30% in 2014–2019. Notably, the Mohammed VI Investment Fund has emerged as a catalyst for large national fundraisings, while the relative share of international development institutions has declined to 34%.

Investments, for their part, totalled 2.2 billion dirhams across 64 deals in 2025 (35 new investments and 29 reinvestments), carried out by 12 management companies. Since 2020, nearly 11 billion dirhams have been invested—more than double the volume of 2014–2019 and three times that of the 2008–2013 period.

Private equity activity reveals two major structural trends. The first is the rise of innovation: 60% of deals by volume fall under seed or venture capital, with an average ticket of 10 million dirhams. The second is the consolidation of growth capital, with an average ticket of 152 million dirhams between 2020 and 2025, compared with 76 million in the previous period.

By the end of 2025, seed and venture capital account for 43% of investments by number but only 8% by value. Their share has increased from 32% in 2008–2013 to 66% in 2020–2025. However, growth capital remains dominant in terms of value, accounting for 83% of investments over the 2020–2025 period.

Health and ICT lead

By sector, services rank first, representing 31% of total investments. Another key finding is the strong growth of healthcare and ICT since 2008, accounting for 15% and 12% respectively—an increase of 5 and 4 percentage points.

In terms of performance, the average gross return rate stands at 14%, up by two points. The overall multiple is 1.9x—in other words, investors nearly double their initial investment at exit.

Looking ahead, the sector has 9.2 billion dirhams available for investment, with projected investment levels ranging between 5 and 6 billion dirhams.

On the divestment side, the industry posted a second consecutive record year, with 4.2 billion dirhams in exits in 2025. Cumulative exits now amount to 14.3 billion dirhams across nearly 200 transactions since inception. A notable feature of exits is the growing role of stock market listings, which account for 33% of exits by value as of 2025—highlighting renewed attractiveness of the Moroccan stock exchange for fund exits.