52639 - IMG Fund I

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Summary of Investment Information

Project Number

52639

Company Name

IMG Fund I

Date SPI Disclosed

Jun 19, 2026

Country

Morocco

Region

Africa

Projected Board Date

Jul 20, 2026

Environmental Category

FI-2 - Limited

Status

Pending Approval

Last Updated Date

Jun 22, 2026

Department

Equity Portfolio Management

Industry

Funds

Sector

Growth Equity Fund

Project Description

The proposed project is for IFC to commit up to US$15 million into IMG Fund I (IMG I or the Fund), a growth equity fund targeting MAD1.5 billion (~US$162 million) in commitments to invest primarily in Morocco. The Fund aims to build a portfolio of 7-10 fast-growing lower mid-cap companies, with ticket sizes ranging MAD 60-200 million (US$6-20 million), primarily targeting minority stakes and selectively majority. IMG I will be a generalist fund with a core focus on healthcare, FMCG, digital infrastructure, financial services and education. The Fund will mainly target family-owned businesses looking to institutionalize before or after a succession and opportunistically buy & build. The Fund reached a first close of MAD1.1 billion (~US$120 million) in January 2026, with the participation of Moroccan institutional investors including Fonds Mohammed VI pour l’Investissement (FM6I).

Associated Advisory Engagement

There are no advisory services associated with this engagement.

Sponsor / Cost / Location

Development Impact

The Fund is expected to increase access to private equity capital and value creation for small cap companies in Morocco. Beyond the Project, its success is expected to validate the business model of a first-time local fund manager, increase interest from international investors, and catalyze larger follow-on funds with broader LP (Limited Partners) participation, thereby deepening Morocco’s domestic private equity market. This builds on ongoing World Bank Group efforts, to strengthen the domestic private equity ecosystem.

IFC’s equity investment will help the Fund reach its target size, capitalizing on the initiative launched by the FM6I, a Moroccan program aiming to support investment and job creation in the private sector. Attracting international LPs remains a challenge for first time local teams and IFC will bring its expertise and know-how to help the team meet the best international standards. In addition, IFC will support the establishment of a comprehensive E&S Management System aligned with IFC Performance Standards.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Direct Employment (#) Operations And Maintenance	individuals	Indicator progress to be tracked yearly	Not Available	Not Available	Not Available
Female Direct Employment (#) Operations And Maintenance	individuals	Indicator progress to be tracked yearly	Not Available	Not Available	Not Available
Investee - Direct Employment -Operations and Maintenance	number	Indicator progress to be tracked yearly	Not Available	Not Available	Not Available
Investee - Direct Employment Female -Operations and Maintenance	number	Indicator progress to be tracked yearly	Not Available	Not Available	Not Available
Investee - Majority female owned (#)	number	Indicator progress to be tracked yearly	Not Available	Not Available	Not Available
Investee - Number of Senior Management Positions (#)	number	Indicator progress to be tracked yearly	Not Available	Not Available	Not Available
Investee - Number of Women in Senior Management	number	Indicator progress to be tracked yearly	Not Available	Not Available	Not Available
Investee - Payment to Government($M)	$M	Indicator progress to be tracked yearly	Not Available	Not Available	Not Available
Number of Senior Management Positions	individuals	Indicator progress to be tracked yearly	Not Available	Not Available	Not Available
Number of Women In Senior Management	individuals	Indicator progress to be tracked yearly	Not Available	Not Available	Not Available
Payment To Government ($M)	USD M	Indicator progress to be tracked yearly	Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

The project entails an investment in IMG Fund I, a growth equity fund primarily targeting healthcare, education, digital infrastructure, financial services and FMCG in Morocco and opportunistically North and Francophone West Africa. The E&S risks associated with the Fund’s investment activities are considered to be medium and can be readily addressed through mitigation measures. Typical E&S risks and impacts related to the investment include occupational health and safety, labor and working conditions, waste and hazardous waste management, among others. As such, the Project has been categorized as FI-2 according to IFC’s Sustainability Policy. The Fund will not invest in any coal-related activities, the IFC exclusion list activities, K-12 education, primary agriculture, Category A, non-RSPO palm oil, nor medium and high-risk financial institutions to prevent double intermediation risk. The applicable E&S requirements for the Fund’s portfolio are the IFC Exclusion List, the laws and regulations in the countries where portfolio companies are located, and the IFC Performance Standards. The Fund Manager will also be required to meet Life & Fire Safety requirements and the requirements of IFC’s Performance Standard 2 on Labor and Working Conditions.

IMG Capital (IMG or the Fund) does not have a dedicated E&S officer but has developed an ESG procedure which incorporates E&S due diligence into the investment review process. The procedure includes screening out investments based on an exclusion list, and the assignment includes assigning a risk rating a potential investment, which determines the level of ESDD required against the IFC Performance Standards. ESDD for low-risk deals will be carried out internally, and medium-risk deals will be carried out by an external consultant. Where applicable, identified mitigation measures and E&S covenants will be included in legal agreements. Under this project, IMG will be required to enhance its ESMS as a condition to commitment, to include the following: (i) updating the Fund’s exclusion list to fully align with IFC’s Exclusion List and other additional restrictions. The Fund will also be required to formally assign an E&S Officer and reinforce the E&S capacity by training the staff. To support the implementation of the ESMS, IFC will review the first three Environmental and Social Due Diligence (ESDD) reports prior to investment. Additionally, the Fund will be required to disclose Category B investments on a yearly basis including their names, sectors and locations. The Fund will be required to develop HR policies and procedures aligned with IFC Performance Standard 2 on Labor and Working Conditions.

S.no	Title	Anticipated Completion Date
1	Enhance the ESMS	09/30/2026
2	Designate an E&S Officer	09/30/2026
3	Develop E&S Training Plan	09/30/2026
4	Implement the E&S training Plan	03/31/2027
5	External Communication Mechanism	03/31/2027
6	Develop HR Policies and Procedures	03/31/2027
7	Life and Fire Safety	03/31/2027

Contacts

For Inquiries About the Project, Contact

IMG Capital
Brahim Guessous
Managing Partner
+212665863965
Brahim.guessous@img.fund
contact@img.fund
N/A

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IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

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