A landmark global report by Forvis Mazars has placed Morocco alongside South Africa and Kenya as one of only three African countries explicitly cited as private equity investment destinations by institutional investors — a first for the Kingdom that validates its positioning strategy while raising the bar for what comes next.
The 80-page study, based on a survey of 806 industry professionals worldwide, delivers a clear message: the era of generating returns through simple financial leverage is over. Value creation now depends on operational excellence, long-term commitment, and sector specialization. The report notes that 69 percent of surveyed funds are extending the lifespan of their investment vehicles, up sharply from 54 percent the previous year, signaling that patient capital over eight to ten-year cycles is becoming the norm.
For Morocco’s private equity ecosystem — operating within an economy dominated by family businesses and SMEs — the implications are significant. Local funds must demonstrate capacity beyond capital deployment, delivering professionalization of management teams, industrialization of processes, and internationalization of market reach. The report also warns against excessive financialization, with one Brazilian investor cautioning that stripping away real assets destroyed downside protection — a lesson particularly relevant in a Moroccan market where the strongest deals have traditionally been anchored in tangible industrial or infrastructure assets.
The continental dimension presents Morocco’s greatest opportunity. Casablanca Finance City, already hosting over 200 international financial firms, must evolve from promoting hub stability to demonstrating the ability to originate industrial deals across West and Central Africa. Meanwhile, a historic sectoral shift sees technology, media, and telecoms overtake finance as the most attractive investment sector globally for the first time, aligning with Morocco’s Digital 2030 plan.
The report’s ultimate message for Moroccan stakeholders is unambiguous: differentiation through thematic specialization — whether in green hydrogen, sustainable mobility, or healthcare consolidation — will determine which funds attract global institutional capital and which are left behind.
