Mohammed VI Investment Fund (FM6I)

Fonds Mohammed VI pour l'Investissement · Morocco · Africa · Founded 2020 · Strategic development fund · Not an IFSWF member

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Focus

FM6I: what it invests in

Infrastructure and utilitiesTourism and hospitalityAgriculture and food securityIndustrials and manufacturingTechnologyTransport and logistics

Private equityVenture capitalInfrastructurePrivate credit

Geography Mainly domestic

Scale

FM6I: how big it is, and on what basis

MAD 15B initial capital

Committed or authorised capital

In US dollars: about USD 1.5B. IFC approximation of about USD 1.5 billion (2023)

Transparency

FM6I: what it publishes

4.0 of 10 Band 2 of 5

Published 2 · Partly 4 · Not published 4

Our 10 item score. It measures what is public, not how well a fund is run.

Initial capitalS3: MAD 15B (About USD 1.5B; 100% state-owned)
Thematic fundsS6: 14 managers, MAD 19B
TAQA and Nareva partnershipS6: MAD 130B (Water and energy to 2030)
Subordinated debtS6: MAD 4B (Targets MAD 15B of investment)
Startup managersS8: 9 pre-selected (April 2026)
Hotel rooms targetedS6: 31,000

At a glance. FM6I is Morocco's strategic investment fund, a state-owned company created by law in 2020 with MAD 15 billion of capital. It invests through thematic private equity and startup funds, minority stakes in infrastructure projects and subordinated debt for SMEs and hotels. Its flagship deal is a MAD 130 billion water and energy partnership with TAQA Morocco and Nareva. S3 S5 S6

Key points

MAD 15 billion initial capital (about USD 1.5 billion), fully state-owned. S3 S4
14 fund managers raise MAD 14.5 billion on top of MAD 4.5 billion from FM6I: MAD 19 billion in all. S6
MAD 130 billion water and energy partnership with TAQA Morocco, Nareva and ONEE (2025). S6 S7
MAD 4 billion of subordinated debt aims to unlock MAD 15 billion of investment over four years. S6
Nine startup fund managers pre-selected in April 2026. S8
IFC says the fund targets a total envelope of MAD 120 to 150 billion. S4
Led by Director General Nezha Hayat since May 2025. S5

Interesting facts

The King announced the fund in his 2020 Throne Day speech and named it that October. S9
CapHospitality targets 31,000 hotel rooms in 91 classified establishments. S6
FM6I bought the Siemens and Endesa stakes in the Tahaddart power plant in 2025. S5

Mandate and goals

FM6I finances structuring projects and companies in priority sectors to lift growth, jobs and competitiveness, and mobilises public and private capital alongside its own. S9

Back innovation, high-growth companies and SMEs. S9
Fund sustainable infrastructure and strategic projects. S10
Support tourism, agriculture and industrial upgrading. S9
Crowd in private capital, aiming for MAD 30 billion extra. S4

How it invests

Industries	Infrastructure and utilities, Tourism and hospitality, Agriculture and food security, Industrials and manufacturing, Technology, Transport and logistics S12 S9
Asset classes	Private equity, Venture capital, Infrastructure, Private credit S10
Stages	Venture, Growth, Infrastructure, Credit S12 S8 S10
Geography	Mainly domestic. Invests in Morocco S9
Direct / through funds / co-invest	Yes / Yes / Yes S10
Ticket size	No deal ticket published; MAD 4.5 billion committed across 14 thematic funds. S6
External managers	14 thematic fund managers and 9 pre-selected startup managers S12
Co-investment programme	Co-invests with industrial partners and development finance institutions S5

Published criteria

Minority stakes in infrastructure and strategic project vehicles, with co-funding of feasibility studies. S10
CapAccess debt is for new investment by Moroccan firms, alongside bank loans. S14
ESG policy and exclusion list apply; PRI signatory since November 2023. S15

Fund commitments

Manager	Fund	Amount	Year
CDG Invest Management	Thematic fund (2025 selection)	Not published	Not published S12
Mediterrania Capital Partners	Thematic fund (2025 selection)	Not published	Not published S12
BMCE Capital Investments	Thematic fund (2025 selection)	Not published	Not published S12
Kasada	Tourism fund (2025 selection)	Not published	Not published S12
Valoris Capital	Thematic fund (2025 selection)	Not published	Not published S12

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
2025	TAQA Morocco and Nareva water and energy consortium. Three MoUs with the government and ONEE for desalination and power to 2030; FM6I and other public bodies hold 15 percent. S7 S16	Joint venture or partnership	Infrastructure and utilities	Infrastructure	MAD 130B programme (about USD 14.05B)	15%
2025	Energie Electrique de Tahaddart. Bought the 20 percent Siemens and 32 percent Endesa stakes in the power producer. S5	Direct investment	Energy: oil and gas	Infrastructure	Not published	52%
2025	14 thematic and sector funds. Funds cover aeronautics, agro-industry, tourism, logistics and generalist strategies. S12 S6	Fund commitment	Multi-sector	Growth	MAD 4.5B (MAD 19B total)
2026	Nine startup fund managers. Pre-selected managers include 500 Startups, Sawari Ventures, Middle East Venture Partners and Outlierz Africa. S8	Fund commitment	Technology	Venture	Not published
2024	CapAccess subordinated debt. Subordinated loans alongside bank debt for new investment by Moroccan companies. S14 S5	Direct investment	Financial services	Credit	Part of MAD 4B debt envelope
2024	CapHospitality. Supports renovation of 91 classified hotels and about 31,000 rooms. S14 S6	Direct investment	Tourism and hospitality	Credit	MAD 7B renovation envelope
2024	Morocco France Investment Accelerator. Memorandum with French public financial institutions to co-mobilise capital. S5	Co-investment	Financial services	Growth	MAD 30B

Case studies

TAQA Morocco and Nareva water and energy partnership S7 S16 S6

What: FM6I joined TAQA Morocco and Nareva in a consortium that signed three MoUs with the government and ONEE.
When: May 2025
Size: MAD 130B (about USD 14.05B)
Why: Build desalination and power capacity for water and energy security to 2030.
Outcome: TAQA Morocco and Nareva own the projects equally, with 15 percent for FM6I and other public bodies.

Fund of funds launch S12 S6

What: After calls for expressions of interest in 2023 and 2024, FM6I selected 14 managers for thematic and sector funds.
When: July 2025
Size: MAD 19B incl. MAD 4.5B from FM6I
Why: Use independent managers to crowd private money into priority sectors.
Outcome: Each FM6I dirham is matched by about three dirhams raised by managers.

Investment process

A board chaired by the Minister of Economy and Finance approves strategy and investments, supported by three board committees. The Director General runs operations. S13

Committee	Role
Audit Committee	Accounts and controls S13
Strategy and Investment Committee	Reviews strategy and investments S13
Nomination, Remuneration and Governance Committee	Appointments and pay S13

Public call for expressions of interest. S11
Screening and selection of managers or companies. S12
Board committee review. S13
Commitment and monitoring. S12

How to approach: Watch the publications page for calls; the contact page has routes for investors and project owners. S11

Size and returns

Headline size: MAD 15B initial capital (Committed or authorised capital) S3
In US dollars: about USD 1.5B. IFC approximation of about USD 1.5 billion (2023)
Capital via 14 thematic funds: MAD 19B (Committed or authorised capital) S6
Target investment envelope: MAD 120B to 150B (Announced target, not current assets, as of 2023-06-13) S4
Returns: the fund does not publish a return figure.

Leadership

Name	Title	Since
Nezha Hayat	Director General S5	2025-05
Nadia Fettah	Minister of Economy and Finance, Board Chair S13	Not published

Governance and transparency

Legal basis: Law 76-20 of 31 December 2020; decree 2.21.67 of 19 February 2021 S1 S3
Oversight: Board of ministers plus ANGSPE; a government commissioner sits without a vote S13
Non-state shareholders may hold up to 33 percent of capital under the decree. S17
PRI signatory since 30 November 2023. S15

Transparency score: 4.0 of 10 (band 2 of 5). Our own 10-item rubric; see the methodology page.

Published: governance and mandate documents, named leadership. S13
Partly published: asset allocation, geographic or sector split, holdings or deal list, regular reporting schedule. S5 S6 S11 S12
Not published: total assets, annual return, long-term returns, audited financial statements. S6 S11

History

Date	Event
2020-07-29	Throne Day speech announces a strategic investment fund. S9
2020-12-31	Law 76-20 creates FM6I. S1
2021-02-19	Implementing decree 2.21.67. S3
2022-10-18	First Director General named. S5
2023-06-13	IFC partnership signed. S4
2024-03-05	CapAccess launched. S5
2024-10-28	Morocco France Investment Accelerator memorandum. S5
2025-05-12	Nezha Hayat appointed Director General. S18
2025-05-19	TAQA Morocco and Nareva consortium agreements. S7
2025-07-10	14 fund managers announced. S12
2026-01-29	12th board session reviews 2025 results. S19
2026-04-10	Nine startup managers pre-selected. S8

For family offices

FM6I works through Moroccan fund managers, so co-investing alongside its thematic and startup funds is the practical entry point. S12

Anchor LP in thematic and startup funds run by independent managers. S12
Minority partner in infrastructure project vehicles. S10
Moroccan company support programme call: Moroccan companies (call closed 12 June 2026) https://www.fm6i.ma/fr/publications S11

Common questions

Is FM6I the same as Ithmar Capital?

No. Ithmar Capital is a separate fund and the IFSWF member; FM6I is not listed. S2

How much capital does FM6I have?

MAD 15 billion of initial capital, fully state-owned. S3

How does it invest?

Mainly through 14 thematic funds and nine startup managers, plus project stakes and subordinated debt. S12

Who runs it?

Director General Nezha Hayat, since May 2025. S5

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All sovereign wealth funds in Africa · All strategic development funds · All funds in Morocco

Sources

Disclaimer

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