Fund of Funds ANAVA to create a better investment framework

200 Millions € to launch more than 13 venture capital funds

The ANAVA Fund of Funds is a crucial element in creating a better investment environment. This will allow many players in the innovative entrepreneurship ecosystem to access the capital they need to develop

The Fund of Funds with a target size of € 200 million with an expected first closing of € 100 million aims to invest in 13+ investment funds dedicated to Startups at each stage of their development (Seed Stage, Early Stage and Late Stage).

Investment strategy and fund eligibility criteria

 Fonds Seed StageFonds Early StageFonds Late Stage
ScopePre-Seed & SeedSérie ASérie B et Série C
Child Fund Minimum Size5 M€10 M€50 M€
Child Fund CurrencyEUR ou TNDEUR ou TNDEUR ou USD ou TND
Child Fund Legal FormFonds d’Investissement Spécialisé (FIS) under Tunisian LawFonds d’Investissement Spécialisé (FIS) under Tunisian LawFund under Tunisian or foreign Law
TerritorialityInvestment in Startups having main activity in Tunisia : they must have an anchor in Tunisia (parent company or subsidiary in Tunisia) with more than 50% of the consolidated workforce based in TunisiaInvestment in Startups having main activity in Tunisia : they must have an anchor in Tunisia (parent company or subsidiary in Tunisia) with more than 50% of the consolidated workforce based in Tunisia
Investment in innovative companies whose main activity is in Tunisia with a leverage effect of 1.5x the investment of the Fund of Funds in Late stage funds
Child Funds Maturity12 + 2 years10 + 2 years10 + 2 years
FoF Participation Ratio75%50%20%
FoF Maximum Ticket7,5 M€10 M€15 M€

Eligibility criteria
for management companies

GP Independence

Management teams must be majority shareholders of the GP with more than
50% of the capital in order to guarantee management independence and a good
alignment of interests

Strategic Partner

Requirement of a Strategic Partner* for the Seed and Early Stage Child Funds
to allow a transfer of know-how and an optimal support for funded Startups

Fund Matching

The GP must justify its ability to complete its fundraising with evidence for
fund matching (LOI, etc.)

Anchorage in Tunisia

GPs managing Seed and Early Stage Funds must be under Tunisian Law while
the Late Stage Funds have the requirement to open an office in Tunisia

Competent Teams and Quality Track-Record

Competent teams with complementary profiles (entrepreneurs, investors,
ecosystem, etc.) and quality experiences / track-record as well as international
exposure are appreciated. First Time Team | First Time Fund are encouraged

Legal form

The management company must be incorporated under Tunisian law approved by the Financial Market Council. For Late stage funds, the management company may be governed by foreign law, provided that it has an office in Tunisia.

Process of
selection and decision



Management teams can contact Smart Capital from the form at the bottom of the page.

Deal flow committee

  • First verification of the compatibility of the investment opportunity with the eligibility criteria
  • Consideration of the suitability of the investment opportunity with the ESG procedure of Smart Capital.
  • LCB-FT due diligence on the business relationship


Due diligences

  • Sending the due diligence pack to the management team, including in particular an ESG part, for completeness
  • In-depth analyzes, in particular on the following aspects of the project: management team, investment strategy, past performance, nature of the business flow, shareholding and governance of the management company, terms and conditions of the fund, positioning and competitive environment, ESG policy
  • Decision to go to the investment committee


Investment committee

  • Investment committee for application approval.

Investment committee


The Investment Committee is involved in the investment and disinvestment decisions of the ANAVA Fund of Funds


The Investment Committee meets as often as necessary
It is made up of 5 members, including the CEO of Smart Capital and 4 independent VC / PE experts from the private sector. The term of office of members is 4 years and decisions are adopted unanimously minus 1 member

Committee members

Alaya Bettaieb

Managing Director of Smart Capital

Mr. Alaya Bettaieb has nearly 30 years of experience in private equity, venture capital, asset management and innovation.

Khaled Helioui


Khaled was an early investor in several international startups such as Uber, Deliveroo,, Bolt, Openclassrooms.


Private Equity & Angel Investor

Seif Khoufi is a Managing Director at Five Arrows Principal Investments in London. He is also an active investor within the HBS Alumni Angels Association.

Paola Ravacchioli

30 years of experience in investment including funds of funds and innovative programs for startups in Africa and the MENA region


Founder and Partner of Ventures01

Selma is a venture capital investor and investment advisor in digital and technological startups

Do you want to submit your application ?

If you have verified all the eligibility criteria and you think you correspond to the profile of the management company sought, do not hesitate to write to us: