In Tunisia, a private equity fund management company is a licensed financial intermediary approved by the Financial Market Council (CMF). Its role is to raise capital from institutional or private investors, deploy it into unlisted companies, typically SMEs in their growth or start-up phase, and then enhance and exit these investments in order to redistribute capital gains.
These firms manage dedicated investment vehicles on behalf of third parties, mainly SICARs (venture capital investment companies) and FCPRs (risk mutual funds), which form the backbone of Tunisia’s alternative financing for the real economy.
Their revenue model is based on two streams: an annual management fee calculated as a percentage of assets under management, and performance-based compensation known as “carried interest,” taken from profits generated above a minimum return guaranteed to investors.
This fee-driven model, rather than balance-sheet risk-taking, explains why the strongest players in the sector achieve exceptionally high net margins and return on equity (ROE), without requiring significant proprietary capital.
The 2025 financial indicators, analyzed below, highlight a widening gap between firms that fully master this model and those still struggling to optimize it.
A highly concentrated sector
The 2025 financial data paints a picture of a profitable but highly asymmetric industry. Out of roughly twenty players, only a handful capture most of the value created, four report losses, and eight disclose no usable financial data.
The combined net profit of profitable firms reaches around TND 25.4 million, but distribution is extremely uneven.
Tunisie Valeurs Asset Management alone accounts for TND 12.27 million, or 48% of total sector profits. The top three players (Tunisie Valeurs, Zitouna Capital, and GAT Investissement) together generate TND 19.2 million, or 76% of total profits, while the top five exceed 89%. This level of concentration is striking even for a niche financial sector.
Tunisie Valeurs: the undisputed leader
With net income of TND 12.27 million on operating revenues of TND 18.1 million, Tunisie Valeurs posts a net margin of 67.6%, exceptional by any financial industry standard. With equity of just TND 12.9 million, its ROE reaches 95.4%, meaning the firm generates almost one dinar in profit for every dinar of capital employed—reflecting a pure, high-margin asset management model.
Zitouna Capital and GAT: two contrasting profiles
Zitouna Capital ranks second with net income of TND 4.0 million, a 48.9% net margin, and a 48.8% ROE—solid and balanced performance.
GAT Investissement ranks third with TND 2.9 million in net income but presents a very different structure. With equity reaching TND 58.5 million, the highest in the sector—its model reflects a SICAR-style approach involving long-term balance-sheet investments. As a result, its ROE drops to just 5%, despite a healthy 55.4% net margin, weighed down by high capital intensity.
Attijari Gestion: second-best efficiency after Tunisie Valeurs
With only TND 2.6 million in equity, Attijari Gestion generates TND 1.98 million in net income, translating into a 77.3% ROE and a 45.8% net margin, making it the second-most efficient player in the market.
Mid-tier performers
Capsa Capital Partners posts a 49% ROE and 39.3% margin. MAC Private Management follows with 32.7% ROE and 26.1% margin. Pioneer player Tuninvest Gestion Financière shows more modest performance (15.1% ROE, 17.8% margin), likely reflecting a heavier cost structure.
Four loss-making firms
Amen Capital records the largest loss (-TND 101,884), followed by GMP Capital (-TND 69,425), UGFS Venture Capital (-TND 19,511), and Dido Capital Partners (-TND 11,898). While relatively contained in absolute terms, these losses point to business models under strain.
Eight firms with no published data
Several actors—CDC Gestion, Fidelium Finance, Flat6Labs Investment Tunisia, Flat6Labs Tunisia, Go Big Partners, Sages Capital, Smart Capital, and Traders Investment Managers, disclose no financial figures, leaving a significant transparency gap in the market.
Overall assessment
In summary, Tunisia’s asset management sector is profitable but extremely concentrated. Tunisie Valeurs dominates with unmatched capital efficiency, while mid-sized players face the key challenge of proving they can deliver competitive returns in a market structurally favoring scale leaders.
The most striking figures remain Tunisie Valeurs’ 95.4% ROE and Attijari’s 77.3%, contrasted with GAT’s modest 5% ROE despite its large capital base of TND 58.5 million.
