The Tunisian Private Equity and Venture Capital Association (ATIC)
1. Could you briefly introduce ATIC?
The Tunisian Private Equity and Venture Capital Association (ATIC) is a private, non-profit organisation founded in 2004 for the purpose of uniting all the private equity firms in Tunisia and representing them vis-à-vis the public authorities. To date, ATIC comprises of 45 active members [the Risk Capital Investment Company (SICAR) and high risk venture capital mutual investment fund companies (FCPR)] and 6 associate members engaged in investment capital related initiatives (Banks, Risk management firms, lawyers, chartered accountants, etc.).
ATIC is the only professional association specialising in capital investment in Tunisia. Our mission is to promote the private equity industry, on a national and international scale, through:
- Representing the investment capital profession vis-à-vis the public authorities and national bodies;
- Promoting and developing the private equity industry in Tunisia;
- Having the ability to take the initiative on all the regulations governing the private equity business;
- Collecting relevant data on the industry and producing statistical data; - Organising trainings for private equity professionals through the Training Centre for Private Equity and Venture Capital (CFIC);
- Ensuring compliance to the code of conduct rules among members;
- Working towards the development of the industry and its conduct.
- To boost private investment by providing capital resources;
- To support in minimising the risk profile of companies in Tunisia, and enhance their profitability and competitiveness through a balanced financial structure;
- To provide strategic support to enterprises and contribute to their good governance;
- To assist in the creation and support of innovative projects with a strong technology component;
- To foster the growth, development and renewal of the Tunisian economic fabric;
- To promote the spirit of entrepreneurship in Tunisia; and
- To contribute to improving national productivity.
- The limited local capacity to raise funds;
- The constraints imposed on the SICAR in terms of the use of available resources;
- Identification of efficient, innovative and viable projects;
- Insufficient human and financial resources to perform "due diligence";
- The lack of transparency and the lack of reliable financial and market statistics;
- Limited options in the use of the financial instruments;
- Time-consuming follow-up of companies due to the lack of availability of efficient information systems;
- The practical limits of stock exchange exit strategy mechanisms, although the number of new listings (IPOs) on the alternative exchange has risen considerably over the past few months.