Form 990 for tax year 2024

Totals

Total revenue

-$215,168

Total expenses

$1,513,230

Contributions and grants received

$274,920

Grants paid

$273,504

Program service revenue

$3,255

Investment income

$806,161

Other revenue

-$1,299,504

Total assets, end of year

$87,805,960

Total liabilities, end of year

$3,453,624

Net assets or fund balances, end of year

$84,352,336

Program services expenses (Part IX)

$697,165

Management and general expenses

$816,065

Fundraising expenses

$0

Program service expenses (Part III)

$697,165

Program services were 46.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Mission and programs · 2024

• IN 2024, TAEF CONTINUED OUR WORK OF FINDING AND INVESTING IN TUNISIA'S MOST PROMISING SMALL AND MEDIUM SIZED ENTREPRENEURS. WE WORKED CLOSELY WITH EXISTING INVESTEES WHILE SEEKING NEW OPPORTUNITIES FOR GROWTH. TAEF INVESTMENT STRATEGY TAEF'S TAILORS PROVEN, INNOVATIVE FINANCING MECHANISMS TO MEET THE NEEDS OF TUNISIAN ENTREPRENEURS AND TO ADDRESS GAPS IN THE COUNTRY'S SMALL AND MEDIUM SIZED ENTERPRISES (SME) FINANCING ENVIRONMENT. TAEF SEEKS TALENTED ENTREPRENEURS AND BUSINESS PEOPLE AS PARTNERS WHO BRING STRONG EXPERIENCE, COMMITMENT AND VISION FOR GROWTH TO THEIR COMPANIES. TAEF INVESTS IN SMES THROUGHOUT THEIR LIFE CYCLE FROM START-UP TO EARLY GROWTH AND MATURITY UP TO SUCCESSION. WE INVEST: - DIRECTLY IN SMES THROUGH TWO PLATFORMS: OUR OWN DEDICATED FUND FOR SMES IN GROWTH STAGE (TASME), AND OUR SEARCH FUND FOR SMES IN SUCCESSION STAGE (TASF) - IN PARTNERSHIP WITH TUNISIAN INVESTMENT FIRMS AS A COMPLEMENT TO TASME'S WORK AND A WAY TO PROVIDE EQUITY OR PRIVATE DEBT INFUSIONS TO BUSINESSES - IN MICROFINANCE INSTITUTIONS THAT REACH THE SMALLEST OF TUNISIA'S BUSINESS OWNERS - IN DIGITAL TECHNOLOGY AND KNOWLEDGE-BASED START-UPS THROUGH AN INTEGRATED PLATFORM: AN ACCELERATOR FLAT6 LABS AND VENTURE CAPITAL INVESTMENT VEHICLE ANAVA SEED FUND. TASME: MEZZANINE & ROYALTY BASED FINANCING FOR TUNISIAN SMES TASME OFFERS UNIQUE FINANCING TO TUNISIAN SMES WITH A COMBINATION OF DEBT AND EQUITY TAILORED TO THEIR NEEDS. TASME SEEKS WELL RUN COMPANIES IN VALUE-ADDING SECTORS EXPECTED TO HAVE STRONG GROWTH. THROUGH TASME, TAEF HAS CREATED A UNIQUE FINANCING PLATFORM, BUILT A TALENTED TEAM, AND EXPANDED TUNISIA'S DOMESTIC SME FINANCING. AT THE END OF 2024, TASME HAD INVESTED IN 21 COMPANIES IN A LARGE VARIETY OF SECTORS WITH INVESTMENT TICKETS AVERAGING $1.1M. THE TEAM ALSO CONTINUED TO WORK CLOSELY WITH EXISTING PORTFOLIO COMPANIES AS THEY NAVIGATE CHALLENGES AND PREPARE FOR EXITS. TASF: TUNISIA'S FIRST SEARCH FUND TAEF ADAPTED THE US SEARCH FUND MODEL TO TUNISIA TO MATCH THE NEEDS OF MATURE BUSINESS OWNERS LOOKING FOR SUCCESSION PLANS FOR THEIR COMPANIES WITH SEASONED MANAGERS WHO HAVE THE SKILLS TO GROW THE BUSINESS. TASF CATALYZES ENTREPRENEURSHIP THROUGH ACQUISITION. OUR FIRST SEARCHER COMPLETED THE ACQUISITION OF PROPANN, A COMPANY THAT PRODUCES MANUFACTURED BOARD FOR FURNITURE AND INTERIOR FINISHING IN 2019. SINCE ACQUISITION, HE HAS UPGRADED AND OPTIMIZED OPERATIONS, REFINED THE COMPANY'S STRATEGY WITH ATTENTION TO PRODUCT MIX, DEVELOPED NEW SOURCES FOR RAW MATERIALS, AND WORKED ON CREATING NEW MARKETS LOCALLY AND INTERNATIONALLY. IN 2024, PROPANN AND ITS STRONG MANAGEMENT CONTINUED TO PERFORM WELL IN A CHALLENGING ENVIRONMENT.FUND OF FUNDS INVESTMENTS: STRENGTHENING TUNISIA'S INVESTMENT ECOSYSTEM TAEF BELIEVES THAT A STRONG SME FINANCING ECOSYSTEM MADE UP OF DIVERSIFIED INVESTMENT VEHICLES WITH TALENTED MANAGEMENT TEAMS IS ESSENTIAL TO DRIVE ECONOMIC GROWTH AND GENERATE IMPACT. BY INVESTING ALONGSIDE OTHERS, TAEF HAS LEVERAGED OUR FUNDS TO ACHIEVE GREATER IMPACT AND TO EXPAND FINANCING OPTIONS AVAILABLE TO TALENTED ENTREPRENEURS INVESTING IN GROWTH. TUNINVEST CROISSANCE (TC), A SINGLE COUNTRY FUND CREATED IN 2013, PROVIDED GROWTH CAPITAL TO 10 TUNISIAN SMES. FULLY INVESTED SINCE 2016, TC WORKS ACTIVELY WITH INVESTEES AS THEY MOVE TOWARDS EXIT. AT THE END OF 2024, FIVE EXITS HAD BEEN FINALIZED, THREE ARE PLANNED FOR EXIT IN 2025, AND ONE FOR LATER IN 2026. INMA HOLDING, A NEW FUND, WAS SEEDED BY TAEF IN 2017 TO EXPAND SME INVESTMENT OPTIONS IN TUNISIA. BY THE END OF 2024, INMA HOLDING HAD INVESTED IN 5 COMPANIES AND SUCCESSFULLY EXITED FROM ONE, GENERATING A 13.9% IRR. TAEF EXPECTS TO CONTINUE TO SUPPORT THESE FUND INVESTMENTS AS THEY EXIT INITIAL INVESTMENTS, MANAGE ONGOING ACTIVE INVESTMENTS, AND DEVELOP MANAGERIAL TALENT. INMA FINANCE: TUNISIA'S FIRST PRIVATE DEBT FUND TAEF CO-CREATED INMA FINANCE, THE FIRST PRIVATE DEBT VEHICLE IN TUNISIA. THIS FUND WAS CREATED IN DIRECT RESPONSE TO SME'S EXPRESSED NEEDS FOR AN ALTERNATIVE TO THE TRADITIONAL BANKING SYSTEM. INMA FINANCE SEEKS INVESTMENTS IN STABLE AND GROWING COMPANIES THAT ARE CREATING VALUE IN TUNISIA IN 2024 INMA FINANCE HAD LOANS TO THREE COMPANIES: TWO MICROFINANCE INSTITUTIONS AND A REAL ESTATE DEVELOPMENT COMPANY, WHICH NEGOTIATED A SECOND REVOLVING LOAN UPON TERMINATION OF THE FIRST. INMA FINANCE ALSO CONTINUED TO SOURCE NEW INVESTMENTS.MICROFINANCE: EXPANDING ACCESS TO FINANCE FOR MICRO-ENTREPRENEURS AAN EARLY SUPPORTER OF MICROFINANCE INSTITUTIONS IN TUNISIA, TAEF VIEWS SUPPORT OF THESE INSTITUTIONS AS AN EFFECTIVE WAY TO FILL A CRITICAL GAP IN ACCESS TO FINANCE FOR MICRO ENTERPRISES. OUR GOAL IS TO SUPPORT STRONG AND RESILIENT INSTITUTIONS THAT PROVIDE NATION-WIDE ACCESS TO FINANCE TO TUNISIAN MICRO-ENTREPRENEURS. TAEF DELIBERATELY INVESTED IN MFIS SERVING DIFFERENT PARTS OF THE MICROENTERPRISE ECOSYSTEM WITH AVERAGE LOANS RANGING FROM TND 3,000 (ENDA) TO TND 3,000 - 40,000 (DAAM). IN 2024, TAEF CONTINUED ITS ACTIVE INVOLVEMENT WITH DAAM AND HAD BEGUN EXIT NEGOTIATIONS WITH OTHER SHAREHOLDERS. FLAT6LABS & ANAVA SEED FUND: INTEGRATED VC PLATFORM DEDICATED TO STARTUPS TAEF WAS AN ANCHOR INVESTOR IN BRINGING THIS INNOVATIVE AND PROVEN START-UP ACCELERATOR AND EARLY-STAGE INVESTOR MODEL TO TUNISIA. SINCE INCEPTION, TEN CYCLES OF DIGITAL COMPANIES, A TOTAL OF 75 STARTUPS, HAVE BEEN SELECTED FROM HUNDREDS OF APPLICANTS TO COMPLETE THE ACCELERATOR PROGRAM AND PRESENT THEIR COMPANIES TO INVESTORS AT A DEMO DAY. AT THE END OF 2024, 44% OF THE START-UPS HAD RAISED ADDITIONAL FOLLOW-ON FUNDING, THUS LEVERAGING ANAVA SEED CAPITAL'S INVESTMENT BY TND 68 M. IN ADDITION TO FINANCIAL RESOURCES, FLAT6LABS LEVERAGES ONE OF TUNISIA'S GREATEST ASSETS, ITS TALENTED AND RESOURCEFUL YOUTH.

  Expenses $697,165 · Grants $273,504 · Revenue $3,255

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Provenance

Return type

form_990

Tax year

2024

Filed

13 November 2025

IRS schema version

2024v5.2

Source object

202523179349303782

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