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Egypt Launches First 'Fund of Funds' With EGP 2 Billion Target

The National Bank of Egypt is leading a consortium of banks and financial institutions to launch the fund, which has already raised $905 million.

The National Bank of Egypt has led a consortium of state-owned banks and financial institutions to launch the country’s first ever Fund of Funds, one that has been reported to have reached EGP 905 million in its first close. Targeting funds that back SMEs working in and around healthcare, education, fintech, agribusiness, renewables, FMCGs and IT, this new venture will be managed by Avanz Manara for Private Equity, an investment holding company established by Avanz Capital Egypt.

Alongside the National Bank of Egypt, which has paid in EGP 300 million, Banque Misr, Banque du Caire, Ahli United Bank, Misr Ins. Holding and Suez Canal Bank, have each paid EGP 100 million. Meanwhile, United Bank of Egypt paid in EGP 50 million and private-sector outbankm Attijariwafa Egypt, committed EGP 45 million, while Avanz Capital contributed EGP 10 million.

Beyond the initial $905 million, Avaz Capital has grander plans, with an aim to achieve $2 billion by final close, though no timeline has been disclosed. 

The news comes on the heels of another move by authorities to empower SMEs, after several state-run institutions, including MIH, BdC and Suez Canal Bank, teamed with the UN Development Programme to help launch a new EGP 1 billion impact investment fund by Catalyst Private Equity.