Ezdehar Announces the Addition of Two New Investors to its 2nd Fund, Bringing Total Fund Size to US$ 176 Million
Cairo, July 12, 2022 – Ezdehar Management (Ezdehar) has added two investors to its second fund, Ezdehar Mid-Cap Fund II Cooperatief U.A., bringing the total fund size to US$ 176 million. The two investors are Ahli United Bank (AUB), a leading regional bank originally incorporated in Bahrain and has presence across seven countries, including Egypt, Kuwait, UAE, and the UK, and Avanz Manara for Private Equity, an Egyptian fund of funds backed by a consortium of state-owned banks, including the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, Misr Insurance Holding, and Suez Canal Bank.
This comes after Ezdehar announced the first close of the Ezdehar Mid-Cap Fund II (EMF II, or the Fund), exceeding the original US$ 100-120 million first close target in January 31. To date, Ezdehar was able to expand its investor base – which includes a uniquely large set of reputable global, regional, and local institutions – clearly establishing it as the preferred partner for deploying development capital to build homegrown champions in Egypt. Combined with existing EMF I investments, EMF II brings Ezdehar to almost US$ 260 million under management in Egypt, making it one of the largest dedicated Egyptian fund managers.
In addition to AUB and Avanz Manara, EMF II was able to attract new Limited Partners including the International Finance Corporation (IFC), the Egyptian American Enterprise Fund (EAEF), and the Belgian Investment Company for Developing Countries (BIO). Returning Limited Partners from EMF I include the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), CDC Group PLC, FMO – the Entrepreneurial Development Bank, and several leading Egyptian businesspersons –reflecting trust in Ezdehar’s strategy and track record of building lasting enterprises.