Duet partners with Cairo investment bank CI Capital to launch Egypt PE fund
Egyptian investment bank CI Capital Holding (CICH) and alternative asset manager Duet Group have launched the Duet-CIC Egypt Opportunities Fund to invest in the Egyptian economy.
The partners believe that Egypt will position itself as the region’s leading investment destination in the medium-to-long term and have agreed to launch a private equity fund with up to USD300 million of committed capital to invest in Egyptian businesses, injecting growth and buyout capital into the economy. The focus will be on consumer and consumer-related industries.
The alliance will provide an opportunity for international capital to participate alongside domestic investors and will also help businesses achieve their full development potential though mentorship as well as financial (via long term capital), operational and strategic support.
Nile Holding, an Egypt-dedicated private investment vehicle controlled by Nassef Sawiris, envisions contributing up to 25 per cent in the fund’s investments that do not conflict with any Orascom companies.
Mahmoud Attalla, CICH vice chairman and chief executive officer, says: “This alliance is a big step towards building the new Egypt and will serve as an important conduit for capital flows into the Egyptian economy. Combining Duet’s private equity experience within frontier markets with CICH’s local insight, origination and execution skills, and leading presence in a market positioned for growth means we can create a powerful Egyptian investment platform.”
Henry Gabay, Duet's CEO, says: “Egypt is strategically important for the Middle East as well as for frontier markets. Egypt’s demographics and current economic positioning are attractive foundations for private equity investment. The economy weathered the country’s recent political transition largely intact, showing the resilience and quality of the Egyptian corporate sector. Duet's experience in private equity and frontier markets combined with CICH’s origination and execution capabilities are complementary and can make a major difference, helping investee companies grow.”
Sawiris says: “I am confident that Egypt is positioned to achieve exceptional economic growth in the years to come, attracting direct investments in key sectors which continue to offer substantial investment opportunities. I believe the partnership formed between Duet Group and CI Capital will leverage these excellent growth prospects on the backdrop of a rejuvenated investment environment under stable leadership.”
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