Baker & McKenzie, London has advised Sphinx Private Equity Management on the establishment of its USD100m Sphinx Turnaround Fund.
Baker & McKenzie, London has advised Sphinx Private Equity Management on the establishment of its USD100m Sphinx Turnaround Fund.
The fund will invest in Egypt-based SMEs that are distressed, in default, or in need of restructuring. The fund may also provide expansion capital to companies pursuing growth opportunities.
The European Investment Bank and the International Finance Corporation are anchor investors in the fund, alongside Citadel Capital, a private equity firm that invests in companies in the Middle East/North Africa region.
The Baker & McKenzie team was led by partner and London Funds group head James Burdett, and included funds associate Priya Kumar. Arendt & Medernach provided Luxembourg law advice to Sphinx.
Hisham El-Khazindar, managing director of Citadel (pictured), says: "The significant number of European institutional investors that have shown interest in this fund signals not just strong interest in the type of opportunities that are available in Egypt for medium and long-term investors – it is also an endorsement of the track records of Sphinx and Citadel Capital."
Marianne Ghali, managing director of Sphinx Private Equity Management, adds: "We are very pleased to have successfully launched the fund during these very difficult times but we are optimistic that the particular asset class targeted by the new fund, distressed and turnarounds, will provide attractive investment opportunities. The launch of the fund was made possible through the dedication and hard work of the Baker & McKenzie team."
