Egyptian mid-cap investment management firm Ezdehar Management says it raised $85 million for its fund, Ezdehar Egypt Mid-Cap Fund, which is designated to make equity and equity-related investments into the country’s small and medium-sized businesses.
“The founders are seeking to increase the fund’s size to range between $100 million and $120 million before the end of the current year.” Emad Barsoum, managing director of Ezdehar Management, told Amwal Al Ghad on Wednesday.
The fund was founded with an initial capital of $70 million, through commitments provided by the Egyptian billionaire Sawiris family, three international financial institutions, including the European Bank for Reconstruction and Development (EBRD), and some other Egyptian businessmen, Barsoum said.
The Ezdehar Egypt Mid-Cap Fund’s strategy aims at investing in medium-sized enterprises with average sales ranging between 100 million Egyptian pounds and one billion pounds, he added.
