First close of Ezdehar Mid-Cap Fund II at $168m

Ezdehar Management, a private equity fund manager focused on Egypt, announced the first close of the Ezdehar Mid-Cap Fund II (EMF II) with total commitments of $168 million, exceeding the original $100-120 million first close target. It aims for a final close of $180 million by year end.

Combined with existing EMF I investments, the first close of EMF II brings Ezdehar to more than $250 million under management in Egypt, making it one of the largest dedicated Egyptian fund managers.

EMF II will continue Ezdehar’s strategy of investing in and supporting mid-cap companies undergoing transformative growth through injecting fresh capital, providing hands-on operational support, and instilling best-in-class ESG standards to ultimately propel target companies into lasting, market-leading enterprises.

The strategy benefits from multiple macro tailwinds including Egypt’s deep bench of mid-cap and family-owned companies, the government’s promising reform programme, the rise of an entrepreneurial class of management professionals that is crucial to enterprise building, and several favorable sector-specific trends in Ezdehar’s target sectors as well as Ezdehar’s proprietary operational improvement system that has been tried and tested in all EMF I companies.

The fund sees returning limited partners from EMF I with increasing commitments, including the European Bank for Reconstruction and Development, the European Investment Bank, CDC Group, and FMO, among others.

Additionally, EMF II was able to attract new limited partners including International Finance Corporation, the Egyptian American Enterprise Fund, and the Belgian Investment Company for Developing Countries (BIO).

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