LP commits up to $50m for Lorax Capital Partners fund
The European Bank for Reconstruction and Development (EBRD) will invest up to $50 million in Lorax Capital Partners’ LCP Fund II.
Anne Fossemalle, EBRD director and head of the equity funds team commented, “We are thrilled to support a local and independent team such as Lorax. The EBRD’s investment in LCP Fund II helps to contribute to the development of private equity in Egypt and will help to provide long-term capital growth to small and medium-sized companies in the region.”
This investment marks the EBRD’s second investment into an Egypt-focused private equity fund, with the first being Ezdehar Egypt Mid-Cap Fund in 2016.
With the support of the EBRD, the fund held a first closing of $142 million in September 2020, launching its first traditional private equity fund. The fund is targeting total commitments of $250 million.
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