Proparco invests in Egypt-focused LCP Fund II

French development finance institution Proparco has invested $11 million in LCP Fund II, to help bridge the long-term financing gap for Egyptian mid-cap companies.

Incorporated in 2015, Lorax Capital Partners (LCP) is an Egypt-focused private equity firm. Over the course of the last five years, LCP has supported the Egyptian American Enterprise Fund (EAEF) in deploying about $175 million across five companies. One of their most notable investments was Fawry, Egypt’s largest e-payment network, making its debut listing on the Cairo Stock Exchange in August 2019. The company was also the first unicorn in Egypt and one of the first in Africa.

With a target size of $250 million, the new fund plans to support profitable and growing mid-cap companies in promising sectors of the Egyptian economy, favouring local consumption and production as well as financial inclusion. The fund will also target companies eager to expand regionally.

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