EGYPT – LCP FUND II COÖPERATIEF U.A., a generalist private equity fund targeting primarily growth capital investments in SMEs and mid-market companies in Egypt, has raised US$140 million at the first closing of its investment round.
The funding round was led by the European Investment Bank (EIB) which signed a commitment of US$22 million.
The LCP Fund II also attracted investment from other institutional investors including; the European Bank for Reconstruction and Development, International Finance Corporation, Proparco and the Egyptian American Enterprise Fund.
The fund manager, LCP FUND MANAGER BV will adopt a hands-on value-adding investment strategy and will seek to invest in enterprises with robust growth potential.
The fund, according to a statement from EIB, will target enterprises in important economic sectors including education, healthcare, manufacturing and services.
It will focus on increasing access to capital for local SMEs and mid-market companies and supporting their growth and continued institutionalisation.
Though these efforts, fund hopes to contribute to the development of the private sector in Egypt and to contribute to strong job creation.
The EIB’s investment in the LCP Fund II comes in the framework of the Bank’s Economic Resilience Initiative Risk Capital Facility (ERI RCF).
The facility seeks to foster private sector development and job creation through investments in venture capital and private equity funds.
It blends EIB own resources with donors’ resources from the Economic Resilience Initiative Fund to unlock more opportunities for the private sector in the southern Mediterranean region.
Help GFA spread the “African Success Story” click on the image below and fill in the 2 minute form
Last year, the European Investment Bank invested about US$3.52 billion in the Africa continent in a number of projects aimed at improving socio-economic conditions of people living in the continent.
In February, the bank said that it was going to increase its investment in Africa to US$4.69 billion to support public and private investment across the continent in 2020.
This will include increased support for infrastructure that drives private sector growth, enabling job creation by entrepreneurs, start-up companies and corporates, and new financing for climate related investment and sustainable development.
“Africa is a key priority for the European Union and the EIB. The bank is committed to working with African partners to accelerate and expand new investment that delivers sustainable development, tackles the climate emergency, creates jobs and improves lives across Africa,” Werner Hoyer, EIB President said during the unveiling of the US$4.69 billion funding for Africa.
Read Full Article Here
GetFundedAfrica’s mission is to uplift people and economies in Africa through entrepreneurship; helping companies find funding, grow, create jobs and solve society’s greatest challenges
GFA Attract, GFA Weekly Recap & Application Portal For Funding
GFA Weekly Round- up Podcast
In this week’s weekly round up podcast, Nichole discussed about the funding activity between September 28- October 2
GFA Attract Interview
Apply For Funding
GetFundedAfrica provides equity capital from $1,000 to $50,000.
For larger amounts (Above $50,000)
we organize syndicated funding rounds of up to $500,000.
“Entrepreneurs have to learn the power of networking and the value of mentorship, as these are the things that most entrepreneurs take for granted. And also they must know that opportunities will not come to them; they have to go out there and create them by knocking on corporate doors with proposals. Personally, I am where I am because of a business mentor who changed the way I see things.”– Anda Maqanda, founder of AM Group in South Africa