Avanz Capital launches an Egyptian SME fund-of-funds

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Avanz Capital Management has set up a fund-of-funds to back private equity and venture capital funds investing in small and medium-sized businesses in Egypt. The investment vehicle, which is structured as an investment holding company named Avanz Manara, is being backed initially by a group of Egyptian banks and other financial institutions to the tune of EGP 905 million, or approximately $49.5 million. That’s a little less than half Avanz Manara’s planned size of EGP 2 billion or about $110 million.

“This transaction is the first of its kind in Egypt and will promote the growth of the private equity and venture capital industries as well as support the development and expansion of SMEs across the country,” said Hany Assaad, one of Avanz Capital’s co-founders, and the managing director of Avanz Capital Egypt, the entity set up to manage the investment vehicle. “We are working in partnership with fund managers and companies in Egypt to work together toward meeting the Sustainable Development Goals through our investment activities.”

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