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PRINT THIS PAGE Siparex launches $150m SME fund for Egypt16/07/2008. Source: AltAssets. 
SIGEFI Private Equity, part of French Siparex group, has teamed up with Cairo-based Beltone Private Equity to launch a $150m fund to invest in SMEs in Egypt and the GCC region. The fund will consist of a $100m sub-fund focused on investments in Egypt and another sub-fund of $50m for the GCC region. The fund, which will invest in SMEs, including spin-offs from large companies, will be managed by Beltone Private Equity's director Dr A M Omran. SIGEFI will have a representative on the fund's investment committee and participate in its management team.
A first closing on $40m for the Egyptian sub-fund is expected by the end of this year. Dr Omran said that the GCC sub-fund is expected to grow to $100m and aims to have its first closing on $40m by next March.
Earlier this year, SIGEFI closed its €150m Siparex Middle Market II fund, to invest in growth capital and LBO investments in larger SMEs. Siparex has $1.4bn in assets under management. The group operates in France, Italy, Spain and California.
SIGEFI also has investment partnerships with Tuninvest in Tunisia and Capital Invest in Morocco.
Beltone Private Equity was established in 2005 as the private equity arm of Beltone Financial, a Middle East investment bank. Beltone Private Equity has $500m in assets under management.
Copyright © 2008 AltAssets
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