Egypt’s TCV reaches first close on midcap investment fund, will invest EGP 250-300 mn this year.

Tanmiya Capital Ventures has announced first close on TCV1, its midcap investmentfund. Anchor limited partners include the Egyptian-American Enterprise Fund and EFG Hermes. TCV is looking “to capitalize on our first-mover advantage in the mid-cap space with the goal of deploying EGP 250-300 million in investments by the end of this year,” said Managing Partner Karim Hassan. The firm will target opportunities including exporters, manufacturers of import substitutes, specialized healthcare service providers and FMCG players, among others. EAEF Executive Director Amal Enan has joined TCV’s Investor Advisory Board, as has EFG Hermes Group Chief Financial Officer Mohamed Abdelkhabir. TCV has also named external appointees to its investment committee, including the high-profile entrepreneur Christopher Khalifa (founder of the Zooba casual dining chain) and Gihan Fathy, a 17-year private equity veteran. The firm was co-founded by former EFG Hermes Investment Banking boss Ahmed El Guindy alongside ex-Coca-Cola marketing boss Youssef Ayoub, former EFG Hermes investment banker Omar Ekram and Hassan, a former chief investment officer of Raya Holding. You can read the full press release here (pdf) or visit TCV’s website here.