2019 was a “milestone” year for the Egyptian-American Enterprise Fund (EAEF), Chairman James Harmon wrote this week in his annual letter to shareholders (pdf). The EAEF acquired a majority stake in Egyptian seed company Misr Hytech with Helios Investment Partners, and made its debut in the education sector with the purchase of a non-controlling stake in private sector education outfit Nermien Ismail Schools. The fund also offloaded “at a significant premium” a part of its stake in e-payments company Fawry during its IPO in August, and increased its holdings in PE fund Tanmiya Capital Ventures.

Harmon reports “significant growth” among the fund’s existing portfolio companies: Dawi Clinics opened three new three branches during the year bringing its total number of clinics to eight, while both Sarwa Capital and Orchidia Pharma both performed strongly.

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