EIP establishes Levant Fund targeting SMEs in Egypt, Jordan, Lebanon, and Iraq

INVESTMENT WATCH- Private equity outfit EIP looking at SMEs in Egypt, Jordan, Lebanon, Iraq: Private equity firm Emerging Investment Partners (EIP) has raised USD 60 mn for its EIP Levant Fund, which will target SMEs in Egypt, Lebanon, Jordan, and Iraq, according to an emailed statement (pdf). Key investors include the International Finance Corporation and the Dutch Good Growth Fund, as well as Obegi Group, Alfadel Group, and Capital PE. The fund is looking to take stakes in SMEs with turnover under USD 50 mn, writing tickets in the USD 1-6 mn range. EIP started fundraising in 2016, at which time Managing Director Karim Burhani said that 50% of the target funding will be channeled to Egypt.