Apis Partners has continued appetite for Egypt after closing its third fund at more than double its predecessor

Apis Partners has closed its third fund at USD 1.23 bn — more than double its predecessor, the firm said in a statement — a vote of confidence in the London-based PE outfit’s sector-focused wager on tech-enabled financial services. Existing LPs accounted for around half of the capital raised, the firm said.

New backers include sovereigns, supranationals, banks, insurers, and pension funds. Apis has already deployed around USD 400 mn from Fund III across seven investments, including continued backing of Egyptian-born fintech MNT-Halan, UK digital wealth manager MoneyBox, prepaid digital goods platform Coda Recharge, and Singapore-headquartered cross-border payments firm Thunes.

Closing a fund of this size in a year of regional war is no small thing. “Closing 23% above target and with over 70% of our existing investors increasing their commitments, this is a clear reflection of the confidence our diversified LP base places in our sector-specific strategy and our ability to generate returns,” our friend Hossam Abou Moussa, partner at Apis, tells us. The firm ranked second globally — and was the highest-ranked European PE firm — in the 2025 HEC Paris-Dow Jones Growth Equity Investor Ranking.

That ranking, Hossam says, reflects consistency rather than novelty. “The partners at Apis bring decades of sector-focused experience in financial infrastructure and services — across payments, ins., lending, and the platforms that connect them across global markets,” he says. “We apply the same disciplined approach to every transaction: investing in profitable, proven businesses, working hands-on with management teams and sharing the benefits of our deep global networks,” building in from day one value creation plans with specific strategic buyers in mind.

The Egypt “headline inside the headline” is MNT-Halan: Apis first invested in 2021, when Mounir Nakhla’s MNT-Halan was an Egyptian fintech with what Hossam calls “an audacious mission: to revolutionize financial access for mns of unbanked and underbanked people.” It is now one of the largest fintech unicorns in MENA+, operating across Egypt, Turkey, Pakistan, and the UAE — and Fund III is backing it again. “This partnership is a living example of why we remain deeply committed to Egypt and the broader region,” Hossam says. “The talent is here, the ambition is here, the progressive regulatory framework is here, and the [potential] to build world-class financial infrastructure businesses is as compelling as anywhere in the world.”