{"id":544897,"date":"2022-03-27T04:00:42","date_gmt":"2022-03-27T04:00:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/27\/nbe-launches-egp-2-bn-sme-fund-of-funds\/"},"modified":"2022-03-27T04:00:42","modified_gmt":"2022-03-27T04:00:42","slug":"nbe-launches-egp-2-bn-sme-fund-of-funds","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/27\/nbe-launches-egp-2-bn-sme-fund-of-funds\/","title":{"rendered":"NBE launches EGP 2 bn SME fund of funds"},"content":{"rendered":"

<\/a> State-owned banks launch EGP 2 bn SME fund of funds: <\/strong>A group of banks and financial institutions led by the National Bank of Egypt (NBE) have launched Egypt\u2019s first fund of funds (FoF), which has reached a EGP 905 mn first close, the state-owned bank announced in a press release (pdf)<\/a>. Avanz Manara for Private Equity will invest in funds focused on SMEs, the statement read, without adding how many funds the firm is looking to back, the expected size of its investments, or when it plans to reach its targeted EGP 2 bn final close.<\/p>\n

Avanz Manara has doubled the size of its targeted final close to EGP 2 bn<\/strong> since it was first announced last year<\/a>. DC-based asset manager Avanz Capital<\/a> \u2014 an affiliate of I Squared Capital with over USD 13 bn in assets under management \u2014 has been tapped to manage the fund, the statement confirmed<\/a>.<\/p>\n

Who\u2019s in?<\/strong> The NBE is the largest single shareholder, having paid in EGP 300 mn, followed by Banque Misr, Banque du Caire, Ahli United Bank, Misr Ins. Holding, and Suez Canal Bank, which each stumped up EGP 100 mn. United Bank of Egypt contributed EGP 50 mn, private-sector outfit Attijariwafa Egypt committed EGP 45 mn, and fund manager Avanz Capital contributed EGP 10 mn. The firm is targeting an EGP 2 bn final close, according to the press release, which did not lay out a timeline.<\/p>\n

Where will it invest?<\/strong> The fund plans to invest<\/a> in SMEs in healthcare, education, fintech, agribusiness, renewables, fast-moving consumer goods and IT, a BdC source previously told us.<\/p>\n

And what\u2019s a fund of funds?<\/strong> In basic terms, a FoF chooses to invest in other funds \u2014 whether equity or debt \u2014 rather than individually vetting specific companies or debt issuances it may want to back. The fund managers to whom the FoF hands AUM are then trusted to generate returns that pass back to the managers of the fund of funds.<\/p>\n

The Madbouly government and CBE have tagged SME finance as a priority going forward: <\/strong>State institutions including MIH, BdC and Suez Canal Bank last week made commitments to Catalyst Private Equity\u2019s EGP 1 bn impact investment fund<\/a> targeting Egyptian SMEs. They were joined by private-sector actors Attijariwafa and Ahli United Bank.<\/p>\n

Advisors: <\/strong>The banks\u2019 legal advisor for the launch was Zaki Hashem & Partners, while White & Case advised Avanz Capital.<\/p>\n","protected":false},"excerpt":{"rendered":"

State-owned banks launch EGP 2 bn SME fund of funds: A group of banks and financial institutions led by the National Bank of Egypt (NBE) have launched Egypt\u2019s first fund of funds (FoF), which has reached a EGP 905 mn first close, the state-owned bank announced in a press release (pdf). Avanz Manara for Private […]<\/p>\n","protected":false},"author":1,"featured_media":544898,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7272],"tags":[541,72,125,287],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544897","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-asset-management","tag-enterpriseam","tag-investment-watch","tag-smes","wpautop","entry"],"acf":{"mongo_id":"f6e74540-21d6-45d4-b488-622e0d4d350f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/3\/360.jpg","photo_position":"above","related_issue":[544889],"teaser":"","voice_url":""},"yoast_head":"\nNBE launches EGP 2 bn SME fund of funds - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/27\/nbe-launches-egp-2-bn-sme-fund-of-funds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NBE launches EGP 2 bn SME fund of funds\" \/>\n<meta property=\"og:description\" content=\"State-owned banks launch EGP 2 bn SME fund of funds: A group of banks and financial institutions led by the National Bank of Egypt (NBE) have launched Egypt\u2019s first fund of funds (FoF), which has reached a EGP 905 mn first close, the state-owned bank announced in a press release (pdf). 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The firm is considering investing in three funds targeting SMEs, he said, without disclosing\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/money-under-mattress1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566390,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/16\/nbe-banque-misr-bdc-to-launch-egp-1-bn-fund-of-funds-targeting-smes\/","url_meta":{"origin":544897,"position":2},"title":"NBE, Banque Misr, BdC to launch EGP 1 bn fund of funds targeting SMEs","author":"enterpriseam admin","date":"16 June 2021","format":false,"excerpt":"A consortium of the National Bank of Egypt , Banque Misr and Banque du Caire are planning to launch a fund of funds with an initial assets under management of EGP 1 bn, an unnamed source at BdC told Enterprise, confirming an earlier statement by Deputy Chairman Yehia Abou El-Fotouh\u2026","rel":"","context":"In "SPEED ROUND: CAPITAL MARKETS"","block_context":{"text":"SPEED ROUND: CAPITAL MARKETS","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/509.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553414,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/02\/state-institutions-%e2%9d%a4%ef%b8%8f-planet-startup\/","url_meta":{"origin":544897,"position":3},"title":"State institutions \u2764\ufe0f Planet Startup","author":"enterpriseam admin","date":"2 December 2021","format":false,"excerpt":"Egypt\u2019s biggest state-owned banks are planning to launch a new fund to invest in fintech startups before the end of the year, with an eye to reach a USD 85 mn first close, Al Mal reports, citing what it says are sources in the know. Partners in the fund include\u2026","rel":"","context":"In "Fintech"","block_context":{"text":"Fintech","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/fintech\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":587159,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/23\/ezdehar-targets-struggling-mid-sized-firms-with-new-egp-1-bn-fund\/","url_meta":{"origin":544897,"position":4},"title":"Ezdehar targets struggling mid-sized firms with new EGP 1 bn fund","author":"enterpriseam admin","date":"23 May 2023","format":false,"excerpt":"The fund is in talks with investors and eyeing 5-7 local firms this year","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1227.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544842,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/23\/catalyst-partners-launches-egp-1-bn-sme-focused-fund-expects-first-close-in-april\/","url_meta":{"origin":544897,"position":5},"title":"Catalyst Partners launches EGP 1 bn SME-focused fund, expects first close in April","author":"enterpriseam admin","date":"23 March 2022","format":false,"excerpt":"Catalyst Private Equity has launched a EGP 1 bn impact investment fund that will target Egyptian SMEs, it announced in a statement (pdf) yesterday. 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