{"id":557378,"date":"2021-09-16T04:00:49","date_gmt":"2021-09-16T04:00:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/lighthouse-education-weeks-away-from-egp-500-mn-first-close\/"},"modified":"2021-09-16T04:00:49","modified_gmt":"2021-09-16T04:00:49","slug":"lighthouse-education-weeks-away-from-egp-500-mn-first-close","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/lighthouse-education-weeks-away-from-egp-500-mn-first-close\/","title":{"rendered":"Lighthouse Education weeks away from EGP 500 mn first close"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Education investment fund <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c8298555-2c1a-4220-a384-e1e6f7eff7e4\">Lighthouse Education<\/a><\/strong> <strong>is only weeks away from its first <\/strong><strong>close of EGP 500 mn<\/strong>, Lighthouse Managing Director Mohamed El Sherif tells Enterprise.<\/p>\n<p><strong>United Bank joins the fray:<\/strong> El Sherif was speaking to us a day after the United Bank of Egypt <a href=\"https:\/\/ent.news\/2021\/9\/Lighthouse-Press-Release-AR-20210912-with-quotes-UB.pdf\">announced (pdf)<\/a> that it would contribute EGP 50 mn to the fund, joining founding partners the Sovereign Fund of Egypt (SFE), Misr Ins. Holding Company, Banque Misr, and the Suez Canal Bank.<\/p>\n<p><strong>United\u2019s contribution brings the platform\u2019s total commitments that we know of to EGP 425 mn<\/strong>, but El Sherif tells us that other private sector investors are on board, taking it closer to the EGP 500 mn target. He declined to disclose the identities of the investors. MIH and its subsidiaries contributed EGP 125 mn to its initial paid-in capital, the SFE and Banque Misr EGP 100 mn each, and Suez Canal Bank EGP 50 mn, MIH Chairman Basel El Hini <a href=\"https:\/\/enterprise.press\/blackboards\/lighthouse-education-takes-off-big-plans-sector\/\">told us in July<\/a>, soon after the fund was announced.<\/p>\n<p><strong>About Lighthouse:<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c8298555-2c1a-4220-a384-e1e6f7eff7e4\">Announced in July<\/a>, Lighthouse Education was set up as a joint-stock company designed to channel investment into K12 private schools. It will start off by investing in <a href=\"https:\/\/enterprise.press\/blackboards\/lighthouse-education-takes-off-big-plans-sector\/\">10-12 schools<\/a>, focusing initially on Cairo and Giza before turning its attention to other areas of the country such as Alexandria, Beni Suef, Assiut, Port Said, Gharbia, and Qalyubia. It hopes to eventually increase its capital to EGP 1.75 bn.<\/p>\n<p><strong>The platform is aiming to reach its second close before the end of 2022<\/strong>, according to the statement. Under the new partnership agreement, the platform will be managed under the supervision of Al Orman schools founder Hossam El Kabbany along with and privately-owned financial advisor <a href=\"https:\/\/www.linkedin.com\/company\/ironwood-investments\/\">Ironwood Investments<\/a>, and Banque Misr\u2019s investment arm Misr Capital.<\/p>\n<p><strong>Advisors: <\/strong>Beltone Financial Holding was the financial advisor while Matouk Bassiouny law firm was the legal advisor to Lighthouse. The Sovereign Fund of Egypt tapped Renaissance Capital as its financial advisor and Baker Mckenzie as its legal advisor, and Al Kamel Law Firm was Banque Misr and Misr Capital\u2019s legal advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Education investment fund Lighthouse Education is only weeks away from its first close of EGP 500 mn, Lighthouse Managing Director Mohamed El Sherif tells Enterprise. United Bank joins the fray: El Sherif was speaking to us a day after the United Bank of Egypt announced (pdf) that it would contribute EGP 50 mn to the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":557379,"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":[7228],"tags":[576,73,72,173,370,7193],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education","tag-banque-misr","tag-education","tag-enterpriseam","tag-lighthouse-education","tag-sovereign-fund-of-egypt","tag-united-bank","wpautop","entry"],"acf":{"mongo_id":"48b5606f-a99c-4d62-837f-25e47cc89373","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/222.jpg","photo_position":"above","related_issue":[557370],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Lighthouse Education weeks away from EGP 500 mn first close - 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\/2021\/09\/16\/lighthouse-education-weeks-away-from-egp-500-mn-first-close\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lighthouse Education weeks away from EGP 500 mn first close\" \/>\n<meta property=\"og:description\" content=\"Education investment fund Lighthouse Education is only weeks away from its first close of EGP 500 mn, Lighthouse Managing Director Mohamed El Sherif tells Enterprise. 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Backed by the Sovereign Fund of Egypt, the fund will channel investment into K12 private schools and originally targeted a EGP 500 mn\u2026","rel":"","context":"In &quot;Education&quot;","block_context":{"text":"Education","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/education\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/360.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":643806,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/16\/lighthouse-education-to-shut-down-before-operations-kick-off\/","url_meta":{"origin":557378,"position":1},"title":"Lighthouse Education to shut down before operations kick off","author":"enterpriseam admin","date":"16 September 2024","format":false,"excerpt":"The decision was prompted by high construction costs","rel":"","context":"In &quot;Education&quot;","block_context":{"text":"Education","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/education\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/967.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557311,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/14\/banque-misr-gets-gold-bug\/","url_meta":{"origin":557378,"position":2},"title":"Banque Misr gets gold bug","author":"enterpriseam admin","date":"14 September 2021","format":false,"excerpt":"Banque Misr is aiming to launch what it is positioning as the country\u2019s first gold investment fund, Akef El Maghraby, the bank\u2019s vice chairman, told Al Shorouk. The fund aims to meet the needs of investors who wish to invest in gold but lack the necessary experience, according to El\u2026","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/188.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":605315,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/27\/smes-authority-in-talks-with-banque-misr-for-egp-500-mn-for-new-projects\/","url_meta":{"origin":557378,"position":3},"title":"SMEs Authority in talks with Banque Misr for EGP 500 mn for new projects","author":"enterpriseam admin","date":"27 December 2018","format":false,"excerpt":"The SMEs Development Authority is in talks with Banque Misr to receive a EGP 500 mn loan to offer financing for new projects, Banque Misr\u2019s SMEs division Sherif El Beheiry tells Al Mal. The bank is also near closing a separate EGP 500 mn loan with the authority.","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":605094,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/20\/el-sewedy-education-in-talks-for-egp-650-mn-loan-to-fund-new-capital-university\/","url_meta":{"origin":557378,"position":4},"title":"El Sewedy Education in talks for EGP 650 mn loan to fund new capital university","author":"enterpriseam admin","date":"20 December 2018","format":false,"excerpt":"El Sewedy Education is in talks with local banks for a EGP 650 mn loan to finance the first phase of a EGP 6-7 bn university in the new administrative capital, which El Sewedy will launch under a partnership with Coventry University, Chairman Ahmed El Sewedy said. The company approached\u2026","rel":"","context":"In &quot;Health + Education&quot;","block_context":{"text":"Health + Education","link":"https:\/\/enterpriseam.com\/egypt\/category\/health-education\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543497,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/lighthouse-to-acquire-two-schools-in-cairo-this-year\/","url_meta":{"origin":557378,"position":5},"title":"Lighthouse to acquire two schools in Cairo this year","author":"enterpriseam admin","date":"3 February 2022","format":false,"excerpt":"Lighthouse to buy two schools this year: State-backed education investment platform Lighthouse Education is looking to put the entirety of its first close of EGP 560 mn towards acquiring two schools in Cairo this year, Deputy Chairman Mohamed El Sherif confirmed to Enterprise, following a report from Al Mal. The\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/42.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557378","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=557378"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557378\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/557370"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/557379"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=557378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=557378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=557378"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=557378"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=557378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}