{"id":618976,"date":"2024-04-23T00:00:00","date_gmt":"2024-04-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/23\/evolve-to-launch-the-countrys-third-gold-investment-fund-in-may\/"},"modified":"2024-04-23T00:00:00","modified_gmt":"2024-04-23T00:00:00","slug":"evolve-to-launch-the-countrys-third-gold-investment-fund-in-may","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/23\/evolve-to-launch-the-countrys-third-gold-investment-fund-in-may\/","title":{"rendered":"Evolve to launch the country\u2019s third gold investment fund in May"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Evolve to take its third gold fund to market before the end of next month:<\/strong> Asset manager Evolve Investment Holding plans to launch Egypt and the company\u2019s third gold investment fund before the end of next month, CEO Sameh El Torgoman told Enterprise on the sidelines of the country\u2019s first edition of the World Gold Council conference. The company has already delivered the prospectus for the new fund to the Financial Regulatory Authority (FRA), El Torgoman added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a joint venture:<\/strong> The fund will be launched in partnership with asset manager Al AhlyPharos \u2014 the investment banking arm of the National Bank of Egypt\u2019s Al Ahly Capital Holding \u2014 El Torgoman said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We knew this was coming:<\/strong> It first came to light back in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8eba25dd-53e9-4273-bd8e-6e1afb5b2f99\" style=\"\" rel=\"noopener\">February<\/a> that Evolve would launch its third gold fund in 1H 2024 and the FRA last week <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f2bc9004-b5ab-4609-9df1-4c6aa863eca3\" style=\"\" rel=\"noopener\">announced<\/a> that a subsidiary of the NBE is applying to set up another gold investment fund in Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The company launched the country\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/373fda24-6907-4c8b-bb56-623da5e5a367\" style=\"\" rel=\"noopener\">first gold fund<\/a> with Azimut in May 2023 and launched <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bc6a409f-edea-4ac4-ae40-a12a4d621c23\" style=\"\" rel=\"noopener\">another<\/a> \u2014 dubbed Beltone Evolve Gold \u2014 with Beltone Asset Management in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bc6a409f-edea-4ac4-ae40-a12a4d621c23\" style=\"\" rel=\"noopener\">January<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers:<\/strong> Since their launch, the two gold funds have reeled in about EGP 1 bn in investments from nearly 120k clients, <a target=\"_blank\" href=\"https:\/\/twitter.com\/AsharqbEGY\/status\/1782393926831288388\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports El Torgoman as saying. In the local gold market as a whole, \u201cEgyptians bought 60 tons of gold last year. This placed Egypt in third place in the Middle East, and first in the Arab world, in terms of purchasing gold last year,\u201d El Torgoman told Lamis El Hadidi on Kelma Akhira last night (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=zR07BnJbPSc\" style=\"\" rel=\"noopener\">watch, runtime: 25:17<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Silver fund in the works?<\/strong> Evolve also plans to launch the country\u2019s first silver-backed investment fund in 2H 2024, <a target=\"_blank\" href=\"https:\/\/twitter.com\/AsharqbEGY\/status\/1782378824958636079\" style=\"\" rel=\"noopener\">Asharq Business<\/a> quotes El Torgoman as saying. The outlet had reported last month that Azimut <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/490cdbcf-937b-4b6d-9ce9-9eb0ce115145\" style=\"\" rel=\"noopener\">plans to launch<\/a> a silver-backed fund with initial investments of EGP 150-200 mn.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The fund will be launched in partnership with asset manager Al Ahly Pharos<\/p>\n","protected":false},"author":1,"featured_media":618977,"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":[7303],"tags":[102,72,544,7093],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-618976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-enterpriseam","tag-evolve-investment-holding","tag-gold","wpautop","entry"],"acf":{"mongo_id":"5f77d75b-f4ba-4945-9a67-8c40b4b1195a","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/1589.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Evolve to launch Egypt\u2019s third gold investment fund in May","related_issue":[618965],"teaser":"The fund will be launched in partnership with asset manager Al Ahly Pharos","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.f370f137-f3ee-4b7f-b054-65125e2a68ff.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The fund will be set up with EGP 500 mn in initial capital and is geared towards investors who want to\u2026","rel":"","context":"In &quot;Capital markets&quot;","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\/1\/307.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":588184,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/07\/evolve-azimut-gold-fund-sees-strong-investor-demand-plus-dhl-maire-tecnimont-x-kima\/","url_meta":{"origin":618976,"position":1},"title":"Evolve-Azimut gold fund sees strong investor demand. PLUS: DHL, Maire Tecnimont x Kima,","author":"enterpriseam admin","date":"7 June 2023","format":false,"excerpt":"The fund was more than 15x oversubscribed, raising EGP 153 mn","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/340.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":613413,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/15\/beltone-to-manage-new-gold-investment-fund-beltone-evolve-gold\/","url_meta":{"origin":618976,"position":2},"title":"Beltone to manage new gold investment fund Beltone Evolve Gold","author":"enterpriseam admin","date":"15 January 2024","format":false,"excerpt":"The fund aims to raise EGP 10 mn by offering 100k certificates at a nominal value of EGP 100 apiece","rel":"","context":"In &quot;Capital markets&quot;","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1725.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":618717,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/18\/post-for-investment-sees-revenue-and-income-jump-over-30-y-o-y-in-2023-plus-national-bank-of-egypt-subsidiary-to-set-up-countrys-third-gold-fund\/","url_meta":{"origin":618976,"position":3},"title":"Post for Investment sees revenue and income jump over 30% y-o-y in 2023. 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PLUS: Sawari Ventures USD 150 mn fund, Evolve gold investment fund, Fincart KSA HQ, Tamar ups production, Marakez loan","author":"enterpriseam admin","date":"19 February 2024","format":false,"excerpt":"EKH also wants to set up electricity distribution stations under build-own-transfer agreements with the government","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1176.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":618976,"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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