CAIRO (Reuters) – A $100 million fund targeting distressed assets in Egypt would make its first investment by September, its manager said on Monday.
The fund, in which Egyptian private equity firm Citadel Capital is investing $10 million, would target small and medium size Egyptian firms in need of restructuring, said Marianne Ghali, chairman of Sphinx Private Equity Management, which is managing the fun.
“We have a strong pipeline and we should close the first transaction in six months,” she said.
The fund would target investments of between $5 million and $20 million in industries including automotive, textiles, cosmetics, consumer goods, and glass and leather products, she said.
The economy of Egypt, the most populous Arab country, is on track for its slowest growth in half a decade as lower global demand hurts exports and tourism revenue.