HC launches PE firm in Egypt
HC launches private equity arm: HC Securities & Investment launched on Monday a private equity arm that will invest in mid-cap companies across a range of industries, the company said in a press release (pdf). HC will invest its own funds and will raise outside capital from limited partners on a transaction-by-transaction basis, it said. The new PE arm will focus on “exceptional entrepreneurs and great management teams that are looking to accelerate growth in their businesses,” the statement noted. “I am delighted to announce the firm’s foray into private equity. We are hopeful in not only creating long-term value for our partners and our investors but also supporting the Central Bank of Egypt’s initiative to back thriving medium sized Egyptian companies,” said HC founder, chairman, and managing director Hussein Choucri.
The new firm will be headed by Wall Street veteran Ahmed Dessouky (LinkedIn), a seven-year veteran of Deutsche Bank who crossed over to private equity with Lone Star and Silverpeak Partners in the United States. Dessouky worked on project finance and then investment banking at Deutsche.