Back to the complete issue
Tuesday, 20 October 2020

Proparco commits USD 11 mn to Lorax Capital’s Egypt-focused LCP II fund

INVESTMENT WATCH- Proparco has committed USD 11 mn to Egypt- and SME-focused private equity fund LCP II, the French Development Agency’s investment arm said in a statement. The investment will help mid-cap companies in Egypt access long-term financing, which the statement says is “all the more important in a period of economic downturn” amid the covid-19 crisis. Proparco’s contribution is part of a c.USD 142 mn first closing for the fund, which is managed by Egyptian private equity outfit Lorax Capital Partners. The fund saw commitments from other LPs including the European Bank for Reconstruction and Development, the European Investment Bank, the International Finance Corporation, and the Egyptian American Enterprise Fund. Lorax is targeting a USD 250 mn final close for LCP II.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.