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Tuesday, 7 June 2022

Elevate PE launches leasing arm, becomes Elevate Capital

Elevate takes a leap into leasing: Our friends at Elevate Private Equity have landed approval in principle from the Financial Regulatory Authority’s (FRA) to set up a financial leasing arm as the healthcare management company looks to branch out into non-banking financial services (NBFS), according to a press release (pdf).

Meet Elevate Capital: Elevate PE has been restructured and will now be known as Elevate Capital, the release added. Elevate started life last year as a PE firm managing Nile Scan & Labs, has since grown in the healthcare space, and is now looking to expand further. “The latest addition of NBFS lending activity will add tremendous value to our core mission and allow us to elevate MSMEs both in the healthcare sector and beyond,” said Elevate Group CEO Tarek Moharram.

What will the leasing arm finance? The new business will engage in “CAPEX-type lending” and leasing for “buildings, vehicles, machinery, production lines, real estate, industrialization, and agri-tech businessesm as well as export-oriented MSMEs,” Moharram said.

Elevate has already tapped a leasing head: Mohamed Hassaan (Linkedin) will lead the leasing business.

ALSO- Elevate will now solely manage its Elevate Healthcare Fund, which the company launched last year in partnership with Banque Misr’s investment arm Misr Capital. Banque Misr is now the biggest limited partner investor in the fund, which will be managed solely by Elevate’s in-house investment team and independent board members. The fund, which has a target size of USD 380 mn, aims to invest in healthcare in Egypt and sub-Saharan Africa and has been billed as the biggest specialist fund of its kind on the continent.

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