The Beirut-based Capital Trust Group launched EuroMena III, its fourth private equity fund that would focus on the Middle East and North Africa region. It expected the fund's size to reach between $150m and $200m by the end of the current year. It noted that several institutions have committed to the fund including the European Investment Fund (EIB), the German Investment Corporation, the International Finance Corporation and Electricite de France, among others. The EIB has invested €20m or about $27m in EuroMena bringing its total investments with the Capital Trust Group to $56m.
The fund plans to invest in companies operating in fast-growing industries in the MENA region and in firms that have the potential to become regional leading groups. It noted that it would not invest in real estate companies or in start-ups, but would allocate limited investments to Greenfield projects. EuroMena I fully invested its capital in nine companies and has exited four of them, while EuroMena II has six companies in its portfolio.
LTW – Byblos Bank