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CHAMPION OF THE DAY
LEADERS NEWS
$35 million raised
by EIP Levant Fund
Up to $40 million
investments in local SMEs
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Emerging Investment Partners (EIP), a private equity investment firm, said it has completed the first closing of fundraising for its EIP Levant Fund whose target capital is $60 million.
The fund has raised around $35 million, according to Wassim Heneine, Managing Director at EIP. He said that they are seeking to complete subscription in the entire capital of the fund and that they are receiving encouraging response from investors.
The investors who have subscribed to the fundraising include the International Finance Corporation (IFC), Dutch Good Growth Fund (DGGF), Obegi Group, Capital pe, and Alfadel Group.
The fund aims to provide equity and debt finance solutions to small and medium-sized enterprises (SMEs) in Lebanon, Jordan, Iraq, and Egypt. It will focus on SMEs with a turnover of less than $50 million and a financing need ranging between $1 million and $6 million.
The fund plans to invest $25 million to $40 million in Lebanon over the coming four years. These investments will mainly target export-oriented industrial companies that at the same time have strong foothold on the local market.
EIP is currently considering investing in two to three local SMEs in the fast-moving consumer goods sector.
EIP was established in 2015 by Obegi Group, Alfadel Groups, Wassim Heneine, and Karim Burhani.
Reported by Shikrallah Nakhoul
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Date Posted:
Mar 12, 2020
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