Lorax Capital Partners has closed its LCP FUND II COÖPERATIEF U.A at US$140 million. The round of financing was led by European Investment Bank (EIB) which signed a commitment of US$22 million according to a statement. Other participating institutional investors include European Bank for Reconstruction and Development, International Finance Corporation, Proparco and the Egyptian American Enterprise Fund.
LCP FUND II is generalist private equity fund which will be primarily targeting growth capital investments in SMEs and mid-market companies in Egypt.
A statement from EIB stated that the fund will target enterprises in vital economic sectors including education, healthcare, manufacturing and services.
The statement also added that the fund will provide capital assistance for local SMEs and mid-market companies thereby supporting their growth and continued institutionalization.
“Africa is a key priority for the European Union and the EIB. The bank is committed to working with African partners to accelerate and expand new investment that delivers sustainable development, tackles the climate emergency, creates jobs and improves lives across Africa,” Werner Hoyer, EIB President said during the unveiling of the US$4.69 billion funding for Africa.