"The excellent reputation and track record of EuroMena I was an important factor in raising $100 million", European Investment Bank and Proparco as lead investors With co-investors from Saudi Arabia, Kuwait, Qatar, UAE, Jordan, Egypt and Lebanon, EuroMena II investments will include Algeria, Egypt, Jordan, Lebanon, Morocco, the Palestinian Territories, Syria and Tunisia
The Capital Trust Group announced today that Euromena II, its third generation MENA private equity fund, will close in two weeks as the fundraising operation nears its objective.
In a statement, Capital Trust said that the funds raised by EuroMena II amount to approximately $100 million, despite the current global financial and economic crisis.
Anchor investors who have already committed to EuroMena II are Capital Trust Group (sponsors of the Fund), the European Investment Bank, and Proparco (a sovereign fund acting as the French government investment arm), in addition to several high-net worth individuals from Saudi Arabia, Kuwait, Qatar, UAE, Jordan, Egypt and Lebanon. All the investors of EuroMena I committed at least the same amount to EuroMena II while most increased their participation and most of the Fund's partners in its portfolio companies have committed to EuroMena II, The EuroMena Fund Management Team also brought in a 1% contribution.
The Chairman and CEO of Capital Trust, Bassam Aburdene said: "We launched fundraising in November 2008 and we are about to close it in two weeks. Raising funds has been very challenging in light of the world financial crisis and economic recession. The performance of EuroMena I and its management team was an important factor in successful fundraising for EuroMena II. The success of this process has been a great reward to all the team at Capital Trust who have worked hard and remained continuously focused"
CEO of Capital Trust in the Middle East Romen Mathieu said: "We have a track record of successful investments thanks to our strategy, which is based on the EuroMena Team's efficient participation in the management of our portfolio companies assisting in their expansion from a country level onto a regional one." Mathieu stated that EuroMena I hopes to achieve more than 2 times money to its investors over a period of 5 years, "which is excellent, particularly in this climate."
George Shweiry, Managing Director of Europe and the Middle East at Capital Trust added that EuroMena II will share the same regional expansion strategy as EuroMena I, seeking to establish enlarged, streamlined, efficient and more profitable Regional Leading Groups through mergers and acquisitions. The aim is to allow them to emerge as leaders in their respective sectors so that they can be sold to international companies.
The Fund will follow a diversification strategy in terms of sectors and countries. It will invest in the following MENA countries: Algeria, Egypt, Jordan, Lebanon, Morocco, the Palestinian Territories, Syria and Tunisia.
EuroMena II will seek to make investments in private companies operating in pre-identified growth sectors and industries that have the potential to expand from a country level onto a regional one within the MENA region. The Fund will provide investors with exposure to markets and sectors that are resilient to the current global economic downturn.
The Fund will not consider investments in real-estate, turnaround situations or start-ups.
The Capital Trust Group is a Private Equity and Real Estate Advisory firm operating in MENA, Europe and the United States through its subsidiary companies, with offices in London, New York, Washington and Beirut.
The EuroMena II Fund, which is managed by the Capital Trust Group from its Beirut HQ, is the ninth fund raised by the group and its third regional one focused on MENA, after EuroMena (a $63 million, high-return MENA private equity fund) and MENAVEST (a $54 million MENA private equity fund).
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Press Release 2009
