Release date: 4 July 2008
Promoter – Financial Intermediary
Sphinx Capital, a Luxembourg-registered company, which is owned 90% by the Sponsor Citadel Capital and 10% by Ms. Marianne Ghali, shall act as the General Partner of the fund.
Location
Description
An equity participation on ENPI risk capital resources of up to USD 20 million in Sphinx Turnaround Fund, a fund investing in majority and controlling stakes in Egyptian companies in distress, default or in need of restructuring.
Objectives
The aim of the Fund is to create value by restructuring and re-launching companies, which would otherwise most likely be liquidated.
Comments
A closed-end private equity fund incorporated in Luxembourg, targeting private sector companies located in Egypt.
Sector(s)
Proposed EIB finance (Approximate amount)
Up to the lower of USD 20 million and 20% of the total commitments at any closing.
Total cost (Approximate amount)
The target size of the Fund is USD 100 million with a ceiling of USD 150 million. Committed capital at first closing is foreseen at USD 50 million.
Environmental aspects
In addition to complying with Egypt’s environmental laws, regulations and policies and, where appropriate, EU legislation (e.g. sensitive sectors, environmental impact assessment), the Fund has agreed to develop environmental guidelines in agreement with its leading investors, namely the IFC and the Bank.
Procurement
N/A (private sector investment).
Status
Signed - 19/12/2008
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).