Cairo – Mubasher: EFG Hermes Holdings on Sunday announced it has closed the first round of its education-focused investment fund managed by the company’s direct investment sector.
The fund was covered with investment pledges worth $119 million, the Cairo-based investment bank said in a filing to the Egyptian Exchange (EGX).
This coverage exceeded initial target pledges ranging between $50 million and $100 million, the company indicated.
The fund is part of the company’s exclusive partnership with GEMS Education, a global advisory and educational management firm, to launch the largest investment platform targeting Egypt’s education sector, according to the statement.
The company noted that it has managed to attract these pledged in only six months.
EFG Hermes expected the second closing to occur in 2019 with an additional round worth $30 million as the company is in talks with a number of the global financial institutions.
The fund aims to achieve an internal return of 25% for investors through investing $300 million in the coming three years to acquire 30 new schools that embrace over 40,000 students in cooperation with GEMS Education.
