Egyptian-American Enterprise Fund (EAEF) Commits $50 Million to TCV Fund II, Strengthening Support for Egypt’s Private Sector
TCV, a growth-equity firm dedicated to elevating family-owned enterprises into institutional entities, has established a notable presence in Egypt with five strategic investments. Among these ventures are Tamweel, the country’s prominent non-bank mortgage finance provider, and Abu Auf, a renowned healthy foods company. Recently, TCV achieved a successful exit from its investment in Abu Auf, marking a significant milestone as the company transitioned its ownership to the United Arab Emirates-based food and beverages group Agthia.
James Harmon, Chairman of EAEF, expressed satisfaction in announcing EAEF’s decision to allocate $50 million to TCV Fund II. Serving as an anchor investor once again, EAEF aims to facilitate private investment for TCV’s second fund, further solidifying their partnership. Harmon highlighted TCV’s pivotal role in advancing EAEF’s mission to bolster Egypt’s private sector. Despite the challenging climate in the Middle East, EAEF remains steadfast in its commitment to investing in Egypt’s private sector and nurturing local talent, exemplified by TCV.