Tanmiya Capital Closes $130M Egypt Fund Backed by EIB, IFC

Egyptian private equity firm Tanmiya Capital Ventures (TCV) has announced the final close of its second fund at $130 million, above its $120 million target. The close followed a $37.5 million commitment from the European Investment Bank (EIB) through its development arm, EIB Global.

The commitment was announced at a ceremony in Cairo attended by EIB Vice-President Gelsomina Vigliotti and TCV Managing Partners Ahmed El Guindy, Youssef Ahmed Ayoub and Mohamed Mohsen Mahgoub.

Who is backing the fund

Alongside the EIB, Fund II is supported by international and local institutional investors. They include the Egyptian-American Enterprise Fund (EAEF), the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC) and Egypt's Micro, Small and Medium Enterprise Development Agency (MSMEDA).

Founded in 2016, TCV invests in established mid-market Egyptian companies through growth equity and private equity. Fund II will target healthcare, training, fintech, consumer goods, logistics and transport, offering both capital and operational support to help businesses expand.

Why it matters

The investment addresses the limited availability of long-term equity finance for small and medium-sized companies in Egypt. By combining capital with strategic and managerial support, the fund is expected to help portfolio companies scale up, improve corporate governance and create jobs. At least 30% of portfolio companies are expected to meet one or more of the EIB's gender equality financing criteria.

The EIB says the operation follows a Team Europe approach and supports the EU-Africa Global Gateway Investment Package. Portfolio companies may also source equipment, technology and services from European suppliers or form partnerships with European businesses, which would strengthen commercial links between Egypt and Europe.

What comes next

The fund is expected to build a portfolio of six to eight companies and support thousands of jobs across Egypt. The EIB will contribute its experience in environmental, social and governance standards and international private equity practice through a seat on the fund's advisory committee.

"The successful closing of Tanmiya Capital Fund II above its target reflects strong investor confidence in our strategy and in the potential of Egypt's private sector," said Managing Partner Ahmed El Guindy.