Cairo–based investment bank CI Capital Holding has partnered with the alternative asset manager Duet Group to launch a $300 million private equity investment fund backed by Egypt’s richest man.

Cairo–based investment bank CI Capital Holding has partnered with the alternative asset manager Duet Group, to launch a $300 million private equity investment fund, backed by Egypt’s richest man.

The Duet-CIC Egypt Opportunities Fund will invest in the Egyptian businesses with a focus on consumer and consumer-related industries.

Egyptian businessman Nassef Sawiris, estimated by Forbes to be worth $7.3 billion, said it was his intention to contribute up to 25 per cent in the fund’s investments through his Egypt-dedicated private investment vehicle Nile Holding provided it does not conflict with any Orascom companies.

“I am confident that Egypt is positioned to achieve exceptional economic growth in the years to come, attracting direct investments in key sectors which continue to offer substantial investment opportunities. I believe the partnership formed between Duet Group and CI Capital will leverage these excellent growth prospects on the backdrop of a rejuvenated investment environment under stable leadership,” said Sawiris.

Henry Gabay, Duet's chief executive, believes that Egypt is strategically important for the Middle East as well as for frontier markets and that its demographics and current economic positioning are attractive foundations for private equity investment.

“The economy weathered the country’s recent political transition largely intact, showing the resilience and quality of the Egyptian corporate sector. Duet's experience in private equity and frontier markets combined with CICH’s origination and execution capabilities are complementary and can make a major difference, helping investee companies grow,” he said.

CI Capital is a wholly owned subsidiary of Commercial International Bank offering investment banking, securities brokerage, asset management and research services. The firm’s 300 investment professionals serve leading national, regional and global institutions as well as individual investors.

Duet Group is a global alternative asset manager founded in 2002. Duet Group employs 75 professionals in London, Dubai, New York, New Delhi and Accra and manages over $5 billion of equity across various strategies and geographies. The group has invested in excess of $1.4 billion in frontier markets in recent years.