Shearman & Sterling advised EFG Hermes (EFG) on the successful first close of the Egypt Education Fund, a Dubai International Financial Centre-based fund that focuses on investing in kindergarten to 12th grade (K-12) schools in Egypt. The fund is seeking to raise up to $150 million of capital commitments and is part of a $300 million joint venture platform built in exclusive partnership with Dubai-based GEMS Education. The joint venture platform is dedicated to investing in the Egyptian K-12 education sector with the aim of building Egypt's largest specialized K-12 education company. Its investments will include acquiring existing operational schools and securing land plots to develop new schools.
The fund's second close is expected to be completed in 2019.
EFG is a leading financial services corporation in frontier emerging markets and has been operating for over 30 years. Its operations span 12 countries across four continents. The firm offers a wide range of business lines including private equity, asset management, brokerage, investment banking, micro finance, leasing and research. Through its private equity line of business, EFG currently manages investments amounting to around $1.5 billion spreading across six countries in the Middle East, North Africa and Europe.
GEMS Education is one of the world's oldest and largest K-12 education providers.