Identifier
Created
Classification
Origin
06BEIRUT742
2006-03-10 13:05:00
UNCLASSIFIED
Embassy Beirut
Cable title:
MGLE01: EUROMENA PRIVATE EQUITY FUND LAUNCHED
how-toVZCZCXRO4887 PP RUEHAG RUEHBC RUEHDE RUEHDF RUEHIK RUEHKUK RUEHLZ RUEHMOS DE RUEHLB #0742 0691305 ZNR UUUUU ZZH P 101305Z MAR 06 FM AMEMBASSY BEIRUT TO RUEHC/SECSTATE WASHDC PRIORITY 2457 INFO RUEHEE/ARAB LEAGUE COLLECTIVE PRIORITY RUCNMEM/EU MEMBER STATES COLLECTIVE PRIORITY RHMFIUU/CDR USCENTCOM MACDILL AFB FL PRIORITY RUCPDOC/DEPT OF COMMERCE WASHDC PRIORITY RUEATRS/DEPT OF TREASURY WASHDC PRIORITY RHEHNSC/NSC WASHDC PRIORITY
UNCLAS BEIRUT 000742
SIPDIS
SIPDIS
STATE PASS USTR;
NSC FOR ABRAMS/DORAN/WERNER/SINGH
E.O. 12958: N/A
TAGS: EFIN ECON ETRD EINV LE
SUBJECT: MGLE01: EUROMENA PRIVATE EQUITY FUND LAUNCHED
UNCLAS BEIRUT 000742
SIPDIS
SIPDIS
STATE PASS USTR;
NSC FOR ABRAMS/DORAN/WERNER/SINGH
E.O. 12958: N/A
TAGS: EFIN ECON ETRD EINV LE
SUBJECT: MGLE01: EUROMENA PRIVATE EQUITY FUND LAUNCHED
¶1. On March 10, the Capital Trust Group, a private equity
firm headquartered in London with offices in New York,
launched the EuroMena Fund at an official signing ceremony in
Beirut. Philippe de Fontaine Vive, the Vice President of the
European Investment Bank (EIB),told the gathering that the
EuroMena Fund was designed to provide "capital and private
know-how" to companies that have already "demonstrated the
ability to succeed." According to Romen Mathieu, the
Managing Director of the EuroMena Fund, EuroMena will invest
in successful private companies that have been operating for
three to five years and are seeking capital to expand
operations. The fund has a capital of USD 65 million of
which 10 million euro (USD 12 million) is from the EIB and
the remainder from partners and investors. Mathieu told us
that the Capital Trust Group aims to raise the fund's capital
to USD 100-120 million soon. The Capital Trust Group is the
anchor investor and manager of the fund; other major
investors include Al Rashed Group, Al Huda Investment Group,
Al Jouaan Group, and the Bahatheq Group.
¶2. According to Mathieu, EuroMena investors would like to
take advantage of the "tremendous hunger" in the region's
stock exchanges for listed companies. Fontaine said that the
EIB had been involved in public sector projects dealing with
wastewater, highways, and ports, but that private sector
investment is "crucial" in order to "bring the needed surge
of investment" to create stable economic growth. EuroMena's
target countries are Algeria, Egypt, Jordan, Lebanon,
Morocco, Syria, Tunisia, and the Palestinian territories.
The fund will not invest in real estate development,
start-ups and turn-around companies. Fontaine stated that
EuroMena will focus on small and medium-sized enterprises in
the manufacturing and service sectors.
FELTMAN