Asset Management

Private Equity

Concord International Investments, L.P. managed four direct investment funds invested in Egyptian companies. The first of these funds, the Egyptian Direct Investment Fund Limited (EDIF), was launched in 2000 and was fully invested. During the first half of 2008, the Egyptian Direct Investment Fund exited from two of its investments; Contact Car Trading Company and Cairo Medical Tower Laboratory Company. These sales generated a gross Internal Rate of Return to the fund of 39 percent and 75 percent, which represent 3.3 times and 10.2 times invested cash respectively. The shareholders of EDIF received a cash distribution equal to double the size of the entire fund. EDIF had also acquired Egyptian Company for Foods "Bisco Misr" in January 2005. In January 2015, Bisco Misr was sold to Kellogg's with an internal rate of return of 15.2%.

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The Concord Group has also launched Coral Growth Investments Limited and Coral Growth Investments (Parallel) Limited, its second and third private equity funds dedicated to investments in Egypt in December 2005. In January 2007, a consortium composed of Citigroup Venture Capital International, Capital International Private Equity Fund, an affiliate of the Los Angeles based Capital International Limited and Coral funds acquired 98 percent of Amoun Pharmaceutical Company in Egypt, the leading Egyptian privately-owned generic pharmaceutical company, for US$ 500 million. This acquisition ranks among the largest private equity transactions ever done in Egypt. Amoun was sold to Valeant International Pharmaceuticals, Inc., a US pharmaceutical company, for a value in excess of $800 million in October 2015, generating an internal rate of return of 11.8%.

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In July 2009, the Concord Group established its fourth private equity fund under the name of Crown Investments Limited. Crown had a very broad mandate to invest in industrial, commercial and tourism enterprises in Egypt and the Region.