Two Egyptian investment firms have joined forces to launch a healthcare investment platform.
Misr Capital, the investment strand of Banque Misr, and Elevate Private Equity, the owner of diagnostic firm Nile Scan & Labs, have partnered on the US$380 million investment platform, Nile Misr Healthcare.
The fund will be actively managed by both partners and focus on acquisitions in the healthcare sector in Egypt and sub-Saharan Africa. This includes hospitals, diagnostic facilities, pharmaceuticals, medical education, and digital medical services.
The firms are hoping to capitalise on a growing middle class in the region that is buying private medical insurance in greater numbers as well as the Egyptian government’s plan to introduce universal healthcare over the next 15 years.
“With a population of over 1 billion citizens and the IMF projecting GDP growth of approximately 4% in 2022 in Sub-Saharan Africa, the continent provides a multitude of opportunities for private healthcare investments,” said Khalil El Bawab, chief executive of Misr Capital.
The platform is expected to make its first acquisition within the next few weeks while managers are hoping to raise $150 million before the first close in Q1 2022.
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