Apex Group has been appointed to provide fund administration and corporate services for a new fund from Egypt-focused private equity firm Lorax Capital Partners.
The LCP II fund has secured commitments from five limited partners (LPs), totalling $142 million, and plans to support profitable and growing mid-cap companies in promising sectors of the Egyptian economy, favouring local consumption and production as well as financial inclusion. The fund will also target companies eager to expand regionally.
Apex’s team will deliver a full suite of fund administration services to the LCP Fund II entities including investor reporting, accounting, corporate and compliance services.
“We appointed Apex due to their strong reputation and ability to provide the all-inclusive fund administration, accounting and investor reporting services required across multiple jurisdictions,” said Adnan Razzak, director of operations at Lorax Capital Partners.
“We have been particularly impressed with their ability to guide us through regulatory challenges and our decision to domicile the fund in the Netherlands. Our management team has an unmatched track record in sourcing, executing and managing transactions in Egypt and Apex’s support will enable us to focus on these core competencies.”
The mandate win extends a recent run for Apex where it has sought to expand its capabilities in the Middle East region.
Last week, the organisation was appointed to provide fund administration to the $200 million Financing Opportunities Fund of UAE-based asset manager and banking platform SHUAA Capital.
In September, Apex also acquired UAE–based compliance and risk advisory firm, Praesidium Advisory.
“We are pleased to be working with LCP to provide corporate and fund administration services to their second fund,” said Glyn Gibbs, regional head of business development, MENA at Apex Group.
“This appointment is testament to our global reach, assisting them from the very earliest stages of the project, including execution as well as delivering the full benefits of our single-source model utilising our local experts combined with our broad experience of the African private equity sector. We look forward to supporting LCP to provide flexible fund administration services as they continue in their role as one of Egypt’s leading private equity investors.”