EFG Hermes set for first close on €1bn fund

Egypt based investment bank EFG-Hermes is a second close to the infrastructure fund for girls up to the end of the year to maintain, according to two people familiar with the subject. The team of the Bank and the closure of private equity InfraMed - which he seeks € 1000000000 - at the end of the year, after positive feedback from investors, the people said. The Bank launched the effort in the spring of 2009, in partnership with the Caisse de Depot et de Gestion, a financial institution in Morocco. The fund held a first closing of € 385 million a year later, with contributions from the European Investment Bank and the French and Italian government bond funds and Cassa Depositi e Prestiti. The Fund is an infrastructure fund to support several new construction projects and by extension, the risks that take into account in its construction. He is active and has recently invested $ 100 million in Egyptian Refining Company, a platform for the processing of petroleum, in the last month. EFG to respond to requests not available for comment. In a statement released the results for the first quarter of 2012, last month, said the Bank Group "with a focus on raising funds for InfraMed in the GCC during screening for investment" was. The results also show a 35% per year over the period of declining income from the activity of private equity to $ 4.3 million compared to $ 6.5 million for the same period in 2011. The decrease was primarily due to lower management fees than the old ones expired or moved funds to investment costs, such as invested capital to be paid in opposition. EFG does not have a buyout fund since 2007, when his Horus Private Equity Fund III, closed permanently kept in the vicinity of $ 575m. The company - which has postponed plans to raise a fund to Syria in 2011 to concentrate after the start of the Arab spring - now has a total of $ 976 million private equity assets under management. Last month, EFG and its major shareholders - agreed to a 60% stake in the company of the Investment Bank of Qatar Qinvest sell for $ 250 million - Abu Dhabi Investment Authority and Dubai Financial Group. However, Egyptian Advisory House PlanetIB issued a statement after the announcement that he was "ready to begin due diligence immediately", with a view to making an offer for the entire company.