Azimut Group’s Egypt Asset Management has launched a first-of-its-kind equity Ucits fund in Egypt.
The AZ Equity-Egypt strategy will capitalise on local price inefficiency and access to discounted companies.
The Luxembourg-domiciled fund will offer unprecedented access to Egyptian expats and other investors in the GCC, said Ahmed Abou El Saad, managing director of Azimut Egypt.
The fund will also act as an investment vehicle for European investors to get exposure to a ‘rising economic star’ in Egypt, El Saad said.
The fund will have a high conviction portfolio of up to 30 stock holdings, and will be supported by research and analysis from a local team of professionals.
The fund is aiming to hit $50m in assets under management at the onset, Giorgio Medda, group co-CEO and global head of asset management said.
‘The AZ Equity Egypt fund will benefit from the synergies between our teams in Cairo, Abu Dhabi and Dubai, while being accessible globally thanks to our Ucits platform in Luxembourg,’ Medda added.
In May, the independant asset manager launched a closed-end impact infrastructure fund in Italy. The fund focuses on infrastructure projects that will target around €1bn of assets to invest in schools, student housing, elderly residences, medical facilities, sports facilities and technological infrastructure.