Apex Group has been named fund administration and corporate services provider to Lorax Capital Partners (LCP) Fund II.
LCP is an Egypt-focused private equity firm and over the course of the last 5 years, it has supported the Egyptian American Enterprise Fund (EAEF) in deploying approximately $175 million across five companies.
The announcement comes after LCP secured commitments totalling $142 million for the first close of LCP Fund II.
Apex will deliver fund administration services to the LCP Fund II entities including investor reporting, accounting, corporate and compliance services.
LCP’s new fund plans to support profitable and growing midcap companies in promising sectors of the Egyptian economy, favouring local consumption and production as well as financial inclusion.
Glyn Gibbs, regional head of business development, Middle East and North Africa at Apex Group, commented: “We are pleased to be working with LCP to provide corporate and fund administration services to their second fund. 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."
Adnan Razzak, director of operations at LCP, added: ”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.”
