Union Capital says targets doubling AUMs to $38 million this year

Egypt-based private equity firm, Union Capital is planning this year to double the volume of its assets under management (AUMs) to 300 million Egyptian pounds (US$38 million), its managing director said Sunday.

Minoush Abdel-Meguid told Amwal Al Ghad that the company’s AUM stood at 150 million pounds by end of 2015, represented in running its mutual fund.

This year’s strategy is based on running a number of mutual funds in the current period, she said.

Union Capital’s fund has been founded in mid 2008, tailored to invest in small and medium-sized enterprises (SMEs) in addition to micro-sized businesses.

The fund’s capital currently amounts to 150 million pounds, in which the main contributor is the Export Development Bank of Egypt (EDBE), with a 30 percent stake.