Tanmiya Capital Ventures
Cairo-based growth equity firm founded in 2016 that invests in Egyptian mid-cap companies through its TCV funds, with portfolio companies in food, pharmaceuticals, financial services and utilities.
Industry: Private equity and growth capital | Location: Cairo, Egypt | Founded: 2016
About Tanmiya Capital Ventures
Tanmiya Capital Ventures, which now uses the short name TCV, is an Egypt-based investment management firm that makes growth equity investments guided by impact principles. In February 2026 its managing partner told Enterprise that it takes minority stakes in mid-cap companies with established infrastructure and governance and does not pursue turnarounds, with food and beverage, FMCG, manufacturing, education and selected pharma as focus areas.
TCV was founded in 2016. According to the International Finance Corporation, the firm is fully owned by its three founding partners, Ahmed El Guindy, Youssef Ayoub and Mohamed Mahgoub, who are managing partners. El Guindy previously headed the investment banking division at EFG Hermes, Ayoub spent more than twelve years in marketing at Coca-Cola Egypt, and Mahgoub spent four years in the private equity division of EFG Hermes.
Its first fund, TCV1, closed around 2017 and typically wrote tickets of USD 2 million to USD 5 million, according to Empower Africa. The second fund, Tanmiya Capital Ventures Fund II, targeted USD 150 million. The IFC recorded an equity investment of up to USD 20 million in December 2024, and the EBRD lists an equity investment of USD 20 million. Enterprise reported a final close of USD 130 million in December 2024. TCV's press page also cites a USD 50 million commitment approved by the Egyptian-American Enterprise Fund in April 2024, and in October 2025 the European Investment Bank proposed an equity investment of USD 38 million, which still needed board approval.
The portfolio listed on the website comprises COPAD, El Abd, Tamweely, HA Utilities, Tamweel, MIFAD and PlatForm, with Abu Auf shown as a full exit. In November 2024 Enterprise reported that the second fund would take a 20.9 percent stake in El Abd.
In December 2024 TCV joined SPE Capital, the EBRD and British International Investment in acquiring Tamweely, an Egyptian microfinance lender. On 12 August 2026 the consortium announced the sale of Tamweely to e-finance for Digital and Financial Investments, subject to approval from the Financial Regulatory Authority and the Egyptian Competition Authority. The price was not disclosed.
Leadership
- Ahmed El Guindy, Founding Partner and Managing Partner
- Youssef Ayoub, Founding Partner and Managing Partner
- Mohamed Mahgoub, Founding Partner and Managing Partner