Tanmiya Capital closes second fund at $130M after EIB commitment

Tanmiya Capital has closed its second fund at $130 million. The Egypt-based private equity firm announced the final close of Tanmiya Capital Fund II in late October 2026, exceeding its $120 million target. The close followed a $37.5 million commitment from the European Investment Bank through its development arm, EIB Global. Other investors include the Egyptian-American Enterprise Fund, the European Bank for Reconstruction and Development, the International Finance Corporation and Egypt’s Micro, Small and Medium Enterprise Development Agency. The fund will provide growth capital to established mid-market Egyptian companies. It expects to build a portfolio of six to eight companies across healthcare, training, fintech, consumer goods, logistics and transport. At least 30 per cent of portfolio companies are expected to meet one or more of the EIB’s gender equality financing criteria. Founded in 2016, Tanmiya Capital Ventures focuses on growth equity and private equity investments in established Egyptian businesses. Managing partner Ahmed El Guindy said the close above target reflects strong investor confidence in the firm’s strategy and in the potential of Egypt’s private sector. The investment was announced at a ceremony in Cairo attended by EIB Vice-President Gelsomina Vigliotti and Tanmiya Capital Ventures managing partners Ahmed El Guindy, Youssef Ahmed Ayoub and Mohamed Mohsen Mahgoub. Tanmiya Capital has not published the amount already deployed from Fund II or the names of any companies already invested. Those details would show the initial deployment. The firm has not published the ticket sizes or ownership stakes it expects to take in the six to eight portfolio companies. It has not published the remaining capital still to be called or the expected investment period. The individual commitments from EAEF, EBRD, IFC and MSMEDA have not been disclosed beyond the $37.5 million from the EIB. For limited partners the practical change is access to a closed growth equity vehicle focused on established Egyptian mid-market companies. The value depends on whether the firm deploys the $130 million into six to eight companies that meet the stated expansion criteria and whether the gender criteria are met in practice. The close is framed as supporting access to long-term equity finance for Egyptian firms and does not include any announced secondary sale or partial exit by existing investors. Other regional firms have also raised growth vehicles. Tanmiya Capital pairs a $130 million close with a $37.5 million EIB commitment and a concentrated portfolio strategy. The firm has not published a comparison of Fund II with its first fund or the number of previous portfolio companies it has exited. The announcement does not list the specific investment criteria beyond the listed sectors or the expected hold periods. Those details would show the operational starting points. Without them Fund II remains a description of a close and a set of targets rather than a fully specified capital allocation. If Tanmiya Capital publish the first investments, the amounts deployed and any measurable outcomes within the next six months, the close has a measurable follow-through. If the next update is only a restatement of the fund size, the change for the market remains the same as the initial announcement. The figures missing are the individual investor commitments beyond the EIB and the deployed capital.