OPIC to invest $100 mln in Citadel funds

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CAIRO: The Overseas Private Investment Corporation (OPIC), a US trade promotion agency, will invest $100 million in Citadel Capital’s funds.


OPIC’s board of directors approved up to $100 million to finance new investments by private equity firm Citadel’s Joint Investment Funds, according to a statement released Tuesday.

Stephen Murphy, managing director of institutional relations at Citadel Capital, said that the money will be invested alongside the private equity firm’s targeted $500 million MENA and Africa Joint Investment Funds, across selected deals ranging from traditional buyouts to turnarounds, greenfields and growth capital opportunities.

“Sectors of interest to Citadel Capital and its funds include waste management, transportation and logistics, manufacturing, and alternative energy,” Murphy added in the statement, “We will invest a significant amount of capital in Egyptian companies, which will be used as platform investments to expand throughout the region.”

Citadel Capital Managing Director and Co-Founder Hisham El-Khazindar described OPIC’s selection of Citadel as another “vote of confidence in our firm’s strategy.”

Citadel Capital has $8.3 billion in investments under control.

On Thursday, OPIC said it will invest up to $455 million in five private equity funds in the MENA region as part of US President Barack Obama’s push to boost ties with the Muslim world.

OPIC also approved up to $150 million for a fund to be run by a company owned by Kuwait Projects Co. (KIPCO), Kuwait’s largest investment firm, and up to $150 million for a fund managed by Dubai-based Abraaj Capital, Reuters reported.

OPIC, a US government agency whose aims include encouraging economic development in emerging markets and helping US businesses invest overseas, is one of several partners, along with USAID, in the Global Entrepreneurship program Obama launched in April in Washington.


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