Bakers guides Sphinx through fund set-up

The London office of Baker & McKenzie has advised on the establishment of a $100m (£68.35m) turnaround fund in Egypt.

The London office of Baker & McKenzie has advised on the establishment of a $100m (£68.35m) turnaround fund in Egypt.

The fund, run by Sphinx Private Equity, has secured investment from the European Investment Bank (EIB), the International Finance Corporation (IFC) and Citadel Capital.

Bakers’ London funds head James Burdett acted for Sphinx, with Arendt & Medernach providing Luxembourg law advice. Washington firm Hills Stern & Morley acted for IFC, while EIB used an in-house team.

The fund will invest in small businesses that are distressed, in default or in need of restructuring, as well as providing expansion capital.

In January this year, Bakers’ London funds team also advised Kazakhstan’s sovereign wealth fund on the establishment of a private equity fund in the country.

Clifford Chance and White & Case advised the main investors, Kazyna Capital Management and European Bank for Reconstruction and Development.