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Banker Fouad Rahme, and a group of private investors and bank institutions, have established a private equity fund to invest in local small and medium companies. The size of the fund will be $50 million.

Rahme said that the first closing will be $25 million, out of which $12 million has already been committed from banking institutions and investors. The fund will be activated once the entire amount has been collected.

Unlike most such funds recently established, this one will not rely on the Central Bank’s Circular 331, which targets the technology sector.

The fund will invest in family businesses. It will target sectors that include agri-food, services, construction materials, Fast Moving Consumer Goods (FMCG), and the industrial sector.

“We target companies who have projects and that need to grow through export. The fund will be a shareholder in the company that has the ability to exit after creating value,” said Rahme.

Augmentum Capital Advisors, a financial company established by Rahme, will manage the fund. Rahme was previously General Manager at BLC Invest.