For Cairo-based Citadel Capital, 2011 was to have been the year that the private equity fund, Africa’s largest, put the financial crisis behind it. After years spent focused on managing its portfolio, the group was planning some exits and pursuing significant new deals.
Instead, tear gas in Tahrir Square and the fall of Hosni Mubarak, the former president, has sent the operation, with $8.6bn of investments under management, back into defensive mode.
“This is a delicate period,” says Hisham El-Khazindar, Citadel’s managing director and co-founder.
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