Throughout the years, EFG Hermes Holding has relentlessly worked its way towards becoming a regional pioneer of innovative financial services, consistently raising the bar for excellence in the markets it operates in. In 2021, The Firm continued to build on its track record of success, surpassing regional benchmarks and peers, and delivering a stellar performance across its core operations. During the year, global and regional markets continued on their upward trajectory, with global economic activity ramping up significantly. EFG Hermes Holding managed to successfully capture the upside of this recovery, infusing markets with compelling value-add opportunities and new products, all while significantly contributing to the Group’s consolidated top-line growth.

At year-end 2021, EFG Hermes Asset Management booked a consolidated revenue of EGP 528 million, reflecting a 45% y-o-y climb. The division’s local and regional assets under management (AUMs) registered a remarkable increase, with Egypt AUMs hiking by 23% to record EGP 23.5 billion and regional AUMs increasing by 25% to reach USD 2.6 billion.

In terms of EFG Hermes Private Equity’s performance, the division’s renewables platform, Vortex Energy, reported solid results for the year. In 2021, Vortex Energy successfully concluded the first close for its “Vortex Energy IV” fund worth c. USD 200 million, with an eye on extending its renewables product portfolio beyond its current verticals, in addition to expanding its geographical footprint. Additionally, the strategic agreement Vortex Energy entered this year with Spain’s Ignis Energy Holdings worth EUR 625 million aims to position our renewable energy platform to better serve the growing traction that is being garnered in the landscape of sustainable and responsible investing, and to help pave the way for the global transition towards a net-zero emissions environment.

2021 was a remarkable year for the Private Equity division on the healthcare front. Throughout the year, our healthcare platform Rx Healthcare Management (RxHM) continued to enhance and expand its operational footprint in collaboration with United Pharma, which was acquired in 2019. We have successfully managed to introduce a large number of new, superior products to our portfolio during the year in order to continue catering to the ever-growing demand that is present in regional markets, and to continue providing a comprehensive suite of innovative healthcare solutions across various regions.

On the education front, our platform, Egypt Education Fund (EEF), began extensively broadening its portfolio of offerings in the Egyptian education landscape. In 2021, the platform successfully finalized its investment in Al Hayah International Academy, a leading provider of K-12 education in Egypt. With this acquisition, the platform currently houses a total of five of the country’s most reputable educational institutions, and continues to build on its strategy of providing students across the country with flagship educational solutions.

Looking ahead, the EFG Hermes Private Equity and Asset Management arm aims to continue growing its investment spectrum to house more investments that create sustainable value to stakeholders and economies at large. Our record of achievements for the year and the years prior speaks volumes about the Firm’s solid ability to effectively charge regional markets with investment prospects that are not only lucrative, but also create meaningful impact across the board. As regional and global markets continue to ramp up in activity, we aim to continue working towards bolstering our financial position through further capitalizing on new opportunities and growing our offerings, fortifying the Group’s position in Frontier Emerging Markets as the leading investment bank franchise.