NI Capital

NI Capital was established as the investment arm of the National Investment Bank of Egypt, which is wholly owned by the state. Its explicit mandate is to manage, restructure, and divest state-owned enterprises, effectively acting as the execution platform for the government's asset-sale and pre-IPO programs.

NI Capital operates primarily as a direct investment and advisory platform, not as a commingled blind-pool fund manager. It executes transactions on behalf of its parent entity and the Egyptian state, focusing on pre-IPO placements, restructuring mandates, and direct equity sales to strategic or financial investors.

External investors access deal flow by participating in the public offerings and private placements that NI Capital advises and executes for state-owned enterprises. The firm designs the transaction structures, conducts the investor roadshows, and manages the listing or sale processes, making it the central point of access for Egypt's state-originated privatization pipeline.

Announced in 2018, the Egyptian government's IPO program targeted the partial sale of shares in 23 state-owned companies across sectors including petroleum, financial services, and real estate. NI Capital was mandated as the lead advisor and implementation arm for the first phase of this program, responsible for financial restructuring, valuation, and execution of the offerings on the Egyptian Exchange.

Based on the composition of the government's asset-sale program, NI Capital's focus sectors include financial services, consumer goods, real estate, and logistics. The firm's deal flow is determined by the state's schedule for privatization across these targeted industries.