Sphinx Private Equity Management

Sphinx was established in 2004 by Citadel Capital, the leading private equity firm in the Middle East and Africa, alongside Marianne Ghali. Citadel Capital sponsored Sphinx specifically to manage mid-cap buyout funds in Egypt, making Sphinx a dedicated platform within the larger Citadel ecosystem. The Sphinx team also manages certain endowment funds through Citadel Capital's portfolio company Pharos.

The firm pursues buyout, growth, recapitalisation, and turnaround strategies. It operates through dedicated fund vehicles such as the Grandview Investment Holdings Fund and the Karnak Investment Fund. The mandate targets medium-sized companies, with a specific capability in distressed and turnaround situations through the IFC and EIB-sponsored Sphinx Turnaround Fund.

The International Finance Corporation (IFC) and the European Investment Bank (EIB) participated in the first closing of the Sphinx Turnaround Fund, a USD 100 million vehicle targeting distressed assets in multiple sectors of the Egyptian economy. This marks a notable vote of confidence from two major development finance institutions in Sphinx's local execution capabilities.

The Karnak Investment Fund led a consortium that completed a strategic sale of a local electric cables manufacturer to Spain's General Cable. The exit generated a total of USD 21.7 million, demonstrating the firm's ability to create value in the Egyptian mid-cap manufacturing sector and execute a sale to a strategic international acquirer.

The firm's public disclosures and fund mandates are explicitly focused on Egypt. All noted fund vehicles, including the Grandview Investment Holdings Fund, Karnak Investment Fund, and the Sphinx Turnaround Fund, target Egyptian mid-cap companies. There is no stated geographic diversification beyond the local market.