Arab Finance: The Vortex Energy IV, affiliated with the Vortex Energy Company owned by the EFG Holding, has opened subscriptions to raise $300 million in a second close, Al Borsa reported, citing unnamed source familiar with the matter.

The close will wrap up before end of 2023, the source added.

The size of the fund will exceed $500 million after the completion of the second closing, which targets Gulf sovereign funds, in addition to European investors, the source said.

The new proceeds will be directed to new investments in the expansion of Ignis Energy, in addition to acquiring a major company in the field of renewable energy.

It is worth noting that the fund secured $200 million in the first closing.                      

EFG Holding is a leading financial services company in Egypt listed on the Egyptian Exchange (EGX), with a presence in 11 countries, including the UAE, Saudi Arabia, Kuwait, the UK, Kenya, and Pakistan.

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