The Sovereign Fund of Egypt

صندوق مصر السيادي للاستثمار والتنمية · Egypt · Middle East · Founded 2018 · Strategic development fund · IFSWF full member

Report a correction

Focus

The Sovereign Fund of Egypt: what it invests in

Tourism and hospitalityReal estateInfrastructure and utilitiesHealthcare and life sciencesFinancial servicesEducation

Private equityReal estateInfrastructureStrategic state holdings

Geography Mainly domestic

Scale

The Sovereign Fund of Egypt: how big it is, and on what basis

Not disclosed Estimate

Published estimate

Transparency

The Sovereign Fund of Egypt: what it publishes

4.0 of 10 Band 2 of 5

Published 1 · Partly 6 · Not published 3

Our 10 item score. It measures what is public, not how well a fund is run.

FoundedS1: 2018
SubfundsS2: 5; As of 2025-12-31
Portfolio growthS5: Over 90% (2023 to 2025); As of 2026-01-15
Misr Life IPOS6: Up to 20%; As of 2026-03-03
Board committeesS3: 4
Transparency scoreS1: 4 of 10

At a glance. TSFE is Egypt's sovereign fund, set up in 2018 to unlock value from state-owned assets. It works through sector subfunds in tourism and real estate, infrastructure, healthcare, financial services and pre-IPO stakes, and teams up with private partners on schools, hotels and clinics. It publishes no fund size; its portfolio grew more than 90 percent from 2023 to 2025. S1 S3 S5

Key points

Five sector subfunds plus platforms in education, industry, food and agriculture, and telecoms. S3 S2
Preparing an IPO of up to 20 percent of Misr Life Insurance, with EFG Hermes appointed. S6 S7
Its Pre-IPO subfund offers institutions stakes in state firms ahead of listing. S8
Prefers joint companies with private operators, structured around their needs. S9
Its sectors cover more than 60 percent of Egypt's GDP. S9
Statements approved by a General Assembly chaired by the Prime Minister. S10

Interesting facts

It is treated as a private entity under its law, whatever the state's share. S1
Its sites include land at the former ministries district in downtown Cairo. S5
Dividends start only once retained earnings reach half of shareholders' equity. S2

Mandate and goals

Law No. 177 of 2018 tasks the fund with sustainable development of Egypt's economy by managing its own money and state assets entrusted to it, to maximise their value for future generations, and allows commercial cooperation with peer funds. S1 S2

Earn long-term returns with socioeconomic impact. S9
Draw local and foreign investment into priority sectors. S9
Find the state assets with most value potential. S9
Grow local champions into regional players. S9

How it invests

Industries	Tourism and hospitality, Real estate, Infrastructure and utilities, Healthcare and life sciences, Financial services, Education, Industrials and manufacturing, Agriculture and food security S3 S11
Asset classes	Private equity, Real estate, Infrastructure, Strategic state holdings S3
Stages	Growth, Buyout, Real estate, Infrastructure S8 S11
Geography	Mainly domestic. Egypt; investments abroad to be explored over the long term S9
Direct / through funds / co-invest	Yes / Yes / Yes S9
Ticket size	No ticket size is published. S1
External managers	Invests through its own subfunds and partner companies. S9
Co-investment programme	Builds investment structures around private partners' criteria S9

Past investments

Year	Investment	Type	Sector	Stage	Amount
2026	Misr Life Insurance IPO. Offering of the life insurer, 22 percent market share, with listing targeted before end 2026. S6 S7 S13	Sale or exit	Financial services	Public markets	Up to 20 percent
2024	Universities with Al Ahly CIRA. Shareholders' agreement for four international-style universities via the Egypt Education Development Fund. S12	Joint venture or partnership	Education	Growth	Not published
2024	Moxy Downtown Cairo. Hotel deal with Marriott and Reliance Ventures, opening expected 2029. S12	Joint venture or partnership	Tourism and hospitality	Real estate	Not published
2023	Cosmic Village fifth school with Tanweer. Adds to four schools opened on Cosmic Village land in November 2023. S12	Joint venture or partnership	Education	Growth	Not published
2023	EZ International. Pharmacy venture with B Investments and El-Ezaby Pharmacy. S12	New company or platform	Healthcare and life sciences	Growth	Not published
Not published	Water desalination programme. Programme prequalified 17 consortia, with Planning Ministry technical support. S11	Joint venture or partnership	Infrastructure and utilities	Infrastructure	Not published

Case studies

Misr Life Insurance: from state holding to listing S6 S7 S13

What: Invited banks to pitch for an offering of up to 20 percent of Misr Life, then appointed EFG Hermes.
When: March to May 2026
Size: Equity about EGP 42B
Why: To deepen the stock market and crystallise value in a transferred state company.
Outcome: Listing targeted before end 2026.

Education platform with private operators S12

What: Partnered with Al Ahly CIRA on four universities and with Tanweer on Cosmic Village schools.
When: 2023 to 2024
Size: Not published
Why: Turns state land into education assets run by experienced operators.
Outcome: Four schools opened November 2023.

Investment process

A General Assembly under the Prime Minister approves statements and policies. The board, formed by Presidential Decree No. 382 of 2023 with five independent members, decides through investment, remuneration, governance and audit, and risk committees. Each subfund has its own governance and process. S3 S10

Committee	Role
Investment Committee	Board investment approvals S3
Risk and Compliance Committee	Risk oversight S3
Governance and Internal Audit Committee	Audit oversight S3

State assets are transferred to the fund or a subfund. S1
The fund designs a structure and seeks a private partner or IPO. S9 S8
The board approves; the subfund carries out the deal. S3

How to approach: Use the contact page on the TSFE website; institutions can ask about the Pre-IPO subfund. S14

Size and returns

Headline size: Not disclosed (Published estimate) S1
Misr Life Insurance equity: About EGP 42B (September 2025) (Net assets or equity, as of 2026-03-03) S6
Returns: the fund does not publish a return figure.

Leadership

Name	Title	Since
Noha Khalil	Interim CEO S4 S15	2024-08-27
Hisham Moussa	Chief Investment Officer S4	2023-08
Mohamed Farid Saleh	Minister of Investment S16	Not published
Mostafa Madbouly	Prime Minister; chairs the General Assembly S10	Not published

Governance and transparency

Legal basis: Law No. 177 of 2018, amended by Law No. 197 of 2020; articles by Prime Ministerial Decree No. 555 of 2019 S1 S3
Oversight: General Assembly chaired by the Prime Minister; board chaired by the Minister of Planning S3
Auditor: A private sector auditor and the Accountability State Authority S2
Santiago Principles: IFSWF member with self-assessments for 2021, 2022 and 2025 S2
A January 2026 dividend policy covers state companies transferred to the fund. S10 S5
The government has discussed moving more companies, including Egypt Aluminium and Abu Qir Fertilizers, to the fund. S17

Transparency score: 4.0 of 10 (band 2 of 5). Our own 10-item rubric; see the methodology page.

Published: governance and mandate documents. S2 S3
Partly published: asset allocation, geographic or sector split, holdings or deal list, audited financial statements, named leadership, regular reporting schedule. S2 S3 S4 S10 S11 S12
Not published: total assets, annual return, long-term returns. S1

History

Date	Event
2018	Law No. 177 creates the fund. S1
2019-02	Articles of association issued. S3
2022-09	Pre-IPO subfund set up. S8
2023-12	General Assembly placed under the Prime Minister. S3
2024-08-27	Noha Khalil named acting CEO. S15
2026-01-15	2025 statements and dividend policy approved. S10
2026-05-03	EFG Hermes appointed for Misr Life IPO. S7

For family offices

TSFE seeks private partners and operators for joint companies and offers pre-IPO stakes to institutions, so families with sector expertise can approach it as partners. S9 S8

Form a joint company with a subfund around a state asset. S9
Buy into state firms through the Pre-IPO subfund. S8
Pre-IPO subfund: Institutional investors https://tsfe.com/pre-ipo.html S8

Reports

Santiago Principles self-assessment 2025: https://ifswf.org/assessment/tsfe-2025 S2

Common questions

When was TSFE created?

In 2018, under Law No. 177 of 2018. S1

How big is it?

The fund does not publish its size. S1

Who leads it?

Noha Khalil is Interim CEO. S4

What is the Pre-IPO subfund?

A 2022 subfund offering institutions stakes in state firms before they list. S8

Is TSFE an IFSWF member?

Yes, and it posted a 2025 self-assessment. S2

Public Investment Fund (PIF) Saudi Arabia · SAR 3,396B
Mubadala Investment Company United Arab Emirates (Abu Dhabi) · AED 1,414B
National Development Fund of Iran (NDFI) Iran · About USD 195B (stated, unaudited)
XRG, ADNOC international investment company (Abu Dhabi) United Arab Emirates (Abu Dhabi) · USD 150B+, estimate
National Development Fund (NDF) Saudi Arabia · About SAR 430B
Oman Investment Authority (OIA) Oman · OMR 22.922B

All sovereign wealth funds in Middle East · All strategic development funds · All funds in Egypt

Sources

Disclaimer

Informational only. SovereignWealthFunds.com is an independent public-source reference. It is not affiliated with or endorsed by any fund named on it, and it is not investment, legal or tax advice. Figures are as of the dates shown next to them and may have changed; please read each fund's official pages, linked on its profile. To report an error, use the contact page. Copyright SovereignWealthFunds.com. All rights reserved.