EFG Hermes Private Equity, a Middle East and North Africa-focused private equity fund manager, has reached a first close for Egypt Education Fund (EEF) with US$119 million in capital commitments. Launched in May 2018, the fund reportedly exceeded the first close target of US$50 million to US$100 million. Investors in EEF include high-net worth individuals and institutional investors from Egypt, the Gulf Cooperation Council and Southeast Asia. The fund, which will invest in Egypt-based primary and secondary education companies, is part of a US$300 million investment platform in partnership with U.A.E.-based education conglomerate GEMS Education. EEF is targeting US$150 million in total capital commitments and expects to reach a second close in 2019.