Beltone Asset Management, the fund management arm of Cairo-listed financial services group Beltone Holding, led by Egyptian business executive Dalia Khorshid, has launched a new equity fund targeting EGP500 million ($10 million) to capture investment opportunities in initial public offerings, corporate capital raises, and recently listed stocks on the Egyptian Exchange.

The fund, named B-Torohat, secured full subscription of its initial private tranche within 24 hours of opening, highlighting investor appetite for new equity investment opportunities. Beltone said it could increase the fund’s issuance size depending on demand and regulatory approvals.

B-Torohat targets new listings and equity offerings

B-Torohat is designed for investors with moderate-to-high risk tolerance, offering exposure to newly listed companies and capital-raising activities across Egypt’s stock market.

The fund will allocate between 30% and 95% of its proceeds to eligible investments, including initial public offerings, secondary offerings, subscription rights, equity exchange-traded funds and shares of companies that have traded on the exchange for less than five years.

It can also invest up to 20% of its assets in equity offerings on the Egyptian Exchange’s small- and medium-sized enterprise market, providing exposure to smaller businesses seeking capital to support expansion.

Sukuk investments are capped at 5% of the fund’s proceeds. When suitable equity opportunities are limited, between 5% and 70% of its assets can be temporarily allocated to treasury bills, money market instruments and other fixed-income investments to preserve liquidity.

Egypt privatization programme creates investment opportunities

B-Torohat’s launch comes as Egypt prepares to accelerate its state-owned enterprise privatization programme and attract more private-sector companies to the stock market.

The government has temporarily listed 24 state-owned enterprises out of 30 targeted for potential full or partial divestment to private investors. The pipeline, alongside planned private-sector listings in industrial, technology and financial services, could expand the supply of investment opportunities available to equity funds.

The Egyptian Exchange has also benefited from rising trading activity and sustained gains in its main equity indices over recent years, strengthening interest in listed securities and new market offerings.

Beltone expands asset management business

Since Dalia Khorshid assumed leadership, Beltone Holding has rapidly evolved beyond its 2002 roots in investment banking, expanding into a broad range of financial services. The group now encompasses leasing, factoring, asset management, private equity, consumer and mortgage finance, and venture capital, positioning it as one of MENA’s most diversified financial services providers. B-Torohat adds to Beltone Asset Management’s growing investment platform as the company expands its presence in Egypt’s capital markets.

The firm reported assets under management of EGP55.7 billion ($1.1 billion) in the first half of 2026, representing more than 100% year-on-year growth across its 31 managed funds. The expansion underscores Beltone’s efforts to capitalise on rising investor participation and demand for professionally managed investment products.

With its focus on new listings, corporate rights issues and recently listed equities, B-Torohat positions Beltone to pursue opportunities arising from Egypt’s developing capital markets, while retaining flexibility to allocate funds to liquid instruments when suitable equity investments are unavailable.