Private equity firm Morpho Investments’ inaugural fund has reached a first close of USD 55 mn, almost double its initial target. The fund — dubbed Morpho Fund I — was supported by a group of local and regional “high-net-worth” family offices and institutional investors.

The fund will target companies across the Middle East and Africa, with around 60% allocated to Egyptian companies, Co-Founder and Managing Partner Ihab Rizk told EnterpriseAM.