Acumen Fund and investment bank Beltone Financial are launching Acumen-Beltone, a new commercial real estate fund, with a total capital of LE1 Billion ($172 million), the bank said in a press release today.

The new company, aiming at the establishment and management of real estate investment funds in the Egyptian market, will be co-owned by Beltone and Acumen with each seizing 50 per cent of the stake.

Beltone Financial is the one of the leading financial services firms in the Middle East and North Africa. Acumen Fund is a global non-profit venture capital fund focused on supporting the delivery of critical services — water, health, housing, energy.