Egypt’s Beltone Holding is launching a private equity platform in the first quarter of 2026, expanding beyond venture capital as it looks to capture more mature growth opportunities across the MENA region.

The new platform will complement Beltone Venture Capital by targeting later-stage companies, including high-performing startups within Beltone’s existing portfolio. The strategy marks a shift toward building what the firm describes as a multi-stage investment model spanning from pre-seed through pre-IPO.

The private equity arm is expected to complete four to five investments in its first 12 to 18 months and will operate across the MENA region. The firm did not disclose target fund size or typical check sizes, though it said investments would carry an expected holding period of three to five years.

Doubling Down on Portfolio Winners

Beltone says the new platform is designed to “double down on the best performing companies” within its venture portfolio at later stages, effectively creating an internal capital bridge as companies mature.

That move reflects a structural gap in regional funding markets, where growth-stage capital remains thinner than early-stage venture funding. By introducing a private equity layer, Beltone positions itself to retain exposure to scaling companies rather than seeing them turn to external growth investors.

The private equity platform will also consider investments in non-VC-backed small and medium-sized enterprises, widening its scope beyond startups.

The unit will be integrated within Beltone Venture Capital’s broader investment structure and managed by Ali Mokhtar.

Building on VC Momentum

Beltone Venture Capital currently manages $55 million in assets under management and has backed 18 companies since launching in 2023, completing four exits to date.

While the firm did not disclose capital commitments for the private equity platform, the launch signals Beltone’s intent to institutionalize capital deployment across stages, a model more commonly seen in global asset managers than regional firms.

The broader strategy suggests Beltone is positioning itself less as a single-product VC investor and more as a diversified alternative investment platform, capable of supporting companies throughout their growth cycle.

Whether the approach translates into sustained deal flow and returns will depend on execution, particularly in sourcing later-stage opportunities across MENA, where high-quality growth assets remain limited.

Still, the move underscores a broader evolution in Egypt’s private capital market: investors are increasingly looking to build integrated platforms rather than standalone funds, aiming to capture more value along the capital curve.