A winning combination of operational and financial strengths underpins the management of the Rx Healthcare Fund. EFG Hermes Private Equity Management, one of the region’s leading private equity players, has joined forces with accomplished healthcare investor and former Egyptian Minister of Health Dr. Hatem El Gabaly to capitalize on the rapidly-growing demand for affordable, high-quality healthcare services across the African continent. In combination, they provide the expertise and firepower required to immediately execute from a robust pipeline of investments across the healthcare value chain.

Healthcare Operations

Dr. Hatem El Gabaly

Chairman & CEO

Rx Health Management

A professor of Radiology at Cairo University’s Kasr El-Aini Medical School, Dr. El Gabaly is best-known as one of Egypt’s most active and effective Ministers of Health and a successful healthcare investment and management entrepreneur who founded 9 different private sector facilities including Egypt’s Dar El Fouad Hospital in 1999. During his public tenure, he realized numerous reform milestones that included radical changes in the healthcare delivery system, the regulatory framework of the pharmaceutical industry, and the training of healthcare workers. Established in cooperation with the Cleveland Clinic Foundation, Dar El Fouad was the only private hospital of its kind in the region at the time specializing in cardiac and neurosurgeries as well as organ transplants. Under Dr. El Gabaly’s leadership, Dar El Fouad revolutionized medical services in Egypt. In the three-year period between 2000-2013, Dar El Fouad tripled the number of inpatients and surgeries, increased occupancy rates from 67% to 87%, increased the number of outpatients from 17,293 to 136,286, decreased the complaint rate from 35% to 8% and became the first hospital in Africa and seventh in the Middle East to be accredited by the Joint Commission International (JCI).

  • Renowned medical practitioner with more than 35 years of experience and contributions in the fields of academia, public service and business
  • Served as Egypt’s Minister of Health & Population for 5 years during which he helped formulate and implement numerous reforms
  • Pioneered the healthcare management industry in Egypt through the establishment of Dar El Fouad Hospital, a leading regional hospital, in association with the US-based Cleveland Clinic Foundation
  • Established Cairo Medical Tower, one of the largest polyclinics in the Middle East, the Cairoscan Company for Radiology and Labs in 1983, and the Arab Medical Consultancy Group
  • Served as a member in numerous Egyptian and international medical, scientific and professional associations

Dr. Hesham El Kholy

Chief Operating Officer

Rx Health Management

A 35-year veteran of the healthcare industry in Egypt, Hesham El Kholy is the former General Manager of Dar El Fouad Hospital, the only hospital in Egypt and Africa to be accredited by the Joint Commission International (JCI) for four successive terms. He has also held posts as CEO for investment of AMI Company (Dar Al Fouad – Nasr City), Chairman of the Medical Council of Dar Al Fouad Hospital, Head of the Neuro-anesthesia Unit in Dar Al Fouad Hospital, Head of the Pre-opening Clinical Committees of Dar Al Fouad Hospital and Founder and Board member of one of the leading specialized hospitals in Egypt. Dr. El Kholy has been a professor of Anesthesia at Cairo University Medical School since 1995.

Private Equity Management

EFG Hermes

EFG Hermes Private Equity Management is the management arm of the Private Equity Division of EFG Hermes, the region’s premier investment bank with an on the ground presence in 8 regional markets, and operations focusing on investment banking, securities brokerage, research and asset management. As a group, EFG Hermes has established a solid track record of advising, investing and successfully exiting healthcare assets. Most recently the firm acted as: advisor on the high profile merger of Al Mokhtabar and Al Borg Laboratories which created the largest medical diagnostics business in the region (International Diagnostics Holdings, IDHC on the London Stock Exchange), sell-side advisor on the sale of Cleopatra Hospital to Abraaj, and sell-side advisor to Amoun Pharmaceuticals on its sale to GlaxoWellcome.

  • 18+ year track record heading EFG Hermes’ Private Equity division
  • Raised c.USD 2.2bn since 1997 over 9 funds and direct investments, ranging from generalist to specialized funds
  • Achieved an aggregate exit IRR of +20% and cash multiple of 1.7x on hard currency
  • Realized USD 211mn gains from USD 504mn total exit proceeds through 26 exits, with the latest exit achieving an IRR of 38%

Karim Moussa

Head of Asset Management and Private Equity

Co-CEO EFG Hermes Investment Bank

Member of the Group Executive Committee

Karim joined EFG Hermes in 2008, with primary responsibility for building the Group’s infrastructure private equity platform. During this time, he also closed a number of flagship PE deals, such as the Nasdaq-Dubai’s USD 445mn take-private of DAMAS International and later its exit, delivering c. 2x cash-on-cash returns. He led the creation of the Vortex Energy Platform and raised and deployed over USD 500mn of equity in yielding renewable energy assets across Europe. Earlier this year Karim was appointed Co-CEO of EFG Hermes Investment Bank, responsible for the entire buy-side business of the Group.

Karim sits on the Investment Committee of several EFG Hermes’ sponsored funds and on InfraMed’s Investors Board, with combined AUM of c. USD 2.5bn. He is also a Member of the Board of Directors of various portfolio companies.

Prior to joining EFG Hermes, Karim was a Vice President at Deutsche Bank, in the Global Banking division, with responsibilities for M&A, ECM and DCM advisory in MENA. In this role, he advised on the USD 4.2bn Dubai Ports World IPO, the USD 670mn sale of Sokhna Port to Dubai Ports World, and the USD 1.4bn LBO of the Egyptian Fertilizers Company by Abraaj Capital. He joined Deutsche Bank in 2001 as an Analyst in the M&A execution team in Frankfurt, advising on several mid-cap transactions in Continental Europe. He moved to Dubai in 2005 with the CEO of Deutsche Bank MENA to help establish the bank’s regional business. Prior to Deutsche Bank, Karim worked as an Investment Analyst at Berlin Capital Fund, a Venture Capital Fund managed by the Berliner Bank.

Karim holds an MA in Business Administration and Mechanical Engineering (Diplom Wirtschaftsingenieur) from the Technical University of Berlin.

Samer S. Yassa

Head of Egypt Private Equity

EFG Hermes

Chief Investment Officer

Rx Health Management

Mr. Yassa is a Managing Director and Co-Head of Private Equity at EFG Hermes. He has more than 15 years experience in investment banking and private equity in Cairo and London. Mr. Yassa started his investment banking career in Fleming – CIIC in Cairo, where he worked on landmark Egyptian capital markets and M&A transactions. Before joining the private equity team of EFG Hermes, Mr. Yassa was an Associate in JPMorgan London focusing on healthcare M&A.

In private equity, Mr. Yassa has led a team of investment professionals in sourcing, structuring, managing, and exiting private equity investments across different industries in Egypt. Mr. Yassa sits on the investment committee of the private equity funds. He also represents the funds on the board of directors of the portfolio companies. During his years of experience in private equity, Mr. Yassa made investments in excess of USD 300mn and achieved investment exits of USD 186mn.

Mr. Yassa holds a BA in Economics and an MA in Public Administration from the American University in Cairo and an MBA from Edinburgh University.

Ahmed Eid

Managing Director

EFG Hermes Private Equity

Rx Health Management

Mr. Eid is a Managing Director in Private Equity at EFG Hermes. He joined the firm in 2005, and has been primarily focusing on healthcare, food, manufacturing, financial services, and utilities sectors. Mr. Eid has worked on the evaluation, transaction execution, and implementation of post acquisition strategy for the EFG Capital Partners Fund II with total investments in excess of USD 120m, and exits of USD 200m. He has additionally led the investment process of several primary and follow-on investments under the EFG Capital Partners Fund III, totaling USD 90m.

Mr. Eid has had extensive strategic/operational value creation experience through his deep involvement on selected assignments in the portfolio, where he has worked closely with the senior management of several of our portfolio investments to implement the firm’s post acquisition strategy. Mr. Eid also sits on the BoD of several portfolio companies representing EFG Hermes managed funds.

Mr. Eid holds a BA in Economics from the American University in Cairo.

Reham Fawzy

Director

EFG Hermes Private Equity

Rx Health Management

Mrs. Reham Fawzy is a Director at EFG Hermes Private Equity Division. She has over 10 years of experience in the Private Equity industry in Egypt, covering Tourism, Real Estate, Paper & Packaging and Construction & Building Materials sectors. Throughout her years at EFG Hermes, Mrs. Fawzy has made investments of over USD 100mn in the tourism and steel industries. Moreover, Mrs. Fawzy realized exits in the tourism, real estate, construction & telecommunications sectors in excess of USD 72mn.

Mrs. Fawzy holds a BA in Business Administration from the American University in Cairo.