Beltone Asset Management Launches $10.2M Active IPO Fund

CAIRO — Beltone Asset Management, the fund management subsidiary of Cairo-listed financial services firm Beltone Holding (EGX: BTFH), has launched B-Torohat, an actively managed equity fund targeting an initial size of $10.2 million (~EGP 500 million).

The fund's initial private tranche was fully subscribed within 24 hours of opening. Beltone indicated that it may increase the total issuance size based on market demand and regulatory approvals.

Asset Allocation & Investment Mandate

B-Torohat is structured to give moderate-to-high risk tolerance investors direct exposure to public market listings, capital raises, and newly listed corporate equities across the Egyptian Exchange (EGX):

• Core Equity Allocation (30% to 95%): Deploys capital into EGX-listed Initial Public Offerings (IPOs),secondary public offerings, corporate subscription rights, equity exchange-traded funds (ETFs), and listed companies with less than five years of trading history on the exchange.
• SME Board Exposure (Up to 20%): Permits targeted allocations into equity offerings listed on the EGX's dedicated small- and medium-sized enterprise (SME) market.
• Sukuk & Fixed Income Caps: Holds up to 5% in Islamic sukuk instruments. In the event of a shortage of eligible equity offerings, between 5% and 70% of fund proceeds can be temporarily parked in treasury bills, money market instruments, and fixed-income assets to preserve liquidity.

Capital Market Context & Privatization Pipeline

The vehicle's launch coincides with a surge in EGX trading activity, sustained multi-year equity index gains, and an accelerating supply of new listings:

• State Privatization Program: The Egyptian government is preparing a broad pipeline of state-owned asset sales,with 24 state-owned enterprises temporarily listed out of 30 target entities designated for full or partial divestment to private investors.
• Private Sector Offerings: A growing pipeline of private sector industrial, technology, and financial enterprises are preparing primary listings on the EGX to secure capital.
• Asset Manager Scale: Beltone Asset Management reported total assets under management (AUM) of $1.14 billion (~EGP 55.7 billion) in H1 2026, marking a 104% year-on-year expansion across its 31 managed funds.

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