The Lebanese Venture Capital and Private Equity Association (LVCPEA) was officially launched last week bringing together a number of major players active in fund management in Lebanon, with the aim to exchange ideas, develop policies proposals and act as an advocacy group for the sector.
The Association consists of 11 founding members, forming together its administrative body with:
- President: Maroun Chammas (Chairman – Berytech Fund II);
- Vice President: Henri Asseily (Managing Partner – Leap Ventures);
- Secretary General and Government Representative: Hala Rouphael (Legal Counsel – Middle East Venture Partners);
- and Treasurer: Bassel Aoun (Head of iSME Program).
“With funds under management in excess of $360M, the members of this Association aim to play a pivotal role in the reshaping of the Lebanese economy both individually and as a group,” comments Maroun Chammas.
As the industry body and public policy advocate for venture capital and private equity in Lebanon, the Association will work to tackle issues faced by the sector, including setting frameworks for co-investments and dispute resolution, as well as seeking to adopt best practices based on international standards.
At the heart of its mission will be driving entrepreneurship in Lebanon through information and communications technology (ICT) startups. “We will work on providing the best environment to put Lebanon on the world map in ICT creation,” adds Mr. Chammas.
In line with the objective of Lebanon’s Central Bank Circular 331 to reverse the trend of Lebanon’s university graduates leaving the country to look for jobs elsewhere, and initiatives by international players such as the World Bank and USAID, the Association aims to foster digital entrepreneurship to grow the economy and increase job creation.
With the establishment of the LVCPEA, Lebanon now joins countries all over the world with similar associations, and will build on those networking opportunities.
The newly-elected President of the Association is now tasked with forming delegations and visiting all key stakeholders and political players including the President of the Lebanese Republic, the President of the Council of Ministers, the President of the Lebanese Parliament, the Governor of the Central Bank, as well as the Capital Markets Authority and relevant Ministries.
“We will soon start our visits to officially present the Association and share our commitment to being catalysts for change and growth in the Lebanese economy,” concludes Mr. Chammas.
The 11 founders and members of the administrative body of the Lebanese Venture Capital and Private Equity Association are:
- Maroun N. Chammas, President
- Azure Fund SAL (Holding)
- Berytech Fund Management SAL (Holding)
- Broadgate Y Venture Partners (Holding) SAL
- Cedar Mundi (Holding) SAL
- Flat6Labs Beirut SAL (Holding)
- Insure & Match Capital (Holding) SAL
- Leap Management SAL (Holding)
- MEVP Lebanon SAL (Holding)
- Phoenician Funds Holding SAL (Holding)
- Bassel Aoun, Head of the iSME program