The Lebanese Venture Capital and Private Equity Association launched
The Lebanese Venture Capital and Private Equity Association (LVCPEA) was officially launched 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 11 founders and members of the administrative body of the Lebanese Venture Capital and Private Equity Association are: Maroun N. Chammas (chairman of Berytech Fund II, 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), and Bassel Aoun (head of iSME Program).
The administrative body consists of Maroun Chammas as president, Henri Asseily (managing partner - Leap Ventures) as vice president, Hala Rouphael (legal counsel - Middle East Venture Partners) as secretary general and government representative, and Bassel Aoun as treasurer.
With the establishment of the LVCPEA, Lebanon now joins countries all over the world with similar associations, and will build on those networking opportunities.
“With funds under management in excess of $360 million, the members of this association aim to play a pivotal role in the reshaping of the Lebanese economy both individually and as a group,” said Chammas.
One of its missions 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,” added Chammas.
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.
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.
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.