Sphinx Capital Corp, a British Virgin Islands-based private equity shop, is currently marketing a $100 million turnaround buyout fund, Sphinx Turnaround Fund, to invest in small and medium enterprises in Egypt.

The fund intends to invest $10 million to $15 million on average to acquire majority or controlling stakes in distressed or defaulting companies. It is targeting a first closing in July 2008 with committed capital of $75 million. The International Finance Corp is making an equity commitment of up to $20 million in the fund.

Sphinx Capital is majority owned by Citadel Capital an Egyptian p.e. firm founded in 2003 by Ahmed Heikal and Hisham El-Khazindar.