|
||||||||||||
Press Releases |
SHUAA Partners successfully launches its first private equity fund Dubai, UAE - June 23rd, 2005 - SHUAA Partners, the private equity arm of the leading regional investment banking institution SHUAA Capital psc, today announced the first closing of SHUAA Partners Fund I, LP with commitments of US$160 million. SHUAA Partners' original goal was to raise US$150 million for its first fund, but will end up accommodating subscriptions of up to US$200 million. The final closing is expected in a few weeks. Mr. Ibrahim ("Abe") Saad, Managing Director of SHUAA Partners stated: "We are very satisfied with our fundraising results to date. Investor interest in SHUAA Partners Fund I, L.P. was extremely strong. We will have as limited partners a roster of "who's who" in the Middle East in terms of institutions and high net worth individuals". The primary objective of the fund is to achieve capital appreciation through selected direct equity, debt and/or equity-related investments in the GCC and neighboring countries, including pre-IPO situations. The fund will generally focus on acquiring a sufficient interest in mature and profitable businesses so that it is able to exercise significant influence over the performance of its investments. SHUAA Partners will actively participate on the board of its portfolio companies and will work diligently to "add value" by partnering with management. "This is an exciting time in the GCC region, and the market is rich with investment opportunities. SHUAA Partners will build on a long and distinguished track record of successful transactions in the Arab markets by SHUAA Capital." said Mr. Iyad Duwaji, Chief Executive Officer of SHUAA Capital and Investment Committee member of SHUAA Partners. "SHUAA Capital has an established reputation as a leader on the regional asset management side. Our loyal clients have been enjoying superior returns across our different public funds and we expect them to achieve the same kind of returns with this new SHUAA Partners Fund I, which is targeting an IRR of 25%," he added. On June 8, 2005 SHUAA Partners closed its first transaction by acquiring a 10% stake in Damas, the UAE's leading jewelry retailer and distributor.
|