MENA Focused Funds in Market – April 2012

by Cindy Smith

  • 02 Apr 2012
  • PE

Preqin’s Funds in Market product holds information on 41 private equity funds currently in market that include the Middle East and North Africa (MENA) region as part of their geographic focus or that focus specifically on the region. These funds are collectively targeting an aggregate USD 12.2 billion to invest in private equity opportunities in the region. Of these funds, 22 have had at least one interim close, collecting USD 2.0 billion in aggregate capital commitments to date.

Growth funds are the most predominant fund type currently focusing on the region, with 15 vehicles currently in market targeting USD 4.1 billion, 34% of total capital sought. The second most abundant fund type is venture capital with six funds currently on the road; this includes venture general, early stage and start-up funds. These vehicles are aiming to collect USD 768 million in capital commitments, 6% of the total capital being sought. There are six infrastructure funds and five buyout funds currently in market focused on the MENA region, with these vehicles targeting USD 2.5 billion and USD 1.5 billion respectfully.

The top three funds in market focused on the MENA region, either exclusively or part of a wider geographical focus, are the InfraMed Infrastructure, KIPCO Opportunity Fund and Millennium Private Equity Financial Institutions.

The InfraMed Infrastructure fund is currently the largest fund, based on fund size, currently fundraising with focus on the region. The fund, managed by France-based InfraMed Management, is currently seeking EUR 1 billion in capital commitments. The InfraMed Infrastructure fund was launched in April 2010 and is focused on the development of energy, transportation and urban infrastructure projects throughout the Southern and Eastern Mediterranean region, as well as areas in North Africa. The KIPCO Opportunity Fund is a growth fund currently being raised by Kuwait Projects Co. The fund concentrates investment across a range of industries throughout the MENA region including media, financial services, infrastructure and IT. The fund is targeting USD 1 billion in capital commitments, aiming to invest between USD 10 to USD 100 million per transaction. The Millennium Private Equity Financial Institutions fund is a buyout fund currently being raised by Millennium Private Equity, the private equity arm of the Millennium Finance Corporation. The Sharia compliant fund is seeking to collect USD 1 billion in total capital commitments and will be targeting investments within consolidated opportunities in Islamic banking.

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