Private Equity Funds in Market with Geographic Exposure including the MENA Region – June 2013

by Luke Goldsmith

  • 10 Jun 2013
  • PE

According to Preqin's Funds in Market service, there are currently 26 funds in market which include geographic exposure to the MENA region. These funds are collectively targeting $8.1bn in capital commitments. The three funds targeting the largest amount of capital are all infrastructure funds, representing 40% of the overall aggregate target size. There are 10 funds which have so far held at least one interim close, collectively raising almost $1.5bn in capital.

Fifty percent of these 26 funds in market are managed by MENA-based fund managers. UK-based funds are targeting the largest aggregate amount of capital out of all funds investing in the region, with $1.7bn worth of capital being targeted. France-based funds represent the second largest collective target, with its total of $1.3bn being represented by the largest solely MENA-focused fund in market, InfraMed Infrastructure Fund.

InfraMed Infrastructure Fund is dedicated to the development of energy, transportation and urban infrastructure projects throughout the Southern and Eastern Mediterranean basin regions and countries which make up the MENA region. The fund invests approximately two-thirds of its capital into greenfield sites and the remainder is invested in brownfield sites. The fund has so far held one interim close, raising $478mn.

The largest non-infrastructure fund which makes investments in the region, as part of a wider geographic focus, is Samena Special Situations Fund II. The fund targets firms based in the MENA region as well as in the Subcontinent and Asia. It is expected to reach its target of $700mn towards the end of 2013 and has so far reached two interim closes, raising $337mn in capital commitments.

The fund targeting the most amount of capital by a MENA-based fund manager is Gulf Credit Partners, which is being raised by United Arab Emirates-based Gulf Capital. It is a credit and mezzanine fund providing growth capital, acquisition finance, and other structured credit solutions to corporates and private equity portfolio companies in the Middle East, North Africa and Turkey, targeting a wide range of industries. The fund reached a third close of $215mn in April 2013 and has a target of $300mn.

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