Abraaj Capital, a Dubai-based private equity firm, has raised $500 million at the first close of a $2billion infrastructure and growth capital fund that is focused on the Middle East, North Africa and South Asia, according to a statement. The fund, managed by Abraaj, is co-sponsored by Deutsche Bank and Ithmaar Bank, an investment bank based in Bahrain.
It plans to invest in anything from greenfield projects to growth capital opportunities and large scale privatisations and buyouts.
Arif Naqvi, chief executive officer of Abraaj said: “Subsequent closings will occur monthly until June 2007, with a final closing shortly thereafter. The pipeline of deals ready to go into the fund now or in very advanced stages is extremely strong.”
The targeted sectors are: power and utilities, water, healthcare, education, transportation and ports, oil and gas, petrochemicals, industrials and mining.
Abraaj recently named David Donaldson as its new chief financial officer, and promoted Jonathan Hall and Omar Lodhi, two existing members of the firm, to executive directors.
Donaldson, who replaces Simon Davies, now chief operational officer, has more than 20 years in finance and operational roles in investment banking, and was most recently, chief financial officer at merchant bank Piper Jaffray in London.