Al Mal Capital, a United Arab Emirates investment company, has launched a private equity programme with two funds: Al Mal Capital Partners and a Shariah-compliant Al Fares private equity fund.
The two funds will operate side-by-side, searching out opportunities in the Middle East and North Africa region, and provide investors access to stakes in pre-IPO start-ups and late stage investments in companies preparing for public listings, the firm said.
With an initial subscription period from January until late-February, it intends to raise a Dirhams 350 million ($95.3 million; €64.8 million) across the two funds. Both will target a return in excess of 20 percent over a 5 year term.
Al Mal Capital’s in-house team will source and do due diligence on deals as well as the ongoing management of the portfolio assets and overall portfolio risk management.
An investment advisory committee of senior Al Mal Capital executives will provide guidance to the programme.
Al Mal Capital intends to seed the program with Dirhams 35 million of its own capital, to participate alongside investors.
Blair Look, managing director of asset management at Al Mal Capital, said: “We feel investors will appreciate our value proposition: Al Mal Capital and our team will unearth and provide access to attractive investment ideas, and work to develop a clear exit for the portfolio of investments. We have extensive experience in direct private equity investing and in the alternative investment space that we plan to put to work in the programme.”