Al Masah readies $500m fund launch

The MENA-focused manager has been given a license to operate from Dubai’s main financial centre.

Al Masah Capital will next month begin fundraising for its debut private equity fund, following receipt of its license this week to begin operations from Dubai's main business and finance hub, the Dubai International Financial Centre.

“This was an extremely important date in the life of this young company,” said co-founder and chief executive officer Shailesh Dash. “Now we are really ready to go.”

Al Masah's maiden private equity fund, which aims to raise $500 million, will invest in the region's healthcare, education and petrochemicals sectors.

Dash: Ready to go

Institutions both from inside and outside the region will be targeted as LPs for the fund, including sovereign wealth funds. Dash said Al Masah will not be talking to high net-worth individuals in the region, who he said are currently mainly looking at smaller and quicker investment strategies.

With some $60 million in shareholder commitments, Dash said Al Masah is poised to complete its first investments next month. “We are in the process of buying out a few healthcare clinics in Dubai,” he said.

Dash was formerly private equity chief at Kuwait-based Global Investment House.