Samena Capital

The firm expects to hold a final close in the next 18 months.

The investment will help fund bank's Middle East expansion plans

Samena Capital, co-founded by former Abraaj Capital managing director Shirish Saraf (pictured), has launched its second special situations fund with a target double that of its first vehicle in 2008.

The new firm has acquired Hong Kong-based Vision Asia Pacific, the angel fund seeding platform of Hong Kong-based hedge fund of fund manager Vision Investment Management.

Following the close of its debut special situations fund on under $200m last October, the Abraaj spin-out is expanding its business lines.

Led by former Abraaj managing director and co-founder Shirish Saraf, the growing MENASA-focused firm expects to close its debut special situations fund targeting $350m this month.

Led by former Abraaj managing director and co-founder Shirish Saraf, the nascent Samena Capital intends to hold a $350m final close on its regional special situations fund by the end of next month and has separately set aside $50m to buy stakes in other Asian asset managers.

Insurers, family offices and sector-focused managers all play a significant role in the region’s private equity. But markets are changing, and only the nimblest and most resilient can realise the high return potential.

The Basel III requirements, to be fully implemented by the local banking sector next year, coupled with low valuations are expected to boost private equity deals, according to a report by CT CLSA.

The North Asia-focused manager has hired former Deutsche Bank managing director Stephen Le as co-head of its debut credit and special situations unit.