NBK Capital exits Turkish hospital chain

The divestment of the ophthalmology hospital chain comes as the firm is trying to raise $300m for its NBK Capital Equity Partners Fund II.

Kuwait-based NBK Capital has sold its equity stake in Dunya Goz, a Turkish hospital, to the founding shareholder. 

Financial details of the transactions were undisclosed. NBK Capital declined to comment further on the divestment.  

NBK Capital, which is a subsidiary of the National Bank of Kuwait (NBK), invested in Dunya Goz in 2010, using its NBK Capital Equity Partners Fund I, a $250 million 2007 vintage. Under its ownership, Dunya Goz expanded from six hospitals in four cities to 11 hospitals in eight cities. In addition, the company entered new markets including the UK, the Netherlands and Germany. 

“Our strategy of investing in the mid-market growth companies in the MENA region and actively driving key value initiatives continues to deliver positive results,” Amjad Ahmad, head of alternative investments at NBK Capital, said in a statement. 

The exit comes as the firm is in the market to raise approximately $300 million for its NBK Capital Equity Partners Fund II. The firm, which started fundraising in mid-2012, expects to reach its first close in the second quarter of the year, a spokesperson said.