Newhaven launches $200m Shariah fund

Dubbed Amara, the fund will rely largely on Gulf-based LPs and plans to go public on London’s Alternative Investment Market. The fund has formed a partnership with Pan China Construction to co-invest in joint ventures.

Newhaven Investments House, a collaboration between Canada's Newhaven Merchant Bankers and Investments House, the investment arm of a prominent Gulf-based family, is raising $200 million for Amara Holdings, a Sharia-complaint investment fund that will target opportunities in China, the Middle East and India.

Several Gulf-based investors have already committed to Amara, including Khalid Al Mukairin Group and Saudi Arabia-based Al Sorayai Group.

The fund is seeking to raise most of its capital from Gulf-based investors and plans to go public on London’s

Spencer Wilson and Musab
Jassim of Amara Holdings

Alternative Investment Market, it said in a statement.

Amara will focus on pre-IPO, private equity and private placement opportunities in infrastructure, utility, real estate and industrial services.

“The current market environment presents us with significant opportunities as the price of assets in our target markets have reduced and we are now seeing valuations at very attractive multiples,” Musab Jassim, Amara executive chairman, said in a statement.

It has formed a partnership with Pan China Construction to co-invest in joint ventures, the first of which, China Infrastructure Corporation, was formed to develop Ningxia International Logistics Center in the Ningxia province of China.

Newhaven Merchant Banking arranges debt and equity capital for leveraged buyouts, acquisitions, recapitalisations, growth financings and restructurings.