OPIC sponsors three Jordan-related funds

The Overseas Private Investment Corporation, a US government investment agency, is sponsoring three separate private equity funds looking to make investments in Jordan.

OPIC is committing $50 million (€38 million) to Jordan Fund II, managed by Middle East-focused private equity firm Foursan, according to a statement. The fund, which has a $150 million target, aims to provide growth capital to private, small and medium sized Jordanian firms. The sectors on its radar are telecommunications, information technology, financial services, aviation, education, medicine and pharmaceuticals.

OPIC will also be sponsoring $50 million of the EuroMENA fund. Capital Trust Group, a private equity and corporate finance advisory firm with operations in the US, Europe and the Middle East will manage the fund, which has a $113 million target.

Thirty percent of the fund, the seventh to be raised and managed by Capital Trust, will be dedicated to mid-market expansion opportunities in Jordan. The fund’s geographical focus also includes Egypt, Lebanon and Morocco.

OPIC will also be committing $100 million to the Emerging Markets Housing Fund, which has a $300 million target. This fund, which will be managed by the Luxembourg-based Emerging Markets Housing Fund Management Company, hopes to meet the acute housing needs of lower income families. According to OPIC, it will also invest in housing finance companies, mortgage banks and secondary mortgage market makers.

Jordan and South Africa will be the primary focus of the fund, with Jordan receiving an allocation of at least $45 million. Its secondary focus will be other countries in Africa and the Middle East.

The fund will also be sponsored by International Housing Solutions, a joint venture between Baltimore-based real estate company MuniMae, and Howard Eurocape, an Irish developer.