Dubai-based debut fund raises $200m

Dubai-based private equity firm Shuua Partners has held a final close of its first fund $50m above its initial target.

Dubai-based Shuaa Partners, the private equity arm of investment banking institution Shuaa Capital, has held a final closing of Shuaa Partners Fund I, with total commitments of $200 million (€165 milliion).
 
Shuaa Partners began fundraising in April and held the first close of Shuaa Partners Fund I at $160 million at the end of June 2005, exceeding its initial fund target of $150 million.
 

We put a hard cap on the fund of $200 million after setting an initial target of $150 million, but we probably could have exceeded that.

Ibrahim Saad, managing director, Shuaa Partners

According to Ibrahim Saad, managing director of Shuaa Partners, there was strong interest in the fund with 21 limited partners agreeing to invest. Saad declined to name investors. “We put a hard cap on the fund of $200 million after setting an initial target of $150 million, but we probably could have exceeded that,” he told PEO.
 
Saad said the fund will be opportunistic in nature in terms of which sectors it will target, but added that there was “a number of transactions in the pipeline”, one of which is expected to be announced next month.
 
Shuaa Partners Fund I will invest between $5 million and $50 million per deal in buyouts, recapitalisations, public-to-privates and pre-IPO opportunities in the Gulf Co-operation Council (GCC) and neighbouring countries.
 
In June, Shuaa Partners closed its first transaction since being launched as a standalone private equity division with the acquisition of a 10 percent stake in Damas, a United Arab Emirates jewellery retailer and distributor, for approximately $33 million.
 
Shuaa Capital was set up as an investment bank in 1979 and previously co-managed the $55 million MENAVEST fund with Capital Trust since 1998.