NBK Capital, National Bank of Kuwait’s merchant and investment banking unit, has conducted a first close of a new private equity fund on $200 million, according to a statement.
NBK Capital, 90 percent owned by the National Bank of Kuwait and 10 percent owned by its employees, and its parent are committing $30 million toward the fund which has a $300 million target. NBK Capital expects a final close on the fund by the end of the year, the firm said in the statement.
To date, the fund has attracted commitments from investors in the Middle East, where the fund will be invested in, according to a company spokesman. NBK Capital hopes to invest in companies seeking expansion and / or restructuring in the Gulf Cooperative Council six-member countries, Levant, Egypt and Turkey. Family-owned businesses looking to restructure and embark on new growth strategies are likely investment targets, the firm said in a statement.
NBK Capital’s private equity investment will be led by two co-directors: Dubai-based Samir Assaad and Kuwait-based Rana Al-Khaled. They report to NBK Capital’s chief executive officer George Nasra.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: