Argent Financial Group, based in the Dubai Financial Center, is raising a fund to invest in opportunities in Lebanon. The Constans Lebanon Recovery Investment Fund is targeting returns of up to 25 percent, according to a statement released by the firm, and will target companies in the infrastructure, manufacturing, real estate, IT, communications and tourism sectors.
“Whilst witnessing the recent events in Lebanon, we realized that there will be a tremendous need for investment in rebuilding parts of the country,” Howard Leedham, senior managing director at Argent, said in a statement. “As a result we decided to apply a reconstruction business model to assist the country and its citizens.”
The fund, which has a target of $500 million (€390 million) and a fund life of seven years, plans to acquire non-controlling stakes in companies. It also plans to co-invest alongside other private equity funds, investment firms and governments.
Fund sponsor Argent, which also has offices in London, the US, Bermuda and Mumbai, offers a number of vehicles under the Argent, Veritas and Caritas banners. Established in 1995, it has more than $2 billion in assets under management.