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Swicorp launches Saudi-focused fund

The Geneva-headquartered private equity firm has launched its third fund focusing on the MENA region this year.

Swicorp, a Swiss-based private equity and investment banking firm focused on the Middle East and North Africa (MENA) region, has launched a new fund aimed at energy-related projects in Saudi Arabia and the GCC.

The new vehicle, Swicorp Joussour Company, has a target cap of $500 million (€415 million). According to a statement, the fund has already received $400 million in commitments from limited partners.

The fund will invest in midstream and downstream petrochemicals, energy-intensive industries, power generation and ancillary businesses to the oil & gas petrochemical sectors.

Swicorp has appointed The Boston Consulting Group (BCG) to advise on the fund’s investment strategy.

According to reports in the Arab press, investors in the new fund include The Savola Group; Dallah AlBaraka Holding Group; Asseer Company; AbdulKader AlMuhaidib & Sons; Hayel Saeed Group; Abdullatif Saoud Al Babutain & Bro.; Abu Dhabi Holding; Saudi Bin Laden Group; Gulf Power Company; as well as an investment from Swicorp Capital.

The Swicorp Joussour Company is Swicorp’s third fund in 2005. In June, the firm held a $60 million first close of its Intaj Capital Fund, focusing on the consumer sector in the MENA region, and announced its intention to reach a hard cap of $200 million in 2006. This was followed in early December with the launch of Swicorp Emerge Invest, targeting investments in Algeria, Iran and Sudan.

In 2003, Swicorp launched its first private equity fund, MENA Water Ventures, which focused on making equity investments in the packaged water sector across the MENA region.

Founded in Switzerland in 1987, Swicorp has offices in Geneva, Tunis, Tehran and Algiers, with a logistics support center in Jeddah. According to the firm, new offices in Riyad, Jeddah and Dubai, as well as a third Saudi office in Damman, are expected to open within the next twelve months.