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Riyadh-based Jadwa Investment secured SAR 1 bn for a fresh GCC private equity blind pool fund, GCC Private Equity Fund 1, with a focus on multi-sector PE prospects across GCC markets, according to a statement. Jadwa plans to double the fund’s size to SAR 2 bn by 1H 2025, Bloomberg said. The investment vehicle is one of the largest blind pool PE funds regulated by the Capital Market Authority, the statement added.
Who paid into the first close: Regional sovereign wealth funds and family offices paid up the capital for the new fund, Bloomberg said.
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SOUND SMART- Blind pool funds? Limited partners in blind funds generally don’t know the companies in which the fund manager (or “GP” in PE-speak) will be investing. Instead, they typically invest based on a combination of the GP’s track record and the investment themes, geography, approach to control, industry focus, or other particulars of the fund. It’s also known as a “blank check” company or offering. The opposite is a transaction-specific fund, where the GP raises capital to go after specific companies.
What they said: “The fund’s blind pool structure will enable our clients to invest in a well-diversified and balanced manner, and will provide us with the flexibility to act quickly and transact seamlessly,” Head of Private Equity at Jadwa Investment Elie El Khoury said.
And it’s already off to a strong start: The fund made its first three investments in retail and food and beverage, with plans to be fully deployed within three years, the statement said. The fund is working on another four investment agreements, Bloomberg added.
IN CONTEXT- The fund has been in the works since December last year, when Jadwa first toldBloomberg about its plans to raise SAR 2 bn to kick off an inaugural blind pool fund. Jadwa’s stated goal was to nab “significant minority stakes or larger in as many as 12 companies over the next three years,” with a focus on GCC-based investments, Bloomberg said at the time.
ABOUT JADWA- Jadawa is a regional investment management and advisory firm, with upwards of SAR 90 bn in assets under management and advisement. The outfit counts governments, local, and multinational institutional investors, family offices, and high-net-worth individuals among its client list and offers a broad range of Shariah-compliant investments.
