UK-based asset manager Gemcorp is raising a USD 1 bn private credit fund from its Abu Dhabi office to finance agreements in Africa, partner Asad Hajiyev told Semafor. The fund will target investments ranging between USD 20-100 mn across sectors including energy, agriculture, and commodities.

Why Abu Dhabi? “There is a huge amount of capital” in Abu Dhabi looking for transactions in Africa in Abu Dhabi, Hajiyev said. The new vehicle would double Gemcorp’s Gulf AUM target and deepen its regional footprint, as the firm builds out a multi-hub strategy across the Gulf.

REFRESHER- Africa was flagged as a key destination for UAE outbound investment in 2024, as agreement flows into Asia dipped.

Gemcorp? Founded in 2013, the firm has deployed over USD 8 bn in higher-risk markets. It operates an Abu Dhabi office for fundraising, a Dubai office for investor relations, and another in Riyadh for transaction origination.

Hiring pause: After securing its ADGM license last year, Gemcorp initially planned to hire 15 staff in its first year. That rollout is now on hold, with four staff currently in place, as the firm prioritizes raising capital, Hajiyev said.

Elsewhere in the region: Gemcorp is also raising a separate USD 1 bn fund with Saudi Arabia’s Investment Ministry, targeting agreements in mining, technology, and social infrastructure. Most of its 24 transactions currently under review in the region are based in the kingdom, Hajiyev said.

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