Asset manager Janus Henderson raised USD 125.5 mn in the first close of its MENA Private Credit Fund IV, according to a press release. The fund is targeting a final close of USD 300 mn by mid-2026, with a second close due by end-2025. A Mubadala-backed JV and Saudi players anchored the first close.

REFRESHER- MENA Private Credit Fund IV? Earlier this week, we reported that Mubadala and the Saudi Industrial Development Fund partnered with Janus Henderson on a USD 125 mn GCC-focused, shariah-compliant private credit fund, designed to lend to and invest in SMEs across the region.

Who’s in: The shariah-compliant vehicle is backed by Abu Dhabi Catalyst Partners — a joint venture between Mubadala Capital and Alpha Wave Global — alongside Saudi Arabia’s SIDF Investment Company and Saudi Venture Capital Company. It also attracted interest from regional institutions and family offices, the statement said.

The bigger picture: The fund aims to help bridge a USD 250 bn SME financing gap across MENA, where traditional banks remain cautious lenders. It will offer non-bank, flexible financing for growth, refinancing, recapitalizations, and acquisitions, targeting 10-12 transactions worth USD 15-50 mn each over its eight-year term.

This marks Janus Henderson’s third Islamic finance vehicle under its ADGM-based Emerging Markets Private Investments arm, as the firm deepens its presence in the region’s growing alternative finance market.

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