Mubasher: Gulf Capital announced on Monday the successful final close of Fund II, over its target of AED 925 million ($250 million).
The second private debt and mezzanine fund Gulf Credit Opportunities Fund II will invest in mid-market companies that are generating more than $5 million in EBITDA, and have revenues between $20 million and $250 million, according to a press release.
The fund is operating in defensive sectors, such as healthcare, education, industrials, power and water, oil and gas servicing amongst others.
Gulf Capital, one of the largest and most active alternative investment firms in the Middle East, stated that the fund's average investment size ranges between $10 million and $30 million, where it is expected to finance 10 to 12 SMEs throughout its lifespan.
"The mix of regional insurance companies, sovereign wealth funds, foundations and family offices and the repeat investments in Fund II reflect the confidence our investors have in Gulf Capital's private debt investment thesis, the fund's multi-dimensional diversification strategy and the strong returns generated to date," Fidaa Haddad, managing director of Gulf Credit Partners at Gulf Capital, said.
The International Finance Corporation (IFC), a member of the World Bank Group, raised its investment in Fund II to $25 million, up by 25% from its previous to Fund I.
Moreover, other investors also increased their commitment to Fund II by up to 50%, according to the statement.
