Ithmar Capital eyes new $1 billion fund

Ithmar Capital, a Dubai-based private equity firm, expects to launch a $1-billion fund this year that will focus on the Gulf region, a company executive said on Monday.

"We plan to launch Ithmar Fund 3 in the second half of this year, targetting $1 billion," Faisal Belhoul, Ithmar's co-founder and managing director, told reporters on the sidelines of a conference.

Belhoul said the firm's transactions would be invested in GCC-based companies.

"(It will be) consistent with our investment strategy of multi-sectors, such as construction, oil and gas services, healthcare and education," he said.

Ithmar already manages about $500 million through its first two funds, Belhoul said.

The existing funds have attracted 33 investors including government institutions such as sovereign wealth funds from the United Arab Emirates, Qatar and Bahrain, he said.

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