- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 05:22 06:35 12:33 15:53 18:26 19:39
Abu Dhabi investment firm Invest AD is seeking to raise $325 million (Dh1.19 billion) from third-party investors for a $400m private equity fund that will invest in North Africa and the Middle East (Mena), a senior executive said yesterday.
The fund, the second PE fund launched by Invest AD for Mena, aims to achieve a net internal rate of return of at least 25 per cent, Invest AD's head of private equity Samir Assaad told the Reuters Private Equity and Hedge Funds Summit.
Invest AD, which has seed capital of $75m from the Abu Dhabi Government for its second Mena fund, hopes to achieve a first closing of $200m for the fund by June. It has invested €50m in Turkish logistics firm Ekol, which will be injected into the new PE fund when it becomes operational.
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