Tuesday 17 November 2009

New PE fund expects to raise more than 50% from Middle East

Reflecting a strong confidence in Mena investors, Pharos Financial Group is expecting more than 50 per cent of the money for its $350 million (Dh1.28bn) agricultural fund to come from this region.

"We are expecting a seed partner by the end of the year of around $20m, the entire fund has a size of $350 million," John J Papesh of Pharos Financial Group, told Emirates Business.

The new fund, called Pharos Miro Agricultural Fund, launched on Sunday, is "a private equity investment opportunity in a new strategic asset of the 21st century, that is agriculture", he said.

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