Foreigners emerge as bulk buyers as Gulf Capital fund raises Dh1.75bn

Private equity company Gulf Capital's second partnership fund, which was launched in the second quarter of last year, has raised Dh1.75 billion, Chief Executive Officer Dr Karim El Solh said.

And the bulk of the money has come from foreign investors. GC Equity Partners II was launched with the target of attracting Dh2bn by July this year. But El Solh said the fund was expected to raise up to Dh2.5bn by the end of 2009, lifting the value of the assets managed by the Abu Dhabi-based company to above $1bn (Dh3.67bn).

"We have launched GC Partners Fund II and exceeded the Dh1.75bn-mark during what is probably the toughest time ever for fundraising," he said. "This shows the region is still growing and investors believe in the region and want to put in money.