Tuesday, 2 March 2010
UAE's Invest AD raising $400 million PE fund
Abu Dhabi investment firm Invest AD is seeking to raise $325 million from third-party investors for a $400 million private equity fund that will invest in North Africa and the Middle East (MENA), a senior executive said on Monday.
DEALS
The fund, the second PE fund launched by Invest AD for the MENA region, aims to achieve a net internal rate of return of at least 25 percent, 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 $75 million from the Abu Dhabi government for its second MENA fund, hopes to achieve a first closing of at least $200 million for the fund by June.
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