MENA's First SME Fund by Venture Capital Bank Bahrain

(MENAFN - Khaleej Times) DUBAI — Bahrain-based Venture Capital Bank (VC Bank) has announced the first closing of its recently launched $250 million MENA Small & Medium Enterprises Fund, the first Shaiah-compliant fund dedicated to small and medium enterprises in the Middle East and North Africa region.

Co-managed by VC Bank and its technical partner, the US private equity firm Global Emerging Markets (GEM), the fund has raised more than the targeted amount for first closing of $75 million. Out of the total amount raised, almost 20 per cent has been committed by investors from USA.

Sharif Monfaradi, VC Bank's chief investment officer, Private Equity said: "As we have expected, the fund received sizeable demand from regional and international investors. The fund will provide the investors with an opportunity to be part of the region's economic growth while cultivating superior risk-adjusted returns by investing in the SMEs sector, which is despite their importance in driving regional economies, creating jobs and fostering technological innovation, have been neglected by institutional investors in the region". "In addition to Challenger Limited, the oil drilling company in North Africa that was recently acquired by VC Bank and GEM, we are already at an advanced stage on a number of other acquisitions." Monfaradi added.