After posting strong internal rates of return on its first two investment funds, Abu Dhabi-based Ithmar Capital is swinging for the fences with its third limited partnership, which will be three times the size of it predecessor.
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According to a report in
Gulfnews:
Ithmar Capital is targeting to raise $1 billion through the proposed launch of its third close-ended private equity fund during the second half of this year, Faisal Bin Juma Belhoul, Ithmar's founder and managing partner, said on Monday. ..."We target returns in excess of 25 per cent IRR [internal rate of return, which is annually compounded]," said Belhoul, adding however, that the expected results of the current funds should be in excess of that.
The new fund will follow a duo of $250 million vehicles raised in 2003 and 2006, respectively. Ithmar Fund III will also continue the firm's strategy of focusing on growth capital and buyouts in the United Arab Emirates, Kuwait, Qatar, Bahrain, Oman and Saudi Arabia. Ithmar focuses on companies that provide construction-related services, oil and gas services, healthcare and education. The firm has 33 limited partners for its funds including 3i Group plc, Gulf region sovereign wealth funds, international pension funds and financial institutions. -
George WhiteSee Gulfnews reportSee Dealwatch on PE and VC fundraising
