PRINT THIS PAGE Global MENA Financial Assets raises £252m in IPO16/07/2008. Source: AltAssets. 
Kuwaiti investment bank Global Investment House has raised £252m for its private equity fund Global MENA Financial Assets in an IPO on the London Stock Exchange. GMFA, in which GIH will retain a 29.99 percent stake, is a closed-end fund targeting investments in the financial sector in Algeria, Bahrain, Egypt, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Tunisia, Turkey and the United Arab Emirates.
The fund will also invest in minority stakes in unlisted companies and controlling stakes in listed companies in the financial services sector in MENA, including Turkey. Up to 20 per cent of the fund will be invested in other emerging markets.
GMFA, to be managed by Global Capital Management, a unit of the GIH, will use some of the proceeds from this fundraising to buy a portfolio of eight financial services assets from GIH, for $238.8m.
Shailesh Dash, managing partner of Global Capital Management, said, 'We are very pleased with the positive response from a range of European and Middle Eastern investors to the IPO of Global MENA. That such a significant fundraising has been achieved in the context of difficult market conditions demonstrates a strong endorsement of the high growth opportunities in the MENA financial services sector.'
GIH closed its Global Buyout Fund on $615m, earlier this year. The firm also recently set up a $500m Sharia-compliant private equity fund, the Islamic Buyout Fund, alongside Dubai Islamic Bank and Millennium Capital.
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