MENA-focused Shorooq hits first close of $100m private credit fund
TLDR
- Shorooq Partners closes $100-million private credit fund in collaboration with IMM Investment Global.
- IMMG, subsidiary of $6-billion Korean private equity firm, joins as a minority partner.
- Fund focuses on investing in startups across GCC countries, Egypt, and Pakistan, with notable investments in Pure Harvest and Tamara.
Abu Dhabi-based investment manager Shorooq Partners announced the first close of its latest $100-million private credit fund. The amount raised in this first close was not disclosed.
The Shorooq fund, launched in collaboration with IMM Investment Global (IMMG), marks the continuation of their partnership from the first credit fund established three years ago. IMMG, a subsidiary of the $6-billion Korean private equity firm IMM Investment Corp, joins as a minority partner.
The initial fund invested in startups across the Gulf Cooperation Council (GCC) countries, Egypt, and Pakistan, with notable investments in Pure Harvest, a smart farm producing fresh crops in deserts, and Tamara, Saudi Arabian Buy Now, Pay Later (BNPL) platform and fintech unicorn.
Key Takeaways
The private credit market in the MENA region has experienced significant growth, fueled by the expanding tech ecosystem and rising demand for alternative financing solutions. Shorooq Partners reported that the MENA private credit market grew at a compound annual growth rate (CAGR) of 12% over the past five years, highlighting opportunities for investment and expansion. In April last year, Shorooq closed its second early-stage MENAP (Middle East, North Africa, and Pakistan) venture fund, Bedaya Fund II, at $150 million. The fund attracted investments from institutional investors such as DisruptAD (ADQ's venture platform), Dubai Future District Fund, and Bupa Insurance. As a venture investor, Shorooq Partners targets seed to Series A startups, with typical cheque sizes between $1-8 million.
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