Abu Dhabi's Invest AD, Paladin Set Up $100 Mln Private Equity JV

Tuesday, May 15, 2012

(This story was originally published Monday.)

DUBAI (Zawya Dow Jones)--Abu Dhabi's Invest AD and U.S.-based Paladin Capital Group on Monday said they have set up a private equity fund that eyes opportunities in the Middle East, North Africa and Turkey.

The $100 million fund will be registered in Dubai and is looking to make investments in small-to-medium sized companies, according to a joint statement from both companies.

"Small- and medium-size companies are the backbone of the region's economy, and they are hungry for capital to expand, operationally and geographically, in the process creating jobs and increasing profits," said Michael Steed, founder and managing partner at Paladin Capital Group.

Former NATO Supreme Allied Commander General Wesley Clark, former White House Advisor Richard Clarke and former Chairman of the US Democratic National Committee Terry McAuliffe all sit on the advisory board of the new joint venture.

Based in Washington D.C., Paladin has approximately $1 billion of committed and invested capital across several funds and has invested in over 50 portfolio companies.

Invest AD is owned by the Abu Dhabi Investment Council, a sovereign wealth fund owned by the Abu Dhabi government.

-By Nicolas Parasie, Dow Jones Newswires, +9714 446 1681, nicolas.parasie@dowjones.com

(END) Dow Jones Newswires

15-05-12 0350GMT