|21 March, 2017

Kuwait’s Global Investment gives $15mln to PE fund clients

This amount raised the total amount distributed by the Private Equity Funds to around $583 million since inception in 2003

Image used for illustrative purpose. Kuwaiti money changer Mohammed Hussein counts Kuwait dinars in his downtown Kuwait City shop.

Image used for illustrative purpose. Kuwaiti money changer Mohammed Hussein counts Kuwait dinars in his downtown Kuwait City shop.

REUTERS/Stephanie McGehee

Tuesday, Mar 21, 2017

Dubai:

Global Investment House said on Tuesday its global MENA Financial Assets, a fund managed by its Private Equity Asset Management team has distributed around $15 million and accumulated dividends of its portfolio companies to its investors.

This came in from the sale of its majority stake in Jordan Trade Facilities, a consumer finance company operating in Jordan, the Kuwait-based regional asset management and investment banking firm.

This amount raised the total amount distributed by the Private Equity Funds to around $583 million since inception in 2003. Such distribution is considered one of the highest among private equity firms within the region, the statement said.

Another fund managed by the Private Equity Asset Management team also planning to distribute $6.5 million in April 2017, being proceeds from the sale of its minority stake in Al Razzi Holding, an educational and health care holding company. The sale was achieved through a consortium transaction.

“It is another important milestone for our Private Equity team and a result of years of hard work and dedication. These distributions prove our ability to generate successful exits in such subdued capital market volumes, also it shows our commitment to return cash to investors and adopt the strategy and road map communicated earlier with our clients,” Sulaiman Al Rubaie, Head of Alternative Asset Management said in a statement.

“Our new strategy adopted has paid back. Through a more active involvement with our portfolio companies, value creation within our portfolio companies, and creation of sellers’ consortia, we were able to grow our portfolio companies’ operational profitability and maximising the exit values,” he added.

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