Ithmar Capital to launch third private equity fund

Abu Dhabi: Ithmar Capital plans to raise $1 billion with the launch of its third close-ended private equity fund by the end of the third quarter or in the beginning of the fourth quarter this year, Faisal Bin Juma Belhoul, Ithmar's founder and managing partner, said on Sunday.

"New funds are launched once the existing fund's deployment ratio exceeds 75 per cent," Belhoul told Gulf News.

"Ithmar Fund-II expects to be over 75 per cent deployed by the end of the third quarter this year, in preparation for the official launch of Ithmar Fund-III," he said.

Belhoul added: "By this time, Ithmar Fund-II would have deployed over $400 million, including its co-investment programme in various transactions."

Ithmar invests in Gulf-based companies, including high growth sectors such as construction-related services, oil and natural gas, healthcare and education.

"We represent 33 investors that comprise governmental institutions such as sovereign wealth funds of the GCC, financial institutions and high net worth GCC family groups equally distributed across the GCC region," Belhoul said previously.

Ithmar Capital, established in 2003, has assets worth more than $500 million under management.