Business | Banking
MENA Opportunities Fund assets top $1b in inaugural year
Regional investment bank EFG-Hermes announced that its Middle East and North Africa (MENA) Opportunities Fund has raised $1 billion in assets under management (AuM).
- Staff Report
- Published: 16:56 September 9, 2008
Dubai: Regional investment bank EFG-Hermes announced that its Middle East and North Africa (MENA) Opportunities Fund has raised $1 billion in assets under management (AuM).
Since its inception in September 2007, the fund has delivered a blended return of 31 per cent as of July 31.
The $1 billion MENA Opportunities Fund is one of the first hedge funds to be launched in the region, with the ability to invest a portion of its asset base in unlisted securities offering incremental value since the region presents attractive opportunities for private equity-type transactions.
Hashem Montasser, Head of Asset Management and Fund Manager of the MENA Opportunities Fund said, "The strong appetite for this fund from regional and international institutional investors is a testament to the growing importance of the MENA region as an investable universe on a global basis."
"As Middle East markets become more mature, investors will invariably seek alternative investment products that can offer high risk-adjusted returns through different market cycles," he added.
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