MENA Opportunities Fund assets top $1b in inaugural year

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.