Abu Dhabi: US private investment company Paladin Capital Group and Abu Dhabi-based investment company Invest AD have established a private equity joint venture that will channel investments into the Middle East and North Africa (Mena) region and Turkey.
The joint venture between Paladin Capital (Middle East) Limited, a company registered in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority, and Invest AD, a subsidiary of the Abu Dhabi Investment Council — a leading sovereign wealth fund — plans to launch a $100 million (Dh367.21 million) fund to tap growing global investor interest in new emerging markets growth opportunities.
The joint investment team has identified a strong pipeline deal in Middle East and North Africa (Mena) and Turkey, a region that is expected to see GDP growth of 4.7 per cent this year and 3.8 per cent in 2013.
"Small-and medium-sized 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 of Paladin Capital Group and Chairman of Paladin Capital (Middle East) Limited.
"Companies in the Mena region are looking for stable and respected partners to help them achieve their ambitions, not just with capital, but with expertise and international business networks," said Invest AD's Chief Executive Officer, Nazem Fawaz Al Qudsi.
