NBK Capital Partners' private credit fund has through the years pulled in some big co-investment partners, including Saudi Arabia's PIF. Image Credit: Agency

Dubai: DIFC-based NBK Capital Partners has closed its third Sharia-based private credit fund, generating commitments of around $215 million.

The Fund’s investment strategy is to provide flexible structured capital to middle market companies in core markets of Saudi Arabia, UAE and broader region ‘through a direct origination strategy’.

These investments would be in business services, healthcare, education, technology-enabled and consumer sectors with investment size ranging from $10 million to $30 million. (With co-investment vehicles, the Fund can underwrite larger transactions.) The latest fundraise takes the total credit raised to over $530 million since inception in 2009. The Fund - NBK Capital Partners Shari’ah Credit Opportunities Fund - has had support from institutional limited partners from Saudi Arabia, UAE and the US, including cornerstone commitments from Saudi Arabia’s Public Investment Fund of Saudi Arabia and Abu Dhabi Catalyst Partners. The latter is a third-party investor backed by Mubadala Investment Company and Alpha Wave Global.) “The top-tier investors we have attracted provide a strong endorsement to the institutional quality of our credit platform,” said Yaser Moustafa, CEO at NBK Capital Partners.

“One that has capital and an experienced team to maintain our leadership position. We are better positioned than ever to tap into attractive investment opportunities across the region.”