Qatar Firm Launches Shariah Compliant Private Equity Fund

May 22 2007 | 2:45pm ET

Qatar-based alternative investment firm Corecap this week launched an Islamic private equity fund with some US$150 million in committed capital. The new offering, Corecap Islamic Private Equity Fund I, will make shariah-compliant investments in businesses in the Middle East and North Africa.

“The favorable regional macro-economics conditions resulting in GDP growth exceeding 7% p.a. in most countries, large forex reserves, reasonable inflation, real and budget surpluses have encouraged international and regional investors to seek investments in the region,” said Sheikh Mohamed Althani, chairman of Corecap. ”With abundant liquidity, underperforming capital markets and scarce investment products, a niche for investment opportunities in alternative asset classes has risen.”

According to Khaled Hassan Rashed, CEO and board member the new fund, CIPEF I is a close-ended six-year fund targeting a minimum internal rate of return of 25% annually. It is open to institutional and high net worth and investors with a minimum investment requirement of US$ 3 million. The fund will be overseen by an independent board comprised of shariah'a scholars.

Corecap was founded by Althani, who is the former minister of economy and commerce in Qatar, Rohit Walia who is the CEO and managing director of Swiss banks Bank Sarasin-Alpen and Alpen Capital, and by CorePartners, an investment management firm comprising a team of private equity professionals, including Rashed.


In Depth

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR