Sunday, 19 April 2015
Last updated 10 hours ago
Apr 22 2008 | 9:55am ET
Millennium Private Equity has held a first close on its inaugural Shariah-compliant funds.
Its Global Energy Fund has raised $200 million, and its Telecoms, Media & Technology Fund at $150 million. Both are targeting US$1 billion in equity.
Sponsors of the funds include Dubai Islamic Bank, United Gulf Bank, the Bahrain-based investment banking arm of the KIPCO Group of Kuwait, and the Saudi Arabian Islamic Development Bank, each of which has committed $50 million to each fund, as well as Kuwait Finance House, which will only invest in the Global Energy Fund with a $50 million comitment.
The funds will have a life of seven years and are aiming for a gross internal rate of return in excess of 20% a year. It will invest between $20 million and $100 million in each portfolio company.
“The first close of Millennium Private Equity's TMT and Global Energy funds is a milestone in the development of the private equity industry in the Middle East,” said Keba Keinde, chief executive of Millennium Finance Corporation and chairman of Millennium Private Equity. “It is a unique pan-GCC platform, sponsored by prominent institutions from the UAE, Kuwait and Saudi Arabia.”
Millennium Private Equity, a subsidiary of Millennium Finance Corp., is based at the Dubai International Financial Centre.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…