Wednesday, 27 August 2014
Last updated 3 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...