Middle East and Israel

Private equity and venture capital news from the Middle East and Israel

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• Motorola Ventures drums up funding for social media music company TuneWiki 09 Feb 2010. Source: AltAssets. Multinational telecoms company Motorola has led an undisclosed investment in TuneWiki, a provider of social media music players and related apps, via its corporate investment arm. New investors Intellect Capital Ventures, a venture fund initiative of Nordic telecoms operator TeliaSonera, HillsVen Capital and Novel TMT joined Motorola Ventures. TuneWiki’s previous venture capital investor, Benchmark Israel, also participated in the round.

• Private equity groups move in on Dubai World asset sale 03 Feb 2010. Source: AltAssets. A number of private equity firms are preparing bids for a port and shipping agent being put up for sale by Dubai  World’s private equity division, according to reports. Advent International, Cinven, Charterhouse, Montagu, TPG and KKR are among the firms reported to be preparing bids for Inchcape Shipping Services, which has been put up for sale by Istithmar World. The company is expected to fetch $600m to $700m.

• Abraaj Capital reaches first close on Palestine fund 28 Jan 2010. Source: AltAssets. Dubai private equity firm Abraaj Capital has reached the first close of a $50m fund targeting Palestinian investments in small and medium enterprises. So far, Abraaj has raised $15m towards the fund, which it is raising in partnership with the Palestine Investment Fund, a publicly owned investment vehicle which aims to strengthen the Palestinian economy.

• Dubai International Capital chairman Al Ansari steps down 28 Jan 2010. Source: AltAssets. Sameer Al Ansari, the CEO of Dubai financial services institution Shuaa Capital, has stepped down as executive chairman of Dubai International Capital (DIC), according to reports.  In the latest shake-up to the management structure of Dubai Holding, of which DIC is a unit, Al Ansari will instead become a non-executive chairman of the firm’s board.

• China’s First Eastern to launch $250m Dubai fund 25 Jan 2010. Source: AltAssets. China venture capital and private equity investor First Eastern Investment Group is preparing to launch a Dubai-focused investment fund, according to the Financial Times.

• Istithmar World CEO resigns 21 Jan 2010. Source: AltAssets. The CEO of Istithmar world, the private investment arm of state developer Dubai World, has resigned. David Jackson, who became Istithmar World CEO in 2006, has been replaced by CIO Andy Watson, as the state-owned company struggles to renegotiate its $22bn of debt.

• Deutsche Bank, Masdar cleantech fund reaches $265m first close 18 Jan 2010. Source: AltAssets. A private equity fund co-managed by Deutsche Bank Climate Change Advisors (DBCCA) and Masdar Venture Capital has launched following a $265m first close. The DB Masdar Clean Tech Fund is to invest primarily in expansion and later stage companies in the clean energy, environmental resources and energy and material efficiency sectors.

• Apax acquires $621m stake in Israeli asset manager Psagot 14 Dec 2009. Source: AltAssets. UK private equity firm Apax Partners has agreed to purchase a majority stake in Israeli asset manager Psagot, from US firm York Capital Management. The deal is reportedly worth around $621m.

• Egypt’s Citadel Capital sells two minority stakes for $55m 08 Dec 2009. Source: AltAssets. Egyptian private equity firm Citadel Capital has made $55m from the sale of a six per cent stake in ASEC Holding and a six per cent stake in United Foundries Company, according to an emailed statement obtained by Reuters.

• Markstone Capital switches chairman following guilty plea in NY pension scandal 04 Dec 2009. Source: AltAssets. US and Israel-based private equity firm Markstone Capital has had to reshuffle its senior team following the resignation of chairman Elliott Broidy after he pled guilty to bribery charges stemming from the New York pension scandal.

• Dubai World says private equity division will be unaffected by restructuring 01 Dec 2009. Source: AltAssets. Middle Eastern state developer Dubai World has said that its restructuring measures will not affect private equity subsidiary Istithmar World. In a statement prompted by widespread speculation about how the government-owned company would address its $60bn debt load, Dubai World said that it plans to “immediately consider alternatives in respect of the debt obligations of certain entities within the group”, but that Istithmar would not be among them.

• Kuwaiti conglomerate sues Carlyle over debt fund collapse 01 Dec 2009. Source: AltAssets. US private equity giant Carlyle is being sued by a Kuwaiti conglomerate which lost $50m in the collapse of the firm’s Carlyle Capital Corp debt fund. According to the Financial Times, the National Industries Group has alleged that Carlyle misrepresented the safety of the fund, which collapsed in March 2008 despite investing primarily in government-backed and AAA-rated mortgage securities.

• Dubai World's $60bn debt woes raise questions for private equity portfolio 30 Nov 2009. Source: AltAssets. The parent company of Middle Eastern state private equity firm Istithmar has asked creditors for an extension on its debt obligations, raising questions about the future implications of the firm and its portfolio companies.

• Abraaj Capital to buy Riyada Ventures, focus on SME investments 24 Nov 2009. Source: AltAssets. Dubai-based private equity firm Abraaj Capital has agreed to acquire all of Riyada Ventures as it moves into the venture capital space.

• Abraaj Capital rights issue raises $375m 23 Nov 2009. Source: AltAssets. Dubai private equity firm Abraaj Capital has raised $375m in a rights issue, which the firm says will put it in a position to capitalise on strategic buy-out opportunities. The fundraising, which was fully subscribed by existing shareholders, increases Abraaj’s paid-in capital to $1.5bn.

• Global Capital’s Sheilesh Dash launches new Dubai alternative investment firm 19 Nov 2009. Source: AltAssets. The private equity head of Kuwaiti firm Global Investment House, Shailesh Dash, has launched a MENA-focused alternative investment firm, Al Masah Capital. The Dubai-headquartered firm has announced that it will launch a social infrastructure fund, reportedly targeting $700m, in April 2010.

• Kuwait China Investment Company receives approval to list 17 Nov 2009. Source: AltAssets. Kuwait China Investment Company, an investment firm specialising in investments in Asia, has received the final regulatory approval from the Kuwait Stock Exchange to list its shares on 24 November.

• CIMB Standard to raise fresh capital, open new offices 17 Nov 2009. Source: AltAssets. CIMB Standard, a private equity firm owned by Malaysia’s CIMB and South Africa's Standard Bank, plans to launch a $300m South East Asia infrastructure fund and grow its current Islamic infrastructure fund to its target of $500m by early 2011, according to Reuters.

• Investcorp buys up 20 per cent of gas company Gulf Cryo 16 Nov 2009. Source: AltAssets. Investcorp, a Bahrain-based alternative investment firm, has acquired a 20 per cent stake in Gulf Cryo, manufacturer of industrial, medical and specialty gases in the Middle East. The deal size has not been disclosed.

• Kuwaiti Global Investment House names Rajiv Nakani as senior vice president of alternatives 28 Oct 2009. Source: AltAssets. Global Investment House, a Gulf-based investment banking and asset management firm, has appointed Rajiv Nakani as senior vice president of its alternative asset management business.

• International venture capital investment recovers after second quarter slump 27 Oct 2009. Source: AltAssets. International venture capital investment has bounced back after a second quarter slump but remains significantly below 2008 levels, according to a report by Dow Jones VentureSource.

• Dubai’s Abraaj Capital lines up $2bn private equity fund 27 Oct 2009. Source: AltAssets. Abraaj Capital, the Middle East's biggest private equity firm, is setting up a new $2bn fund to take advantage of valuations in the current buyer’s market, according to Reuters.

• Invest AD targets $400m for new MENA fund 21 Oct 2009. Source: AltAssets. Abu Dhabi state investment company Invest AD is aiming to raise $400m for its next MENA-focused fund.