Shorooq Partners Launches Second Private Credit Fund
In collaboration with IMMG, the fund has a $100 million initial close.
Shorooq Partners has announced the first close of its $100 million second private credit fund, Nahda Fund Il. The goal of the fund is to promote growth and innovation in the MENA tech ecosystem.
We are thrilled to announce the first close of our $100 million second private credit fund, Nahda Fund Il, paving the way for continued innovation and growth in the MENA tech ecosystem.
Link to news on Bloomberg @markets here: https://t.co/gCQPto3Tmz#PrivateCredit pic.twitter.com/4016YavFgi— Shorooq Partners (@ShorooqPartners) May 23, 2024
The new fund is launched in collaboration with IMM Investment Global (IMMG), a leading private equity and venture capital firm in Korea with over $6 billion in assets under management. IMMG joins the fund, as a minority partner, continuing the partnership established with the first credit fund launched three years ago.
Shorooq Partners, which is headquartered in Abu Dhabi and invests across the Middle East, North Africa and Pakistan (MENAP), has previously invested in UAE’s Pure Harvest Smart Farms, Nym Card, Saudi creative blockchain solutions startup Nuqtah, fintech Lean, and the UAE’s 3-D printing startup Immensa, and Tamara, Saudi Arabia's first Buy Now, Pay Later (BNPL) platform and fintech unicorn.
IMMG was founded as a venture capital firm in Korea, in 1999. IMM Investment has since become one of leading multi-asset alternative investment firms in Asia with $5.4 billion worth of assets under management across three business segments (venture capital, growth equity and infrastructure)
The firm invests in information, technology, healthcare, biotech and manufacturing among other fields.