Jadwa raises $266m for GCC investment fund

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• Saudi fund aims to double value
• Blind pool fund structure
• Investments in retail and food

Saudi Arabia’s Jadwa Investment has announced the first close for its blind pool private equity fund, with total capital commitments of SAR1 billion ($266 million). 

The fund, called GCC Private Equity Fund 1, will invest in “high-potential private equity opportunities across the GCC”, the company said. 

A blind pool fund is where investors commit capital without knowing the specific investments the fund manager will make. Private equity investments in the Middle East are typically structured in the form of single-asset investment vehicles.

The money was raised from entities linked to regional sovereign wealth funds and family offices, the Riyadh-based company said. 

Jadwa said it aims to grow the fund to as much as SAR 2 billion ($533 million) by the first half of next year.

It has already completed its first three investments in the retail and food and beverage (F&B) sectors and is expected to be fully invested over a three-year deployment period.

Jadwa said it is among the largest blind pool private equity funds regulated by the Capital Market Authority (CMA). 

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“The fund’s blind pool structure will enable our clients to invest in a well-diversified and balanced manner and will provide us with the flexibility to act quickly and transact seamlessly,” said Elie El Khoury, head of private equity at Jadwa Investment.

Jadwa has more than SAR90 billion ($24 billion) in client assets under management and advisement. 

In July it acquired a 60 percent stake in Saudi fast-food chain Tikkaway Restaurants for an undisclosed sum through its food and beverage opportunities fund.

Jadwa’s first acquisition in the F&B sector was the buyout of the Dubai-based operator Black Spoon Group in December 2023.