MENA Insight

Insight MENA An Overview of Trends in Select Sectors and Markets March 2010

Region Snapshot* rivate equity fundraising and investment activity throughout the Mid- dle East and North Africa (MENA) region stagnated in 2009. MENA was 2009 Population: 617.9 million shielded from greater financial contagion during the global downturn % of Population Under P due to the relatively insular nature of economies in the region and limited use 15 Years-old: 35% 2010 Nominal GDP: US$2.5 trillion of leverage. However, many MENA economies were significantly impacted by 2009 Real GDP Growth: 2.2% declining oil prices and reduced capital inflows, forcing local governments 2010 Real GDP Growth: 4.0% to draw down their capital reserves. Additionally, negative headlines such as 2009 Current Account Balance: Dubai World’s debt troubles and default scandals surrounding Saudi Arabia’s US$24.8 billion Saad Group and A. H. Algosaibi & Bros. have shaken investor confidence, feed- 2010 Current Account Balance: ing concerns about financial oversight and corporate governance practices. US$141.6 billion

Funds dedicated to MENA raised a total of US$1.1 billion in 2009, a steep decline *All data projected. from the US$6.9 billion raised in 2008. Investments were similarly sluggish in Source: International Monetary Fund, Population Reference Bureau. 2009, although falling less steeply, at US$2.2 billion (34 deals) from US$3.4 billion

MENA defined as: Afghanistan, Algeria, in 2008 (67 deals). While 2009 was a challenging year for private equity globally, Bahrain, Egypt, Iran, Iraq, Jordan, Kuwait, a number of opportunities have emerged for private equity firms in the MENA Lebanon, Libya, Morocco, Oman, Pakistan, Palestinian Territories, Qatar, Saudi Arabia, region. The IMF estimates that collective GDP growth in the region will rise to Sudan, Syria, Tunisia, UAE and Yemen. 4% in 2010, up from 2.2% in 2009, due to an increase in oil production alongside ongoing heavy government spending. To address massive infrastructure require- ments, governments are spearheading projects ranging from roads, ports and power, and are actively looking for private partners. Additionally, many family-run firms are turning to private equity as a substitute for increasingly scarce credit and expansion financing.

MENA Region Private Equity Fundraising, 2005–2009, (US$B)

7.0 6.9

6.0

5.3 5.0

4.0

3.2 3.0

US$ Billions 2.7

2.0

1.1 1.0

0.0 2005 2006 2007 2008 2009

Source: EMPEA.

Fund I, which has held a first close at US$127 million, and Fundraising Trends the US$300 million Hospitality Development Fund launched by Abu Dhabi Investment House, Ithmaar Bank and Gulf Representing 5% of all emerging markets fundraising, Finance House. Marking another growing trend, both funds MENA funds raised US$1.1 billion in 2009, an 84% decrease are Shari’ah-compliant. The total volume of Shari’ah-compli- from the US$6.9 billion raised in 2008. While a handful of ant assets in the region has risen from US$250 billion in 2004 fund managers are deploying capital in more nascent mar- to US$487 billion in 2008, according to Booz & Company. kets such as Pakistan, Iraq and the Levant, the majority of QInvest and HBG Holdings are among the fund managers funds are focused on opportunities in the GCC and North that have recently launched Shari’ah-compliant funds. Africa. The bulk of funds raised in 2009 are mandated to invest across the entire MENA region—only 12% are ded- Regarding sources of capital, MENA fund managers have icated solely to the Middle East and 8% to North Africa. traditionally targeted local investors. The region’s sovereign wealth funds, family offices and high net worth individuals MENA is a market where relationships matter. Many funds have formed the core of MENA’s private equity investors to that were able to raise capital in 2009 were those with a date. However, many liquidity-constrained sovereign funds strong track record and expansive networks in the region. and other in-region private equity investors are reducing their In May, Capital Trust Group held the final close of its follow- commitments, forcing fund managers to explore alternate on fund in the region, EuroMena Fund II, at approximately sources of funding. The aforementioned GC Equity Partners II US$150 million in August. In the first two months of 2010, was one of the first regional funds to source the majority of its Abu Dhabi-based Gulf Capital also achieved a final close with capital from international investors based in the U.S., Europe GC Equity Partners II raising total commitments of US$544 and Asia. Similarly, Saudi Arabia-based Amwal AlKhaleej is million. Jordan-based Foursan Group held a first close on reportedly looking abroad for funding for its third fund, US$100 million for its second fund, Foursan Capital Partners I, which is targeting total commitments of US$600 million. targeting total commitments of US$200 million. Citadel Cap- ital completed a dry close on its US$500 million MENA Joint Investment Fund in October 2009. EMPEA Insight One of the largest closes of 2009 occurred in March, when Editorial Director The Carlyle Group finalized fundraising for its first MENA Jennifer Choi [email protected] fund with US$500 million in total commitments, mak- Writing and Research ing Carlyle one of the first international players to enter Nadiya Satyamurthy [email protected] a private equity scene historically dominated by home- Harrison Moskowitz [email protected] grown firms. Carlyle is not the only foreign firm taking a Production Manager closer look at the region—global alternative asset man- Greg Farmer [email protected] ager Kohlberg Kravis Roberts & Co. launched a Dubai office in 2009, while France’s BNP Paribas announced its intent in Advertising Opportunities Each issue of EMPEA Insight provides an opportunity for a single mid-2009 to launch a private equity fund targeting commit- exclusive back page advertisement. For a list of upcoming issues ments of US$300 million focused on the Gulf Arab region. and more information about advertising opportunities and rates, contact Greg Farmer at [email protected]. In 2009, government expenditures across MENA in areas About EMPEA including infrastructure and healthcare reached approximately The Emerging Markets Private Equity Association is a non- US$550 billion. In response, several sector-focused funds profit, independent, global industry association that promotes have formed. In May, Abu Dhabi Investment Co. (rebranded greater understanding of and a more favorable climate for as Invest AD) and UBS Global Asset Management held the private equity and venture capital investing in the emerging mar- first close of their joint infrastructure fund at US$250 million, kets of Africa, Asia, Europe, Latin America and the Middle East. For more information, visit us on the web at empea.net. against a final target of US$600 million. EFG-Hermes Private Equity announced its intention to launch an Egypt-focused Data and analysis presented in the EMPEA Insight series is infrastructure fund in the first quarter of 2010, targeting commit- derived from EMPEA’s proprietary industry database, FundLink, ments of US$600 million. Focused on soft infrastructure needs, made possible with generous support from the following insti- TVM Capital MENA launched a healthcare growth capital tutions: CDC, DBSA, DEG and FMO. We gratefully acknowledge fund, which held a first close at US$40 million in February 2010. their contributions.

As one of the fastest growing travel industries in the world, MENA has become the focus of several hospitality funds, including SHUAA Partner’s US$200 million SHUAA Hospitality

MENA Region Private Equity Investment Activity by Sector, Investment Trends 2009 (No. of Investments, US$m) The private equity investment pace has slowed in MENA

economies, with total known investments valued at US$2.2 (4, US$251m) billion in 2009 versus US$3.4 billion in 2008. With US$19.2 billion raised between 2005 and 2009 and only US$11.4 billion (8, US$73m) invested during the same time period, the MENA region is (5, N/A) home to an abundance of dry powder. Executing deals remains challenging due to contentious valuations and governance concerns, particularly within the Levant. However, according to Deloitte’s most recent MENA Private Equity Confidence Survey, there is long-term confidence in the market with 78% (5, N/A) (6, US$439m) of surveyed firms anticipating increased investment over the next twelve months. While the majority of investments to (5, US$450m) date have represented minority stakes in family-owned enter- prises, a number of control/buyout opportunities are likely to emerge as many local firms face the pressures of operating in Industrials & Manufacturing Media & Telecom difficult economic times as well as transitioning to third and Energy & Natural Resources Technology subsequent generations of family control. Other Infrastructure While the Gulf Cooperation Council (GCC) states, includ- Source: EMPEA; n=33. Note: Exhibit excludes Citadel Capital investment in the Egyptian Refining Co. ing Saudi Arabia and the Emirates, have drawn the greatest portion of investment dollars in the region to date, North Afri- in the second quarter of 2010. Excluding Citadel Capital’s can economies are also seeing increased investor interest. By investments in ERC, Pakistan leads the region from an invest- number of deals, the UAE leads with 33% of the region’s trans- ment value perspective, representing 30% of all transactions actions, followed by Egypt (21%), Bahrain (9%), and Morocco due to a US$361 million investment by Abraaj in Karachi Elec- (9%). Egypt in particular witnessed some of the largest deals tric Supply Company. Egypt follows at 24%, with Saudi Arabia over the past year. For example, Egypt-based Citadel Capital and the UAE both close behind at 17% and 16% respectively. announced its intention to invest approximately US$1 billion in the Egyptian Refining Company (ERC), a second-stage From a sector perspective, industrials and manufacturing gar- petrochemicals refinery in Cairo with a total project value of nered the lion’s share of investments by number of transactions US$3.5 billion, after closing on US$2.3 billion in debt financing representing 24%, followed by energy/natural resources (18%), and media/telecommunications and technology at 15% each. MENA Region Private Equity Activity by Country, 2009 Infrastructure is another popular sector, with over US$400 billion (No. of Investments, US$m) in estimated infrastructure development needs over the next several years, currently accounting for 21% of all transactions by value and 12% by number in 2009. Looking ahead to 2010 and 2011, (2, US$25m) many of the most promising investments will likely be focused (11, US$188m) on “defensive sectors,” which are more immune to economic volatility such as healthcare and consumer staples, particularly as local governments have earmarked billions in invest- (3, US$63m) ment to meet the demands of their fast-growing populations.

(3, US$26m) Middle East Sovereign Wealth Funds (7, US$290m) Name Country AUM (US$B) Abu Dhabi Investment Authority UAE 627 (7, US$621m) SAMA Foreign Holdings Saudi Arabia 431 Kuwait Investment Authority Kuwait 203

UAE Bahrain Libyan Investment Authority Libya 70 Egypt Morocco Qatar Investment Authority Qatar 65

Other Kuwait Source: Sovereign Wealth Fund Institute. As of December 2009.

Source: EMPEA; n=33. Note: Exhibit excludes Citadel Capital investment in the Egyptian Refining Co.

Family-owned firms still dominate the sub-region. A study Spotlight: GCC conducted by GCC-focused private equity firm Ithmar Capi- tal and Dow Jones estimates that family businesses conduct The private equity industry has rapidly expanded in the more than 90% of the commercial activities and employ Gulf Cooperation Council (GCC) states over the last sev- more than 70% of the workforce in the GCC. Many of these eral years. Buoyed by petrodollar-fueled economic growth companies are struggling in the current economic down- since 2001, local wealth has exploded, and GCC-based turn, while others are facing difficulties in maintaining investors have increasingly looked at investment opportuni- control of their operations as they transition ownership to ties at home. While GCC states have struggled through the new generations. These dynamics have created a number of global financial downturn, as exemplified by the Dubai prop- opportunities for private equity firms to buy stakes in fam- erty crash and large-scale banking troubles in Kuwait and ily businesses. Private equity firms also have an opportunity Bahrain, private equity investors remain interested in tap- to assist such companies in moving towards best practices, ping into a number of opportunities across the sub-region. including greater transparency, which has become a key area of concern to investors following the scandals surround- Most local MENA-focused funds put GCC markets at the ing the Saad Group and A. H. Algosaibi & Bros. in 2009. core of their strategies. International investors commenc- ing operations in the MENA region often first enter via GCC Market Capitalization Breakdown by Country (%) the GCC. In addition to a unified language, the GCC economies benefit from a unified economic agreement. The GCC common market, launched in January 2008, removes numerous barriers to cross-country investment. Fund man- 12% agers foresee many regional opportunities as the GCC 36% has one of the fastest growing populations in the world 11% (expanding at an annual rate of approximately 3.6%).

Consumption as a percentage of GDP has significant poten- 2% tial to develop (currently 24% versus 72% in the U.S.). 2%

Historically, the GCC leads the MENA region in both fundraising and investment. The sub-region’s population and comprehensive investment plans are creating opportunities 37% for private equity in several sectors, including consumer and infrastructure. Two of the largest transactions in 2009 include UAE Qatar a 70% stake investment in Saudi Arabia’s jewelry manufacturer Saudi Arabia Bahrain L’Azurde, reportedly valued at greater than US$200 million, by Kuwait Oman a consortium led by Investcorp, Eastgate Capital Group and The National Investor in March, as well as the US$188 million Total GCC Market Capitalization: US$945.9 Billion investment in infrastructure development commissioner Zones- Source: Global Investment House. As of February 2010. Corp by ADCB Macquarie Corporate Finance in February 2009. Sampling of Recent Investments in GCC Trans. Value Trans. Equity Fund Manager Company Market Sector (US$m) Date (%) Abraaj Capital Mediaquest UAE Media & Telecom Apr-09 N/A N/A ADCB Macquarie Corporate Finance ZonesCorp UAE Infrastructure Feb-09 188 N/A Dubai International Capital, Power Generation United Power Company Oman Jun-09 27 33 HSBC Bank, Waha Capital & Distribution Investcorp, Eastgate Capital Group, Saudi L'Azurde Consumer Mar-09 200 70 The National Investor Arabia Al Dur Independent Water Energy & Instrata Capital Bahrain Nov-09 26 N/A and Power Natural Resources Intel Capital NeuString UAE Computer Software Nov-09 N/A N/A Chemicals & Investcorp (Gulf Growth Capital) Gulf Cryo Kuwait Nov-09 N/A 20 Industrial Materials Unicorn Investment Bank Bahrain Maint.& Diving Svcs. Bahrain Mining Jun-09 N/A 70 Venture Capital Bank, Bahrain Dutch Delight Co. Bahrain Food & Bev. Jul-09 N/A N/A

The country benefits from a young and growing population Spotlight: Egypt that has increased purchasing power thanks to a climb- ing GDP growth rate. Strategically located in the crossroads Egypt has become one of the MENA region’s leading invest- of three continents, Egypt was home to some of the largest ment destinations. Within North Africa, Egypt is the main hub private equity deals executed in 2009. In addition to Citadel of private equity activity, accounting for 75% of total invest- Capital’s deal for US$3.5 billion in debt and equity to finance ments by value and 54% by number of transactions in 2009.* building a refinery in the Mostorod district of Cairo (ERC), Several of the region’s heavyweights are headquartered in other notable transactions include emerging markets-focused Egypt, including Citadel Capital, EFG-Hermes Private Equity, private equity firm Actis’ acquisition of a 9.3% stake in Com- and Beltone Private Equity, many of which have continued to mercial International Bank for approximately US$244 million fundraise throughout the downturn. For example, Beltone has in July. EFG-Hermes was also an active investor in the region launched a number of funds including its targeted US$200 over the past year, acquiring a 74% stake in water desalina- million Beltone Midcap Fund, half of which will be dedicated tion company Ridgewood Egypt and a 75% stake in Omnia to Egypt, and the US$1 billion Beltone/Kenana Sugar Co. Investment Group, a leading transporter, producer and pro- Agricultural Infrastructure Fund. Citadel Capital’s subsidiary cessor of live cattle. Sphinx Private Equity Management launched a turnaround fund for Egypt, which reportedly held a first close on US$52 In the healthcare space, Eastgate Capital Group invested million in April 2009, against a target of US$100 million. US$40 million in Egypt’s Sigma Pharmaceutical Industries in March 2009 and Gulf Capital acquired a 75% stake in Egypt’s World Bank Doing Business Indicators: Egypt TechnoScan for an undisclosed amount in February 2010. In Number of: 2005 2007 2009 addition to healthcare, other prominent sectors for private Days to start a business 37 19 7 equity in the country are likely to include service-related sectors Procedures to start a business 13 10 6 (finance, tourism, etc.) as well as energy and natural resources. Days to register property 193 193 72 Days to export across borders - 20 14 Days to import across borders - 25 15

Economic reforms adopted in 2004 due to the installation of a new parliament, particularly moves to create a more business- friendly environment, have provided a buffer to the effects of the crisis. A Ministry of Investment was established, which has actively cut red tape regarding restrictions on foreign investing. The country’s efforts have been viewed by the international community as largely successful—Egypt was cited in the World Bank/IFC’s Doing Business 2008 as a top reformer globally with regards to ease of doing business, making key improvements in 5 out of 10 areas analyzed by the survey. Sampling of Recent Investments in Egypt Trans. Value Trans. Fund Manager Company Sector (US$m) Date Equity (%) Actis Commercial International Bank Banking 244 Jul-09 10 Citadel Capital Tanmeyah Fin. Svcs. 6 May-09 51 Citadel Capital Egyptian Refining Company Oil & Gas 1,000 Oct-09 N/A Citadel Capital Nile Company for Food Industries (Enjoy) Food & Beverage N/A Jun-09 100 Citadel Capital ENTAG Holding Infrastructure N/A Nov-09 N/A Eastgate Capital Group Sigma Pharmaceutical Industries Pharmaceuticals 40 Mar-09 N/A EFG-Hermes Private Equity Omnia Investment Group Food Processing N/A Oct-09 75 EFG-Hermes Private Equity Ridgewood Egypt Utilities N/A Dec-09 74 Gulf Capital TechnoScan Technology N/A Feb-10 75

* Excludes Citadel investment in Egyptian Refining Company.

Spotlight: North Africa (ex. Egypt) Private equity in North Africa, excluding Egypt, remains rela- Traditionally highly dependent on Europe as a market for exports tively nascent, but a greater understanding of these markets is and source of remittance flows, North Africa (inclusive of Egypt) beginning to develop. Many fund managers operating in North saw growth decline to 3.4% in 2009, from 5.6% in 2008 accord- Africa (ex. Egypt) feel a closer connection to Sub-Saharan Africa ing to the IMF, due to the recession’s ripple effect. Regional than they do Egypt, due to a greater similarity in terms of cul- barriers to cross-border trade and investment coupled with lan- ture and legal aspects. With the exception of Swicorp, most of guage disparities and political tensions have hindered greater the firms investing in the sub-region are largely focused on pan- economic development to date. However, there is the potential Africa. Tuninvest-Africinvest’s Africinvest II Fund, which recently for increased cooperation across the region and with Europe via held a fourth close in February 2010 with greater than US$190 the Euro-Mediterranean process, which aims to establish a free million in total commitments, plans to invest in both Sub-Saha- trade zone between North Africa and Europe by 2010. North ran Africa and the Maghreb.* African countries are slowly initiating business-friendly reforms including tax breaks as well as new free trade zones, creating an North Africa Macroeconomic Indicators opportunity for private equity firms to assist local companies in 2009 2010 2010 2010 expanding their operations abroad. Real GDP Real GDP Oil GDP Nominal % Growth % Growth % Growth GDP (US$B) Some of North Africa’s most challenging markets have begun to Algeria 2.1 3.7 0.1 154.8 show signs of greater openness to private equity. Algeria, which Libya 1.8 5.2 3.7 74.7 is characterized as a difficult investment climate, particularly Morocco 5.0 3.2 N/A 98.3 outside the energy sector, has benefitted from Tuninvest-Afric- Sudan 4.0 5.5 18.0 65.0 invest’s efforts to collaborate with Algerian authorities in order Tunisia 3.0 4.0 N/A 42.0 to establish a more effective regulatory framework. This market shows great potential despite some of the recently-introduced Source: IMF. hurdles to foreign investment. Additionally, pan-African private equity firm Emerging Capital Partners entered the Algerian mar- Within the Maghreb, Morocco is perceived as having a well- ket with a US$13.8 million investment in construction company developed private equity landscape, while Tunisia is similarly Shoresal in July 2009. viewed as possessing an open market whose main deterrent is its small size. However, this is mitigated by the fact that Some activity is also taking place in Sudan. In August, Beltone more and more companies from the Maghreb are position- teamed up with Khartoum-based Kenana Sugar Company to ing themselves on the combined markets. Well-established invest up to US$1 billion in agricultural infrastructure projects players such as Tuninvest-Africinvest and Morocco’s Cap- in both Sudan and Egypt, while on the investment side, Cita- ital Invest dominate the local private equity industry, yet del Capital’s agri-foods platform company, Gozour, announced several new firms are establishing footholds. In April, pan- that its subsidiary had acquired 75% of Al-Musharraf, one of emerging markets investor Aureos Capital opened its first Sudan’s largest producers of halawa, biscuits and flour, for an North African office in Casablanca. Citadel Capital opened enterprise value of approximately US$19 million. Citadel Capi- an office in Algiers in 2007 and EFG-Hermes is also report- tal also acquired 51% of Sudan’s Keer Marine, a river transport edly exploring expansion into the Maghreb markets. operator and one of Africa’s leading river logistics firms. a

Sampling of Recent Investments in North Africa (ex. Egypt)

Trans. Value Trans. Equity Fund Manager Company Market Sector (US$m) Date (%) Citadel Capital Al-Musharraf Sudan Food & Beverage 19 Nov-09 75% Emerging Capital Partners Almes Morocco Engineering & Const. 12 Jul-09 N/A Emerging Capital Partners Finaccess Group Morocco Info. Technology N/A Apr-09 N/A Emerging Capital Partners Shoresal Algeria Real Estate 14 Jul-09 N/A Kingdom Zephyr Africa Management Co. Mixta Africa Morocco Engineering & Const. 52 Mar-09 21% Societe Generale Asset Management Opalia Pharma Tunisia Pharmaceuticals 3 Oct-09 34% Alternative Investments Tuninvest-Africinvest General Emballage Algeria Packaging 11 Jun-09 N/A

* Defined as Algeria, Libya, Mauritania, Morocco and Tunisia.

Sampling of Firms Investing in the Middle East and North Africa Fund Manager/Sponsor(s) Fund Name Geographic Focus Abraaj Capital Abraaj Buyout Fund IV (Raising, US$4B) MENASA Abu Dhabi Investment House; Hospitality Development Fund (Raising, US$1B) MENA, Southeast Asia Gulf Finance House; Ithmaar Bank ADCB Macquarie Corp. Finance ADCB Macquarie Infrastructure Fund (Raising, US$1B) MENA Amwal AlKhaleej Amwal AlKhaleej II (2007, US$375m); Amwal AlKhaleej III (Raising, US$600m) MENA Arbah Global Gulf Arbah Nanotechnology Fund (Raising, US$100m) Middle East Beltone Private Equity Beltone/Kenana Sugar Co. Agricultural Infra Fund (Raising US$1B) Egypt, Sudan Beltone Private Equity, SIGEFI Private Equity Beltone Midcap Fund (Raising, US$200m) Egypt, GCC BNP Paribas BNP Paribas MENA (Raising, US$300m) MENA Capital Invest Capital North Africa Venture Fund (2006, US$55m) North Africa Capital Trust Group EuroMena Fund II (2009, US$100m) MENA CICapital Private Equity CICapital Industrial SME Growth Fund (2009, US$50m) Egypt MENA Joint Investment Fund (Raising, US$500m); Citadel Capital MENA Africa Joint Investment Fund (Raising) Dubai International Capital MENA Infrastructure Fund (2006, US$500m) MENA Eastgate Capital Group MENA Private Equity Fund (Raising, US$400m) MENA, Turkey Horus Private Equity Fund III (2007, US$575m); EFG-Hermes Private Equity MENA, Turkey InfraMed (Raising, €1B); Syria Private Equity Fund (Raising) Emerging Capital Partners ECP MENA Growth Fund I (2007, US$150m) MENA Fairfax I.S. PLC Fairfax Iraq Fund (Raising, US$1B) Iraq Foursan Group Foursan Capital Partners I (Raising, US$200m) Levant, North Africa Geni Capital; AREIT Management Geni GCC Commercial Real Estate Opportunities Fund (Raising, US$100m) GCC Global Capital Management Global MENA Financial Assets Fund (2008, US$500m) MENA, Turkey Gulf Capital Gulf Capital Equity Partners II (2008, US$544m) Middle East HBG Holdings HBG Special Opportunities Fund I (Raising US$150m) MENA, South Asia HSBC Private Equity HSBC Private Equity Fund Middle East II (Raising, US$500m) Middle East Inovest Capital Inovest Real Estate Investment Fund (Raising, US$80m) GCC Invest AD (Abu Dhabi Investment Company) Invest AD Private Equity Partners II (Raising, US$400m) MENA, Turkey Ithmar Capital Ithmar Fund III (Raising, US$1B) GCC JS Private Equity JS Private Equity Fund I (2006, US$158m) Pakistan KeyStone Equity Partners GrowthGate Capital Corporation (US$500m) GCC Korea Technology Investment Corporation KTIC Jasper Asia Gulf Horizons Fund (Raising, US$300m) GCC, Saudi Arabia Marshall Fund Marshall Fund Iraq I (Raising, US$100m) Iraq Mezzanine Investment Partners Mezzanine Investment Partners II (2008, US$200m) GCC NBD Sana Capital NBD Sana Pakistan Distressed Fund (Raising, US$200m) Pakistan NBK Capital, GSC Group NBK Capital-GSC Mezzanine Fund I (2009, US$156m) MENA, Turkey Northern Gulf Partners Northern Gulf Partners I (Raising) Iraq QInvest; Silver Leaf Capital Dhow MENASA Opportunities Fund (Raising, US$1B) MENA, South Asia Rasmala Investments MENA Private Equity Fund II (Raising, US$350m) MENA Saffar Capital Saffar Financial Infrastructure Fund (Raising, US$150m) MENA SHUAA Partners SHUAA Hospitality Fund I (Raising, US$200m) MENA Sphinx Capital, Citadel Capital Sphinx Distressed Turnaround Fund (Raising, US$100m) Egypt Swicorp Swicorp Intaj Capital II (Raising, US$400m) MENA The Carlyle Group Carlyle MENA Partners (2007, US$500m) MENA Maghreb, Tuninvest-Africinvest Finance Group Africinvest II (Raising, US$225m); Maghreb Private Equity Fund II (2006, US$200m) Sub-Saharan Africa TVM Capital MENA Healthcare Growth Capital Fund (Raising, US$100m) MENA UBS Asset Management; Invest AD ADIC-UBS Infrastructure Fund I (Raising, US$600m) Middle East (Abu Dhabi Investment Company)

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