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|| Triago helps Saudi private equity firm Amwal AlKhaleej raise part of $500 million fund

triago-amwal.jpgTriago, a company that raises money for private equity investors, will help Saudi private equity firm Amwal AlKhaleej raise part of the $500 million it’s targeting for a third buyout fund.

Amwal’s new fund will be introduced in April and will invest mainly in growth capital in the Middle East and North Africa region. It is likely to have a life of 10 years with an extension option of another two and target returns of 20 percent to 25 percent. (Alwal AlKhaleej was recently in the news because of suing Abdullah brothers of Damas for $22 million.)

Amwal Al Khaleej Saudi private equity is listed in the Middle East Investors Directory with the code EM05.

More details from their full release follows

Triago, a company that raises money for private equity investors, will help Saudi Arabia’s Amwal AlKhaleej raise part of the $500 million it’s targeting for a third buyout fund.

Triago, which has offices in New York, Paris and Dubai, will help Amwal attract “around $300 million, maybe a bit more,” from outside the Middle East and North Africa region, Triago Chairman Antoine Drean said in an interview in Dubai on March 18. Riyadh-based Amwal “could raise the whole thing from the region, but their idea is to have a diversified investor group.”

Amwal’s first fund, which closed in January 2005, received commitments of $267 million and was fully invested in January 2007, according to the company’s Web site. The second fund closed in May 2007 with commitments of $375 million, of which about 90 percent has been invested.

Gulf Arab private equity companies may have as much as $13 billion available to invest, Karim El Solh, chief executive officer of Abu Dhabi-based buyout firm Gulf Capital Pvt. JSC, said in October. Rising oil prices and expanding government budgets may boost Gulf economic growth.

Amwal’s new fund will probably be introduced in April and will invest mainly in growth capital in the Middle East and North Africa region, Drean said. It is likely to have a life of 10 years with an extension option of another two and target returns of 20 percent to 25 percent, he said.

Triago also has about half a dozen mandates from financial institutions, companies and families in the Gulf Arab region to “prune their private equity portfolios” and redeploy capital, Drean said. “They are looking much more at emerging markets and much less at Europe and the U.S.” after the global financial crisis, he said.

Triago has helped raise money for more than 130 funds since being set up in 1992, including placing more than $1.7 billion in 2009, it said in a statement March 18.



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