Rasmala announces first closing of their fund: $120m of $350m committed

On January 6th, Rasmala, an Investment Bank & Private Equity firm in the UAE, announced the first closing of one of their funds, Rasmala MENA Private Equity Fund 2. This first close was back in November ’08 but announced now.

With $120 million in commitments received, the Sharia compliant fund is primarily focused on mid-cap opportunities in the GCC and Egypt that benefit from the region’s GDP growth. It has a target IRR of 25%.

The fund final size is targeted for $350 million. General Partner commitment is $35 million and minimum subscription is $5 million.

(Do you know why it is called “Rasmala”? Taking its name from rasmaal, the Arabic word for capital, Rasmala means in an almost poetic sense the enrichment and growth of capital)