Big news: BNP Lanching $300 million Gulf Private Equity Fund

French bank BNP Paribas may raise up to $300 million for a private equity fund active in the Gulf Arab region to tap opportunities arising from the financial crisis - according to Reuters.

BNP will raise $150 million in the first phase by mid-October and a further $150 million later, Jean-Christophe Durand, its regional chief executive, told reporters. BNP will contribute 25 percent to the fund, while the remainder will come from large regional investors in the Middle East.

Very big news for Private Equity in the Gulf.