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Abu Dhabi: Dubai-based Ithmar Capital is targeting to raise $1 billion through the proposed launch of its third close-ended private equity fund during the second half of this year, Faisal Bin Juma Belhoul, Ithmar's founder and managing partner, said on Monday.
"We invest in GCC-based and related companies. We invest in higher growth sectors such as construction-related services, oil and gas services, healthcare and education," Belhoul told reporters on the sidelines of Family Business Forum in Abu Dhabi.
"We represent 33 investors that comprise governmental institutions such as sovereign wealth funds of the GCC, financial institutions and high net worth GCC family groups equally distributed across the GCC region," he added.
"We target returns in excess of 25 per cent IRR [internal rate of return, which is annually compounded]," said Belhoul, adding however, that the expected results of the current funds should be in excess of that.
Ithmar Capital, established in 2003, collectively through its two funds has $500 million worth of assets under management, Belhoul said. Ithmar raised $250 million of committed capital through its second fund in 2006.
Belhoul said Ithmar Capital has been approached by international pension funds and financial institutions.
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