Saradar’s New Fund for Small Businesses
Banque Saradar S.A.L. is working on the creation of a new fund aimed at investing in small and young Lebanese companies. According to Carlos Hneineh, head of the bank’s strategic planning and marketing department, the fund is supposed to be launched by mid-2001.
Money raised for the fund will be initially from Saradar and clients from the Gulf region. Hneineh said that the fund would act as “a venture-capital accelerator” rather than “a first-round investor in a start-up business”.
The new Saradar fund is expected to make investments of between $200,000 and $2 million each with an exit option within four years, and is one of few funds targeted at investment opportunities in Lebanon. — ( Banque du Liban et d'Outre-Mer Sal )
© 2001 Mena Report (www.menareport.com)