HSBC Bank has concluded its first regional private equity fund, the HSBC Private Equity Middle East. The fund, which has been created specifically for investment in the Gulf Cooperation Council (GCC), has attracted total commitments of $118 million, of which $85 million has been invested by some of the region's most prominent institutions and commercial groups.
“With our own contribution of $33 million, it further reinforces HSBC's commitment to, and confidence in, growth and investment in the GCC,” said a director of HSBC's private equity business in the Middle East, David Knights.
HSBC's global private equity business is a core part of the group's investment banking activities. With significant private equity operations in Europe, Asia and the Americas, HSBC Private Equity has been responsible for over three billion dollars of investments globally in more than 500 companies.
For the Middle East Fund, HSBC is typically focusing on private equity opportunities with established profitable businesses, often where there is scope to assist in taking the company public on the region's stock markets or to expand the business in the GCC and beyond. Key factors which the HSBC Private Equity team address when assessing potential companies are strong management teams and sound growth prospects.
The fund has also recently completed the acquisition of its first investment, Havelock AHI WLL, which is a leading manufacturer of furniture for the retail and hotel and leisure sectors based in Bahrain. — (menareport.com)
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