Leading regional investment bank, EFG-Hermes, today announced that its Middle East and North Africa (MENA) Opportunities Fund has raised USD $1 billion in assets under management (AUM). Since its inception in September 2007, the Fund has delivered a return of 31% (as of July 31st).
The $1 billion MENA Opportunities Fund is the first hedge fund to be launched in the region, with a long-short mandate and the ability to invest a portion of its asset base in unlisted securities which offers incremental value since the region presents attractive opportunities for private equity-type transactions.
Commenting on the success of the Fund, Hashem Montasser, Head of EFG-Hermes Asset Management and Fund Manager said, “Although the region offers a wide variety of investment options, this fund is the first of its kind and therefore an achievement that we are very proud of. EFG-Hermes strives to provide global and regional investors with innovative investment opportunities, and the MENA Opportunities Fund is the result of intensive research and strategic planning. The strong appetite for this fund from both regional and international investors supports the growth of the region as an investment hub of choice, and in the coming months, it will become increasingly important for regional players to be able to offer investors sophisticated products with consistent returns,” he added.
EFG-Hermes Asset Management has operations in Saudi Arabia, Egypt, the UAE and Qatar, with dominant market share regionally across the breadth of its businesses.