Shorooq Partners announces first close of $100m private credit fund
Shorooq Partners announces first close of $100m private credit fund
Shorooq Partners is an alternative investment manager across the Middle East and North Africa.
Africa Private Equity News’ Connect messaging service is now free. Directly message other private equity professionals in our community.
Download the free Africa Private Equity News app: Android | iOS (or search for it in the app store)
Tap on the top-right icon to log in or register a free account
Tap on bottom-right Connect icon to start chatting
Shorooq Partners, the alternative investment manager across Middle East and North Africa, has announced the first close of its $100 million second private credit fund.
The fund is launched with collaboration from IMM Investment Global, an arm of IMM Investment, which is a private equity and venture capital firm in Korea with over $6 billion in assets under management. It joins the fund as a minority partner.
Shane Shin, founding partner at Shorooq Partners, said, "It's imperative to recognise the nuanced advantages of non-dilutive financing, particularly within the MENA region where debt financing among founders is steadily gaining momentum. Amidst this landscape, we champion the pivotal role of non-dilutive funding, offering a sophisticated alternative to traditional equity-based approaches. For mature companies and founders who have navigated the complexities of fundraising and attained the milestone of a completed Series A round, our tailored solutions provide a compelling avenue for sustained growth. With a focus on recurring revenue, robust cash flow positions, and tangible assets, our targeted approach ensures alignment with our strategic and institutional investors. As the MENA region continues its ascent as a hub of entrepreneurial dynamism, discerning founders recognise the imperative of integrating non-dilutive financing into their fundraising calculus, positioning themselves not just for growth, but for enduring success amidst evolving market dynamics."
Nathan Kwon, principal at Shorooq Partners, remarked, "Last year we saw over $400 million of deal flow after screening for companies that did not qualify for credit. This surge in deal flow underscores a robust interest towards the fund's mission to foster scalable growth in the companies we invest in. With an average ticket size of $10 million, we are looking for companies in manufacturing, industrials, financing and software services seeking to secure capital for the next stage in their journey."
* Subscribe to Africa Private Equity News’ monthly Dealmaker’s Log for a database of the reported investment deals, exits and fundraising closes. Click here for more information.