UAE-based alternatives manager Shorooq Partners has completed the first close of its second private credit fund.
The fund, launched in partnership with South Korea-based private equity firm IMM Investment Global, has a fundraising target of US$100 million.
It is focused on backing Mena-based startups with an average ticket size of $10 million in industries such as manufacturing, industrials, financing and software services.
Al Waha Fund of Funds invests in Shorooq Partners
The two firms also collaborated on the first private credit fund launched in 2021.
“It’s imperative to recognize the nuanced advantages of non-dilutive financing, particularly within the Mena region where debt financing among founders is steadily gaining momentum,” said Shane Shin, founding partner at Shorooq Partners.
“Amidst this landscape, we champion the pivotal role of non-dilutive funding, offering a sophisticated alternative to traditional equity-based approaches.”