Shorooq Partners, a prominent alternative investment firm headquartered in Abu Dhabi, has successfully secured $100 million for its second private credit fund. This fund, designed specifically for the technology sector, signifies a continued partnership between Shorooq Partners and IMM Investment Global (IMMG), the investment arm of South Korea's IMM Investment, a firm boasting over $6 billion in assets under management.
The newly established fund represents the second collaborative effort between the two entities. Their initial foray into the private credit space materialized with the launch of the first credit fund in 2021. This latest development underscores Shorooq Partners' unwavering commitment to fostering growth and innovation within the Middle East and North Africa's (MENA) technology landscape.
Shorooq Partners and IMMG acknowledge the critical role that credit plays in bridging crucial gaps within the capital market. This newly acquired capital allows them to offer tech ventures flexible, non-dilutive, and scalable funding solutions. By providing this alternative to traditional equity financing, Shorooq Partners empowers businesses to maintain ownership control while still securing the resources needed to thrive.
Highlighting the significance of the fund, Sheikha Fatima bint Mohammed Al Sharqi, Chairperson of Shorooq Partners, expressed her enthusiasm, stating, "This successful fund closure reaffirms our dedication to empowering the MENA region's burgeoning technology sector. By providing innovative financing solutions, we aim to propel the growth trajectories of promising ventures and contribute to the creation of a robust and diversified technological ecosystem. "
Beyond financial returns, Shorooq Partners prioritizes fostering a dynamic and multifaceted tech environment that fuels sustainable and efficient development. The firm recognizes that a thriving tech sector is a cornerstone of a robust and diversified economy. The $100 million credit fund serves as a powerful tool to achieve this vision by providing the necessary resources to nurture the next generation of disruptive tech companies within the MENA region.
The fund closure signifies Shorooq Partners' position as a frontrunner in the MENA region's alternative investment landscape. Their unwavering focus on the tech sector and their collaborative approach position them strategically to play a pivotal role in shaping the future of the region's technological landscape.