Riyadh – Mubasher: NBK Capital Partners announced the successful first closing of a targeted $300 million Sharia credit fund anchored by the Saudi Public Investment Fund (PIF) and other institutional investors.

NBK Capital Partners deploys a pioneering strategy for flexible, long-term direct lending launched in the wake of the global financial crisis to meet the financing needs of mid-sized firms.

The new fund will provide flexible capital solutions to mid-market companies in the Middle East and build on the impressive track-record of credit investments achieved since 2009, according to a press release on Tuesday.

“For the PIF to play an anchor role on this $300 million NBK Capital Partners Shari’ah Credit Opportunities Fund is not only the highest endorsement of NBK Capital Partners’ strength and capabilities but a clear indication of increasing investor confidence in the region’s private credit sector and its enormous potential for growth,” said Senior Managing Director of NBK Capital Partners, Yaser Moustafa.

The Shari’ah Credit Fund will provide flexible financing solutions to private sector companies in Saudi Arabia, the UAE, and select adjacent markets, and is expected to make10 to 12 investments of $15 million to $50 million throughout its eight-year life and to generate attractive cash yield and total returns.