UAE's Shorooq Partners Wraps Up $100M Private Credit Fund, Boosting Tech Innovation

UAE's Shorooq Partners Wraps Up $100M Private Credit Fund, Boosting Tech Innovation

By Staff Writer, 27 May 2024

Abu Dhabi's Shorooq Partners, an alternative investment manager, has successfully concluded its second private credit fund, amassing a substantial $100 million.

This fund, primarily oriented towards technology ventures, was initiated through a partnership with IMM Investment Global (IMMG), a branch of South Korea's IMM Investment, known for managing assets exceeding $6 billion.

This collaboration isn't their first rodeo; it follows their debut venture in 2021 with the inception of the first credit fund.

According to reports, the inaugural Nahda Fund 1 channeled investments into promising startups hailing from the MENA region.

Among the notable beneficiaries were Pure Harvest, a cutting-edge smart farm revolutionizing fresh crop production, and Tamara, Saudi Arabia's pioneer in the Buy Now, Pay Later (BNPL) landscape.

Shorooq Partners' latest endeavor signifies a strategic continuation of their investment trajectory, cementing their commitment to fostering technological innovation within the region.

Source: Bindu Rai / Zawya

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