FUNDRAISING NEWS | November 04, 2024
Hazem Ben-Gacem, former co-CEO of Middle Eastern alts asset manager InvestCorp, is said to be in talks with global investors to establish a $1B permanent capital fund that would target investing in the financial services industry across the Global South, according to a Bloomberg report citing people familiar with the matter.
Ben-Gacem is reportedly setting up the Abu Dhabi-based BlueFive Capital targeting investments in insurance, private wealth, and public-market brokerage firms in its target regions, and is seeking support from investors in the Middle East, US, Asia, and Europe. BlueFive will invest across Gulf Cooperation Council nations, specifically Saudi Arabia, UAE, Qatar, Kuwait, Oman, and Bahrain, as well as in Southeast Asia.
Plans for the fund include a five-year target to cross $25B inclusive of assets from acquired firms, with the potential for launching infrastructure and private equity funds in the future. It also envisions eventually expanding its investments into Latin America.
