Foursan Group, a Middle Eastern private equity specialist, has launched its second fund, Foursan Capital Partners (FCP), a multi-country, multi-sector private equity fund targeting investments in firms operating in Jordan and surrounding countries, reported Zawya.com.
The fund seeks to invest in medium-sized private firms with encouraging growth prospects across a range of sectors including financial services. It has been reported that FCP has received commitments from regional and international institutions such as the US Overseas Private Investment Corporation (OPIC), the International Finance Corporation (IFC) – a member of the World Bank Group, Jordan’s Social Security Corporation and Olayan Group.
Nashat Masri, a partner with Foursan Group, said: “We are launching this fund at an opportune time, when capital for companies is scarce and valuations are appealing for investors. As a result, we expect to achieve highly attractive returns for our investors. The launch of FCP is an important vote of confidence for Jordan and surrounding countries as strong private equity investment destinations.”
Faris Sharaf, chairman and CEO of social security investment unit, said: “We are investing in this new fund to diversify our investment portfolio and to extend our ability to deploy capital through strong and experienced third party managers. As leading investors in FCP, we will work closely with Foursan to source new investments and pursue co-investment opportunities.”
Dr. Ahmed Attiga, resident representative and country manager in Jordan and Iraq at IFC, said: “IFC has a strong commitment to this region. Through managers such as Foursan, we seek strong-performing funds, while also championing strong corporate governance and social, environmental and other standards in portfolio companies. These standards help improve investment returns as well as the overall investment environment across the region,” reported the website.
