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Jordan’s Foursan Group Launches Multi-sector Fund; Eyes $200m
DUBAI — Foursan Group, a Jordan-based private equity firm, on Sunday announced the launch of its multi-sector fund — Foursan Capital Partners I, or FCP.
It is a multi-country, multi-sector private equity fund targeting investments in accelerated growth companies in Jordan and surrounding countries in the Levant and North Africa.
FCP will have a first closing on January 1, 2010 with commitments of $100 million and is targeting a final closing of $200 million in 2010.
FCP has received commitments from leading regional and international institutions such as the US Overseas Private Investment Corporation, the International Finance Corporation, Jordan’s Social Security Corporation and Olayan Group. Key investors have signed a series of agreements formalising their commitments to FCP. “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,” said Nashat T. Masri, a Partner with Foursan Group.
The fund will invest in private companies in a range of attractive sectors including financial services, food and beverage, education, aviation, pharmaceuticals and healthcare.
“The launch of FCP is an important vote of confidence for Jordan and surrounding countries as strong private equity investment destinations,” Masri said. FCP will focus on medium-sized companies with strong growth prospects and will take significant stakes in these companies, as well as implementing strategic and operational enhacements at its portfolio companies.
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