Dubai's Nimai Capital's Dh550.5m fund to invest in Asia, Africa

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Dubais Nimai Capitals Dh550.5m fund to invest in Asia, Africa
Pankaj Mundra

Published: Sun 12 May 2019, 4:01 PM

Last updated: Sun 12 May 2019, 6:04 PM

Dubai - Investment banking advisory firm Nimai Capital has launched $150 million (Dh550.5 million) fund in partnership with Kenya's Victoria Commercial bank to invest in to financial services sector across emerging and frontier markets particularly Africa and South Asia.
The Nimai Emerging Financial Services Fund (NESF) will initially target Bangladesh, Sri Lanka, Nepal, India,Kenya, Tanzania and Ghana, the Dubai-based company said in a statement.
The fund will invest in technology/mobility enabled emerging financial services opportunities which includes - but not limited to - banking, insurance, retail and housing finance, and microfinance etc.
Pankaj Mundra, co-founder and managing partner of Nimai Capital, said there is a strong need to develop financial services across all countries of Africa/Asia.
"These markets have been specifically chosen based on the existing presence and experience in these markets. The Fund will invest in and actively manage a well-diversified portfolio of financial services opportunities and aim to improve the lives of at least 1.7 million underserved customers," said Mundra.
The Fund will be regulated by the Cayman Islands Monetary Authority. 
"We have firm belief that the fund will make a significant and positive impact in the lives of millions of families in addition to generating appropriate financial returns for investors," Mundra added.
"We will benefit from Victoria Commercial Bank's business experience and deep understanding of the Kenyan market. After an intensive preparation, we are now commencing the launch of the Fund. We look forward to working with the Bank to sourcing and developing investment opportunities for the Fund across East Africa," he added.
He said Nimai is well poised to capitalise on the growing demand for financial sector targeted capital investment in these markets.
Yogesh Pattni, CEO of Victoria Commercial Bank, said his firm has been associated with Nimai for over two years and am glad that we are deepening our relationship by working together on this exciting new opportunity."

By Waheed Abbas

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