Global Investment House "Global" announced today that it has signed an agreement with a major Qatari bank to be the exclusive placement agent for Global Opportunistic Fund II (GOF II), the USD 1 billion Pre-IPO and IPO Fund.
Mrs. Maha K. Al-Ghunaim, Global’s Vice Chairman and Managing Director signed the agreement with Mr. Andrew Stevens, Chief Executive Officer of Commercial Bank of Qatar (CBQ) at the bank’s main office in Doha, Qatar.
After signing the agreement, Mrs Al-Ghunaim expressed her pleasure to have CBQ as the sole placement agent in Qatar for the company’s biggest and most highlighted fund, describing the bank as a “dynamic ingredient of the Qatari economy.”
“Choosing CBQ as the sole placement agent for Global Opportunistic Fund II stems from our belief in its capabilities to fulfill the fund’s targets and the trust it has in the country as it is considered a dynamic ingredient of the Qatari economy. It has sufficient experience and track record as a financial institution with formidable capabilities.”
Andrew Stevens commented, “As we have seen from the successful Gulf Cement IPO, there is strong demand among investors for the opportunity to participate in Initial Public Offerings (IPO) and pre-IPOs.”
“We are delighted to join hands with Global Investment House to introduce the GOF II in Qatar. The fund, managed by Global, is the latest addition to an extensive range of innovative wealth management solutions which CBQ’s provides for our customers,” he stated.
CBQ will introduce the Pre-IPO & IPO fund to its clients in Qatar, enabling investors to participate in an extensive range of IPO and in Private Equity start-up companies in 17 countries across the GCC, Middle East and North Africa (MENA) and Asia, including China, India and Pakistan.
The Fund has received commitments for over USD750 million since its launch four weeks back. The Fund offers investors both institutional and individuals the opportunity to invest in Pre-IPOs and IPOs across a diverse selection of sectors in the target countries. Global developed significant experience in the Pre-IPO and IPO sectors by investing in companies in these regions via its first USD550 million GOF I launched in 2005.
The GOF II has a target Internal Rate of Return and a hurdle rate of 20%. The minimum investment is USD 1 million with an initial drawdown of 50% and the balance after a period of 180 days at the discretion of the Fund Manager. The Fund will close as soon as USD 1 billion is collected and is on a first come, first serve basis.
Global is a Kuwaiti-based leading investment company in the Middle East managing assets of USD 6.3 billion with offices in Bahrain, Dubai, Abu Dhabi, Oman and Jordan. The company has received many recognitions on corporate, management as well as product levels. Today, Global stock lists on the Kuwait Stock Exchange, Bahrain Stock Exchange, and Dubai Financial Market.
