Foursan Group Launched a US$100 Million Fund For Belad EL Shame and AL Maghreb Al Arabi
Foursan Group, Jordan based private equity firm, announced yesterday the launch of its second fund, Foursan Capital Partners I (“FCP”), 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 (Belad Al Sham and Al Maghreb Al Arabi).
FCP will have a first closing on January 1, 2010 with commitments of US$100 million and is targeting a final closing of US$200 million in 2010. FCP has received commitments from leading regional and international institutions such as the US Overseas Private Investment Corporation (“OPIC”), the International Finance Corporation, the private sector arm of the World Bank Group (“IFC”), Jordan’s Social Security Corporation and Olayan Group.
Key investors yesterday signed a series of agreements formalizing their commitments to FCP. The fund will invest in private companies in a range of attractive sectors including financial services, food and beverage, education, aviation, pharmaceuticals and healthcare.
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 enhancements at its portfolio companies. besides fundning, FCP will seek to re-assess and drive strategic decision-making, enhance management, restructure the capital structure, improve operations, focus on business development – in particular regional growth – and improve management information systems and financial reporting.