UAE-based asset manager, Shuaa Capital, has appointed Apex Group as the fund administrator for its US$200 million Financing Opportunities Fund.The fund is focused on special situations in the Gulf Cooperation Council (GCC) and has so far pulled in $68 million in capital commitments from investors.
The mandate will see Apex provide financial reporting, investor communication, capital transactions and accounting support.
The arrangement is an extension of an existing partnership between the two firms. Three sharia funds launched by Shuaa in the Abu Dhabi General Market earlier this month are also administered by Apex.
“We are delighted to further expand and strengthen our relationship with Shuaa and to provide administration services to their new fund,” said Glyn Gibbs, regional head of business development, Mena at Apex Group.
Shuaa also announced its appointment this week as an advisor to venture capital firm, 500 Startups and its Mena-focused Falcons I fund. The manager will provide advice on financing and exit strategies as the VC fund nears the end of its deployment in the region.
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