Lagoon Capital Partners, a Dubai-based private equity and advisory firm, and HarbourVest Partners have joined forces to jointly source, evaluate and invest in private equity assets held by investors in the MENA region.
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The relationship in MENA region will allow Lagoon, which is supported by Qatar Insurance, to merge its regional relationships and investing experience with HarbourVest’s experience in evaluating, structuring and investing in secondary private equity portfolios.
Under the deal, the firms will look to acquire LP commitments in private equity funds, purchase portfolios of direct private equity investments, spin outs from existing private equity platforms and facilitate the restructuring of underperforming private equity funds in the MENA region.
Lagoon Capital Partners CEO Anuj Khanna said, "Our focus is to provide discrete and comprehensive liquidity solutions to our counterparties for their regional and global assets and, at the same time, help the natural and necessary evolution of the secondary market, which will in turn strengthen the appeal of private equity in the region as an asset class relative to other sources of capital."
HarbourVest managing director David Atterbury said as has been the case in the US and Europe, secondary market activity has played a critical role in the growth of private equity through market cycles.
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By GlobalData"Much like other regions, the MENA market also stands to benefit greatly from the entry of global secondary players and we’re pleased to join together with Lagoon Capital to support this development," Atterbury added.
"Lagoon’s regional experience, reputation and connectivity will enable us to jointly pursue opportunities to the benefit of all stakeholders. Our most recent secondary fund, Dover Street VIII, with US$3.6 billion of capital will be the primary source of funds for these initiatives."
