Aliph Capital, a GCC-focused private equity fund manager that recently raised $125 million from Abu Dhabi holding company ADQ, expects to make its maiden investment deal before the end of this year.
The company, which has a strong pipeline of deals, “should be doing something very soon”, Huda Al Lawati, founder and chief executive of Aliph Capital, told The National on the sidelines of the Future Investment Initiative in Riyadh.
It plans to make two to three investments a year after “deep diligence”. Overall, Aliph Capital will make 10 to 12 deals over the course of its $250m debut fund's life, Aliph Fund I (LP), Ms Al Lawati said.
“We always have a pipeline of 10 to 12 deals of which we very closely look at four or five. However, we don't take more than two or three deep diligences at any given time,” she said.
“Private equity funds are tenure funds with an investment period of four-to-five years. So we're going to deploy $250m over the course of that.”
Private capital deals in the Middle East and North Africa have increased to 214 in the first half of this year 2022 from 76 in the second half of 2019 before the onset of the coronavirus pandemic, prompted by an increase in technology-enabled and digital platforms, according to the 2022 Mena Data Insight report from the Global Private Capital Association (GPCA).
Investment has surged to about $19.5 billion from $570m in the aforementioned period, with the largest private equity deal in the region being in the tech space as Blackstone Group acquired UAE-based technology and visa outsourcing services company VFS Global for $1.1bn in May 2022, according to the GPCA report.
Last year, PE activity was led by Silver Lake’s $800m investment into Abu Dhabi’s AI and cloud computing company Group 42.
Aliph is already evaluating a couple of deals targeting companies with good growth stories and an average Dh100m in annual turnover, Ms Al Lawati, a former Abraaj Capital executive, said
The average ticket size of Aliph Capital investment will be in the $15m-to-$40m range, mostly investing as growth partners in companies.
The typical profile of a target companies entail “a good product, a good brand name and market share … and they should have good management”, she said.
Aliph Capital received backing of ADQ as corner stone investor into its Abu Dhabi Global Market-domiciled fund earlier this week.
ADQ, which in March, consolidated its venture capital activities under DisruptAD, said building a strategic partnership with an Abu Dhabi-based private equity fund dedicated to serve SMEs “further supports our aim to accelerate sustainable economic development and growth within the UAE and [the] region”.
Aliph Capital plans to take sizeable, active positions in privately owned mid-market companies and then “our job is to help them get to the next stage [of their growth]”, she said.
We always have a pipeline of 10 to 12 deals of which we very closely look at four or five. However, we don't take more than two or three deep diligences at any given time
Aliph capital is sector agnostic and remains focused purely on the quality of a target company. However, there are investment themes within the GCC region, which the company like including consumer and specialised sectors and niche categories such as lifestyle and health and wellness.
The company is also bullish on transport and logistics sector as an investment theme, driven by supply chain issues and rapid growth in the e-commerce market in the region, Ms Al Lawati said.
Private equity companies, venture capitalists and state-backed investors including ADQ are boosting investments in start-ups and growth stage companies as they become an increasingly important part of the global economic development agenda.
Globally, the value created by start-ups stands at about $3 trillion, which is almost at par with the economic output of a G7 economy, according to advisory company Startup Genome.
Funding for these companies broke records in 2021 when it hit $621bn, according to CB Insights.
Start ups in the UAE raised $699m in the first half of 2022, ranking the Emirates as the leading country for venture capital financing in the Mena region, according to data platform Magnitt.
The UAE also led the region in terms of deals, which grew by 10 per cent in the six-month period from a year ago, with the biggest deal being a $181m convertible note mega-round for Abu Dhabi-based Pure Harvest in June.
The Arab world’s second-largest economy attracted more than $1.47bn in venture capital in 2021, according to Magnitt data.
Aliph Capital has already achieved the first closing of its maiden investment fund.
It is now in talks with sovereign, institutional, family and high net worth individual investors to raise more financing to reach the fund’s target size of the $250m.
“There’s no set target date in mind,” Ms Al Lawati said when asked when she expects to final closing of the fund.
The company also does not have immediate plans to launch another fund and will only consider it once it expands operations and grow in size, she added.
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Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
UAE currency: the story behind the money in your pockets
Essentials
The flights
Return flights from Dubai to Windhoek, with a combination of Emirates and Air Namibia, cost from US$790 (Dh2,902) via Johannesburg.
The trip
A 10-day self-drive in Namibia staying at a combination of the safari camps mentioned – Okonjima AfriCat, Little Kulala, Desert Rhino/Damaraland, Ongava – costs from $7,000 (Dh25,711) per person, including car hire (Toyota 4x4 or similar), but excluding international flights, with The Luxury Safari Company.
When to go
The cooler winter months, from June to September, are best, especially for game viewing.
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Fight card
- Aliu Bamidele Lasisi (Nigeria) beat Artid Vamrungauea (Thailand) POINTS
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- Darren Surtees (UK) beat Kane Baker (UK) KO
- Chris Eubank Jr (UK) beat JJ McDonagh (Ireland) TKO
- Callum Smith (UK) beat George Groves (UK) KO
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
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Honeymoonish
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Results
4pm: Al Bastakiya Listed US$300,000 (Dirt) 1,900m; Winner: Emblem Storm, Oisin Murphy (jockey), Satish Seemar (trainer).
4.35pm: Mahab Al Shimaal Group 3 $350,000 (D) 1,200m; Winner: Wafy, Tadhg O’Shea, Satish Seemar.
5.10pm: Nad Al Sheba Turf Group 3 $350,000 (Turf) 1,200m; Winner: Wildman Jack, Fernando Jara, Doug O’Neill.
5.45pm: Burj Nahaar Group 3 $350,000 (D) 1,600m; Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass.
6.20pm: Jebel Hatta Group 1 $400,000 (T) 1,800m; Winner: Barney Roy, William Buick, Charlie Appleby.
6.55pm: Al Maktoum Challenge Round-3 Group 1 $600,000 (D) 2,000m; Winner: Matterhorn, Mickael Barzalona, Salem bin Ghadayer.
7.30pm: Dubai City Of Gold Group 2 $350,000 (T) 2,410m; Winner: Loxley, Mickael Barzalona, Charlie Appleby.
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
Brief scores:
Manchester City 2
Gundogan 27', De Bruyne 85'
Crystal Palace 3
Schlupp 33', Townsend 35', Milivojevic 51' (pen)
Man of the Match: Andros Townsend (Crystal Palace)
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
