Rakiza Fund I closes USD 300m revolving subscription line
Posted 17.11.2024 | admin
Rakiza Fund I is pleased to announce the closing of a USD 300 million subscription line facility with a consortium of leading international and regional banks, including Gulf International Bank B.S.C. (GIB), MUFG Bank, and Standard Chartered. Cranmore Partners acted as sole and exclusive financial advisor to Rakiza on this transaction.
The revolving subscription line facility is backed by the uncalled capital commitments of the fund’s limited partners. It enhances liquidity and streamlines the capital call process for our investors. This will enable the Fund to more efficiently deploy capital in attractive greenfield and brownfield infrastructure projects within the region.
Rakiza Fund I is committed to investing across a range of infrastructure assets in Oman and the Kingdom of Saudi Arabia. The successful financial close of this facility underscores and further contributes to Rakiza Fund I’s continued success in investments in a diverse range of public private partnership (PPP) and infrastructure assets.
“We’re delighted to have successfully closed on this first-of-a-kind subscription line facility for an infrastructure fund in the MENA region with the support of GIB B.S.C., MUFG, and Standard Chartered. This facility provides us with a strong competitive advantage, enabling us to rapidly deploy into compelling infrastructure investment opportunities within the region, creating value for our investors and stakeholders” – Muneer Al Muneeri, OIM Founder and Chairman of Rakiza.
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About Rakiza
Rakiza Fund I is co-managed by OIM, a specialist infrastructure manager based in Oman, and Equitix; a leading UK investor, developer, and fund manager of core infrastructure assets. OIM and Equitix partnered to create the fund to invest in public private partnership (PPP) and other core infrastructure projects in Oman and Saudi Arabia. Rakiza Fund I seeks to capitalize on the drive towards increased privatization and greater access to foreign direct investment (FDI) across the region, where first mover investors can achieve higher returns whilst enhancing long-term impact.
