DUBAI (Reuters) – Abu Dhabi-headquartered Gulf Capital introduced on Tuesday the acquisition of two healthcare know-how firms in the US for $60 million, and its CEO stated the funding agency is seeking to broaden over the approaching yr.
Gulf Capital, which manages over $2.5 billion in belongings, stated it had accomplished the acquisition of majority stakes in U.S.-based Eclat Well being and Hansei Options, which specialize in income cycle administration options for healthcare suppliers.
The investments have been value $60 million roughly evenly break up, Gulf Capital CEO Karim El Solh instructed Reuters.
“Our concentrate on healthcare has paid off very properly as a result of it’s been one of many only a few sectors that’s been rising through the pandemic,” he stated. “The opposite two sectors which can be doing very nicely for us are know-how and funds.”
Gulf Capital’s third non-public fairness fund, value $750 million, has been 78% deployed, El Solh stated.
“Subsequent yr we hope to come back to market with a brand new fund,” he stated, including the corporate plans so as to add about 10 folks to its 50 staff.
The brand new non-public fairness fund, which it plans to launch subsequent yr, could be roughly the identical measurement because the third fund, he stated.
The agency can also be planning new fundraising subsequent yr for personal debt investments.
“SMEs (small and medium-sized enterprises) are on the lookout for financing, the area has one of many lowest SME financing charges, they usually want progress capital,” stated El Solh.
There’s “positively massive thirst and wish for liquidity for these firms through the pandemic”, he stated.
Reporting by Davide Barbuscia; modifying by Jason Neely