The JS Group and the International Finance Corporation (IFC) on Wednesday announced the initial closing of JS Private Equity Fund-I and raised 70 million dollar, including 20 million dollar from IFC in this private equity fund to invest in high-potential growth companies in Pakistan.
Ali J. Siddiqui, Managing Partner, JS Private Equity announcing the closing of the fund said that the Fund is the first of its kind in Pakistan and is focussed on growth capital and buyout opportunities exclusively in the country.
JS Group is already pursuing several investment opportunities for the Fund.
He said that this would be long-term investment into privately owned growth companies in Pakistan in oil and gas and transport sector. Private equity is a catalyst for growth and development of companies and therefore, employment, he added.
He said that the leading international investors in the fund are including International Finance Corporation (IFC), SAMBA Financial Group - a leading Saudi bank, DCD Group - an international investment group and Global Investment House - a leading Kuwaiti Investment Bank.
He hoped that the fund would grow eventually over 200 million dollar and would attract another 130 million dollar from foreign investors.
The Fund investors are international institutions with a track record of success in emerging market private equity investing. To have investors of their reputation and quality provides further validation of Pakistan's increasing attractiveness to the international investment community.
The money that JS Private Equity Fund-I can deploy for expansion of capital and buyout opportunities can release the brakes from some of Pakistan's most exciting companies. The Fund is good for Pakistan.
International Finance Corporation was instrumental in helping JS Group to develop and close JS Private Equity Fund-I.
Built over four decades, JS Group is one of Pakistan's largest and most progressive financial services groups and a diversified investor in Pakistan.
JS Group has grown from its roots in Pakistan's financial services industry and operates market-leading companies in asset management, investment banking, securities brokerage, commercial banking, insurance and trade finance.
JS Private Equity Fund-I continues JS Group's tradition of innovating and leading within Pakistan's financial services industry.
The International Finance Corporation is the private sector arm of the World Bank Group. Its mission is to promote sustainable private sector investment in developing countries, helping to alleviate poverty and improve people's lives. IFC provides equity investment, loans, structured finance, risk management products and advisory services to build the private sector in developing countries.
Michael G. Essex, Director, IFC for Middle East and North Africa, Steve Smith, Director, International Operations, JS Group and Muhammad Sajid, SEVP and Head of Investment & Private Equity were also present on this occasion.