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Samena Cap lines up $350 m fund

Samena Capital, the Bahrain-based investment management group focusing on markets in Asia, the Middle East and North Africa, is likely to invest about 35% of the newly announced $350 million in the Indian corporate sector. Samena, which has already raised $200 million of its debut Samena Special Situations Fund, targets a $350 million final close by October 31. Its Mumbai office will be opened by November.

Samena plans to pump in about 80% fund meant for the Indian market in listed companies. The company has not made any allocations for companies it plans to invest in or specified sectors. Speaking to FE from his London office, Shirish Saraf, president and founder of Samena Capital, said, “We wanted to invest as much as 30-35% of our total funds in India, though no allocation has been made so far.”

The company is keen on areas such as construction, engineering, petrochemicals, IT, BPO, textiles, healthcare and education. The stake buyout could be in the range of 10-30%, though it varies from company to company. Saraf said, “India has a vast potential as far as investments are concerned. We are seeking a model of assisting the companies with financial as well as management support. Further to our investments, the combined management team will help the companies for the financial as will as corporate restructuring in future.” The entire fund will be deployed in two years’ time while company will exit in 3-5 years’ period.

Atul Punj, chairman of Punj Lloyd, also the chairman of Samena Capital said, “These are exciting times as transfer of wealth accelerates from the West to the East, creating new opportunities for global investors. The unique coupling of top business groups from India, China and the Middle East combined with a world-class asset manager makes us stand out in pedigree and underpins our ability to deliver superior returns.”

Source: Financial Express

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