Baltoro acquires NAFA Funds shares

LAHORE: Baltoro Growth Fund has acquired the stake from Alexandra Fund Management Pte Ltd in NBP Funds, formerly known as NAFA, an official said on Wednesday.

According to Baltoro Growth Fund spokesperson, it acquired the stake from Alexandra Fund Management Pte Ltd; however, the National Bank of Pakistan (NBP) continues to hold a controlling stake in the company and was committed to its long-term growth.

“This acquisition marks the third investment for Baltoro Growth Fund. Baltoro made its first investment in Pakistan in 2016 by acquiring a stake in AGP Limited, a Karachi-based pharmaceutical company,” the spokesperson said.

In March 2018, AGP successfully listed at the Pakistan Stock Exchange, marking the first successful liquidity event for a Pakistan-focused fund. The fund’s second investment was in Triconboston, a 150MW wind farm in Jhimpir, Sindh.

The Fund serves as a successful model for investment in Pakistan and hopes to be a catalyst that will spur the growth of the private equity industry in the country. The asset management industry has witnessed tremendous growth in recent years. However, despite this growth, Pakistan still lags behind its international peers in terms of mutual fund penetration.