PKIC, RJ Fleming to launch private equity fund

KARACHI: A private equity fund to be set up in Pakistan to help local businesses scale regional markets, a memorandum of understanding (MoU) between Pakistan Kuwait Investment Company (Private) Limited (PKIC) and R.J. Fleming & Co. Ltd vowed on Wednesday.

“The Fund will help proven Pakistani business entrepreneurs access growth capital to scale in the local and regional markets, provide best practice governance, and upgrade business management skills enabling local or international options for listing or sale,” PKIC said.

“With recent international institutional participation in the early-stage market in Pakistan and very large conglomerates already served well, there is a gap and opportunity to work with medium to large scale companies and with proven reputable business leaders to help achieve their true growth potential,” it added.

Successful investments through the initiative would showcase opportunities in the country and bode well for overall private equity eco-system of the country, PKIC stated.

Initial seed capital for the fund would be provided by PKIC and for subsequent rounds, funding would be raised from local as well as from international investors leveraging R.J. Fleming’s global network, it stated.

PKIC is the largest AAA rated development financial Institutions engaged in investment and development banking activities in Pakistan. Established in 1979 as a joint venture between the Government of Kuwait, through Kuwait Investment Authority and Pakistan through the State Bank, PKIC has helped in promoting industrial activity, by way of equity and debt investments.

PKIC has been accredited with different investments, including establishment of Meezan Bank in which it presently holds 30 percent shareholding. It has recently acquired an equity stake in one of its kind tech company in Pakistan, Planet N, which is a technology platform that has investments in over 40 diversified tech startups.