Global Capital Management, the private equity arm of Kuwait-based Global Investment House, has said that Global Opportunistic Fund II (GOF II) has made significant gains through the sale of shares in Reliance Petroleum Ltd in India.
The fund was one of the top 10 investors in Reliance Petroleum Ltd, along with Chevron, Deutsche Bank, Citigroup, and Fidelity in a pre-IPO deal. The group has been liquidating its position in tranches to optimise its returns and has achieved an IRR of more than 70% on this transaction and a multiple of 1.84x.
The fund will return the proceeds of the transaction to its investors so as to ensure liquidity. GOF II continues to maintain its strategy of having liquidity in its investment portfolio as the fund aims at giving regular return to its investors.
GOF II, a private equity fund managed by Global, invests in Pre-IPO and IPO opportunities in the MENA region as well as India, China, Pakistan and Turkey. The fund invests across 10 different sectors and more than 30% of the fund is invested outside the region.
Global Capital Management Ltd, a 100% subsidiary of Global, currently manages more than $3.2 billion of private equity assets. The PE Group has a team of over 48 qualified professionals. The team is based out of four locations – Kuwait, Saudi Arabia, Egypt and Turkey. It has invested almost $1.5 billion in 54 transactions across 11 sectors in MENA, Turkey, South Asia & China during the past 4 years.