KARACHI: The Kuwait Investment Authority’s joint venture with the Pakistan Government, Pakistan Kuwait Investment Company (Private) Limited (PKIC) and R.J. Fleming & Co. Ltd. (RJF or RJF Dubai) have entered into a Memorandum of Understanding to jointly set up and manage (under the requisite and appropriate licenses) a Private Equity Fund in Pakistan (the Fund).
With PKIC’s strong local footprint and experience, and R.J. Fleming’s international expertise and networks this is will be a landmark partnership in the Pakistan private equity market.
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.
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.
Successful investments through this initiative will showcase opportunities in Pakistan and bode well for the overall private equity eco-system of the country.
Initial seed capital for the fund shall be provided by PKIC and for subsequent rounds, funding will be raised from local as well as from international investors leveraging R.J. Fleming’s global network.
Pakistan Kuwait Investment Company (Private) Limited (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 the Government of Pakistan through the State Bank of Pakistan, PKIC has played a pivotal role in promoting industrial activity, by way of equity and debt investments.
Since inception it has participated in innovative, economically viable and technically feasible projects with an aim to promote economic activity and support infrastructure development.
PKIC has been accredited with many successful investments including the establishment of Meezan Bank in which it presently holds thirty percent shareholding.
In line with its vision, PKIC has also recently acquired 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.
R.J. Fleming & Co. (DIFC) is the advisory firm owned and associated with R.J. Fleming & Co. Ltd in London, which was founded by Roderick J. Fleming, Chairman of Robert Fleming & Co, one of Britain’s oldest Merchant Banks.
Robert Fleming & Co. was sold in 2000 to Chase Manhattan (now JP Morgan), and was the pioneer of investment trusts in Scotland in the 1800s and through joint ventures with T Rowe Price in America (“T Rowe Price Fleming”); Jardine Matheson in Asia (“Jardine Fleming”); and Berenberg Group in Europe (“Fleming Berenberg Gossler”), became one of the largest and most recognizable international asset managers at the time. R. J. Fleming & Co (DIFC) Ltd today operates as an independent, discrete and trusted advisor to institutions and family office principals on regional, international and cross border transactions, debt and equity investments.
