First Islamic PE fund

Gulf region investment and advisory firm Corecap have launched the world’s fist Islamic private equity fund. The US$150m Corecap Islamic Private Equity Fund I (Cipef I) is a close-ended six-year hybrid mezz debt-equity fund, targeting a minimum internal rate of return of 25% per annum. A board of Islamic scholars will govern the fund, which has a minimum investment of US$3m. It is targeting the MENA region and hopes to capitalise on the demand for structured Sharia-compliant products.