Al-Tawfeeq Company for Investment Funds, a Bahrain-based subsidiary of the Saudi Dallah Albaraka Group and MapleWood Partners in March reportedly launched a private equity fund dubbed Manar Private Equity Fund. The fund was said to offer Islamic investors the opportunity to invest in “Islamically acceptable” private equity transactions.
Under terms of the fund, MapleWood will manage the fund while Al-Tawfeeq will select and execute the transactions, which will be made in conformity with guidelines established by the sharia board of Dallah Albaraka. According to Islamic beliefs, followers of the Islamic faith are required to abstain from alcohol and other drugs, gambling and eating pork.
Manar Private Equity Fund is reportedly targeting U.S. middle-market companies in the consumer products, manufacturing, retailing, distribution, aerospace, Internet infrastructure and telecommunications sectors with annual revenues of up to $25 million.
MapleWood Partners manages private equity funds for institutional investors including Bahrain-based Arab Banking Corp., Rana Investment Company of Saudi Arabia, Emirates Insurance Co. and Citigroup/Travelers Insurance of the U.S., as well as international high net-worth individuals.
Partners at MapleWood did not return calls for this article.