Unicorn Heads Up New Fund

Unicorn Investment Bank of Bahrain has announced a $150 million Shariah-compliant global private equity fund named Gulf Springs.

Unicorn is the anchor investor, having invested $15 million. The remainder is expected to be raised via private placements.

The fund’s manager is Najiib Fayyad, director of private equity at Unicorn. He says the fund will provide growth and expansion capital for companies working in consumer products, health care, business services and light manufacturing.

The fund will invest in the Middle East, Turkey, Southeast Asia and North America.