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Tuareg Capital holds first closing on Libya Fund09/02/2007. Source: AltAssets. 
 North Africa-focused private equity firm Tuareg Capital's Libya Fund has held a first closing on $30m. The target of the firm's inaugural fund is $100m.
Tuareg Capital has also announced its strategic partnership with Capital Management House of the Kingdom of Bahrain. Tuareg Capital will partner and co-operate with CMH on investment opportunities in North Africa, particularly with regards to Islamic debt financing and other structured financing opportunities. CMH will also be a cornerstone investor in the Libya Fund.
Adel Saudi, chairman and CEO of Tuareg Capital, said, 'We are delighted to form such a strategic partnership with CMH. They are an extremely focused and well managed investment banking group who offer us an array of services and abilities. As well as making a significant commitment to the Libya Fund, they will be instrumental in helping us to structure innovative financing solutions in our target markets. We see the partnership as a true win-win situation.
'With regards to the fund, we have been delighted by the response from investors in the region. Libya is one of the most challenging markets in the MENA region to break into and investors view the fund as a strong and strategic opportunity to gain exposure to the Libyan economy and its promising future. We believe that we are proposing a timely and compelling opportunity to investors. We will seek to leverage our team's significant and diverse skill sets to generate superior returns across a diverse range of investments for our investors,' Adel Saudi continued.
Tuareg Capital, established in 2006, makes and advises on investment opportunities through proprietary or third-party funds, partnerships and special purpose vehicles.
The firm's founding shareholders include ASA Consultants and United Gulf Industries Corporation B.S.C, both based in the Kingdom of Bahrain.
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