Firm issued licence for private equity fund KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has issued another licence to a private equity and venture capital fund to operate under the newly promulgated Private Funds Regulations 2015.
The Ijara Capital Partners Limited has become second non-banking finance company (NBFC) to undertake private equity (PE) and venture capital funds (VC) as well as alternative funds.
The licence, issued by SECP on Monday (Oct 24), is valid for a period of three years and the company will have to launch a private fund within six months.
The first licence was issued to Lakson Investments Ltd last week.
The company, however, will have to comply with the Companies Ordinance 1984, the rules, the Private Funds Regulations 2015 (as amended or replaced) and any directives, circulars, codes, notifications and guidelines issued by SECP.
Talking to Dawn, Ijara group Chief Executive Officer Farrukh Ansari said that his company was going to launch the fund in December worth $100 million for investment in different sectors including healthcare, education, infrastructure, energy, fashion and lifestyle.
The Ijara PE and VC fund, he said, will provide access to capital to small and medium enterprises (SMEs) beside big companies for expansion and diversification.
The fund will be raised by approaching high net worth individuals, local and foreign institutional investors by holding roadshows in the domestic and foreign markets, he added.
The private equity and venture capital fund is important particularly after the ‘Hawala’ business has become impossible and high net worth individuals are seeking options to diversify their investment, he explained.