Commercialbank introduces $1 billion 'Global Opportunistic Fund II'

Commercialbank introduced the new USD 1billion fund “Global Opportunistic Fund II” to its clients in Qatar, enabling wealthy investors to participate in an extensive range of Initial Public Offerings and in Private Equity start-up companies in 17 countries across the GCC, Middle East and North Africa (MENA) and Asia, including China, India and Pakistan. The announcement followed the signing of the agreement between Commercialbank and Global Investment House (“Global”) appointing Commercialbank as the fund’s exclusive placement agent in Qatar. Mr. Andrew Stevens, Chief Executive Officer of Commercialbank and Mrs. Maha K. Al-Ghunaim, Global’s Vice Chairman and Managing Director signed the agreement at Commericalbank’s Main Office. Andrew Stevens commented, “The Global Opportunistic Fund II, managed by Global, is the latest addition to an extensive range of innovative wealth management solutions which Commercialbank provides for our customers. As we have seen from the successful Gulf Cement IPO, there is strong demand among investors for the opportunity to participate in IPOs and pre-IPOs. We are delighted to join hands with Global to introduce this Fund in Qatar.” After the signing of the agreement, Mrs Al-Ghunaim expressed her pleasure to have Commercialbank as the sole agent in Qatar for the company’s biggest and most highlighted fund, describing the bank as a “dynamic ingredient of the Qatari economy”. “Choosing Commercialbank as the sole agent for Global Opportunistic Fund II stems from our belief in its capabilities to fulfill the fund’s targets and the trust it has in the country as it is considered a dynamic ingredient of the Qatari economy. It has sufficient experience and track record as a financial institution with formidable capabilities” she added. This Pre-IPO & IPO Fund has already received commitments for over USD250 million since its launch two weeks back. The Fund offers investors both institutional and individuals the opportunity to invest in Pre-IPOs and IPOs across a diverse selection of sectors in the target countries. Global has already developed significant experience in the Pre-IPO and IPO sectors by investing in companies in these regions via its first USD550 million Global Opportunistic Fund launched in 2005. The Global Opportunistic Fund II has a target Internal Rate of Return and a hurdle rate of 20%. The minimum investment is USD 1 million with an initial drawdown of 50% and the balance after a period of 180 days at the discretion of the Fund Manager. The Fund will close as soon as USD 1 billion is collected and is on a first come, first serve basis. Global is a leading investment company in the Middle East managing assets of USD 6.3 billion and operating in Kuwait, Bahrain, Dubai, Abou Dhabi, Oman and Jordan. The company has received a lot of recognitions on the company, management as well as product levels. Some of these recognitions achieved by Global I are as follows: "Deal of the Year" Award The Banker Magazine, February 2006 Global received the award from the renowned The Banker Magazine for its role as co-lead manager in the Initial Public Offering for Investcom late in 2005. Best Real Estate Investment House in Kuwait Euromoney, December 2005 Global received this award from Euromoney magazine as a result of the industry’s recognition for Global's achievements in Real Estate sector and mainly the launch of the GCC Real Estate Fund, the first residential real estate investment fund in the region. Best Equity House in Kuwait Euromoney, May 2005 The renowned financial magazine Euromoney has awarded Global as the Best Equity House in Kuwait, culminating a growing line of achievements the company has built since its inception in 1998.