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ISLAMABAD: In a joint venture, Kuwait Investment Authority, the Pakistan government, Pakistan Kuwait Investment Company (Private) Limited (PKIC) and R.J. Fleming & Co. Ltd. (Dubai) have entered into an agreement to set up and manage a private equity fund in Pakistan, PKIC said in a statement.
PKIC is the largest AAA rated development financial institution engaged in investment and development banking activities in Pakistan.
Pakistan and Kuwait have strong diplomatic ties and agreed to upgrade their bilateral relations in all sectors last year. Kuwait’s foreign minister Dr. Ahmed Nasser Al-Sabah visited Islamabad in March 2021 and expressed his country’s resolve to expand cooperation in “diverse fields.”
“With PKIC’s strong local footprint and experience, and R.J. Fleming’s international expertise and networks this [private equity fund] is will be a landmark partnership in the Pakistan private equity market,” PKIC said.
The fund will help proven Pakistani business entrepreneurs access growth capital to scale in the local and regional markets, provide best practice governance and upgrade business management skills enabling local or international options for listing or sale.
R.J. Fleming & Co. (DIFC) is the advisory firm owned and associated with R.J. Fleming & Co. Ltd. in London, which was founded by Roderick J. Fleming, Chairman of Robert Fleming & Co, one of Britain’s oldest Merchant Banks.
“With recent international institutional participation in the early-stage market in Pakistan and very large conglomerates already served well, there is a gap and opportunity to work with medium to large scale companies and with proven reputable business leaders to help achieve their true growth potential,” the statement said.