[ad_1]
A month after acquiring majority stakes in two dental chains, Abu Dhabi-based private equity firm Olive Rock Partners has brought in a prominent limited partner (LP) from the Gulf region.
The private equity firm, founded by former Gulf Capital executives Muhannad Qubbaj and Abdullah Shahin, is backed by the Jada Fund of Funds.
Jada backed Olive Rock’s debut fund, Oliva Rock Partners Fund I. Jada is backed by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF).
While the private equity firm did not disclose the number of commitments made by Jada, it said the support was “substantial” and would support its “strategy of investing in the growing economies of the GCC, with a focus on Saudi Arabia and the UAE. “
Olive Rock Partners Fund I launched in November 2021 and has since invested in three regional healthcare companies.last month, peridotite bought a majority stake The Dental Studio in Dubai and Al Bustan Medical Center in Abu Dhabi.
The fund’s first investment came last year when Olive Rock teamed up with US private equity firm Cerberus Capital Management to acquire a stake in the UAE hospital chain UE Medical. The private equity firm acquired the shares in partnership with the respective managing physicians.
Based in Abu Dhabi, Olive Rock will soon expand to Riyadh.
Olive Rock said its inaugural fund “aspires to continue deploying a fundamentally strong management team and platform in the fast-growing GCC region, with a focus on social infrastructure, consumer-driven industries, technology enablement and geographic advantage.”
In addition to Jada, Olive Rock is backed by Abu Dhabi Catalyst Partners, a joint venture between Abu Dhabi’s Mubadala Investment Company and Alpha Wave. It also includes several regional and international family offices and investment platforms among its limited partners.
related
[ad_2]
Source link