Ijara Capital Partners Limited has been granted a license to a private venture capital fund and equity under the newly promoted Private Funds Regulations 2015 by the Securities and Exchange Commission of Pakistan (SECP), reports Dawn Media.
Ijara Capital Partners Limited is the second firm to receive this license. Lakson Investments Ltd. was also granted a similar license a few days ago. The license issued will be valid for a period of three years and the firm will be required to launch the fund within six months of license approval.
CEO of Ijara group Farurukh Ansari told Dawn that the fund will be worth $100 million dollars and is expected to launch in December. The fund will focus on verticals including energy, healthcare, education, infrastructure, fashion and lifestyle.
The fund will be raised by encouraging local and international VCs to invest by sharing insights and information about the business industry and opportunities in Pakistan.
Venture Capital fund shops have started to crop up in the country and deal flow has started too. Just yesterday, while presiding a meeting of information technology leaders in Lahore, Chairman PITB Dr. Umar Saif mentioned that the government is inching close to launching a government-backed venture capital fund in the country. The fund is also expected to be north of $3 million dollars and will be dubbed as ‘Innovation Fund’ because government doesn’t want equity in startups but it wants to accelerate entrepreneurship and encourage local and international investors to put their money in the business industry of Pakistan.
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