New Delhi, Oct. 7 -- Janus Henderson, a global asset management firm, has marked the first close of its Middle East and North Africa (MENA)-focused private credit fund.

The London-headquartered asset manager, which expanded its presence in the MENA region last year through the acquisition of National Bank of Kuwait's alternative investment arm NBK Capital Partners, has raised $125.5 million in the first close of its $300 million-target MENA Private Credit Fund IV. The firm is eyeing the second close by the end of 2025 and final close by mid-2026.

Anchored by SIDF Investment Company (SIC), Abu Dhabi Catalyst Partners, and Saudi Venture Capital Company (SVC), the fund aims to provide customized, Shariah-compliant financing for growth capital, refinancing, recapitalizations, and acquisitions.

Following the integration last year, NBK Capital Partners now operates as Janus Henderson's emerging markets private capital arm.

While Fund IV is sector-agnostic, it will primarily focus on industrial, healthcare, education, consumer staples, and infrastructure-related sectors. The fund will provide tailored, flexible debt solutions to businesses that are unable to access traditional finance.

"The successful first close of this Shariah-compliant direct lending vehicle underscores our commitment to investors in the Middle East and the growing number of companies in the region seeking access to flexible, values-driven financing." said Ali Dibadj, CEO, Janus Henderson Investors.

The MENA Private Credit Fund IV is the third fully Shariah-compliant fund managed by Janus Henderson Emerging Markets Private Investments. It will be led by Yaser Moustafa, head of Emerging Market Private Investments, and Sikander Ahmed, head of Middle East Private Credit, along with the firm's regional team.

"By combining Shariah principles with the resilience of private credit, we are opening new opportunities for businesses across the region to access long-term growth while giving investors the confidence that their capital is working responsibly and effectively," said Sikander Ahmed, head of MENA Private Credit and senior executive officer, Janus Henderson Emerging Market Private Investments.

Across its funds to date, Janus Henderson Emerging Markets Private Investments (formerly NBK Capital Partners) has raised more than $ 1.1 billion.

As of June 30, Janus Henderson managed approximately $457 billion in assets, with offices in 25 cities worldwide.

Published by HT Digital Content Services with permission from VC Circle.