Investment Strategies

Special Situations investing is an overlooked strategy in the MENA as it requires a boutique asset management approach focused on absolute returns and a deal by deal approach to building an allocation. It requires a pure bottom up selection process, on the ground and in-depth research, a private equity approach to due diligence and valuation, deal execution capabilities, ability to raise funds in down markets, and an extensive network of relationships across the region spanning the private and public sectors.

High Conviction
By detaching from the traditional asset management model, we free ourselves from the shackles of benchmarks and fund flows, and put all our efforts in finding the best risk-adjusted investments for our partners, allowing us to align our highest conviction ideas with our investment allocations.

Deep Value
Targeting overlooked companies trading at a deep discount to earning power, liquidation value and replacement cost; and offering substantial upside to intrinsic value, typically 100% plus.

Opportunistic
Opportunistic strategy with limited geographic, sector, and asset class concentration restrictions and no market capitalization or liquidity bias.

Differentiated
Differentiated approach to listed equities as our flexible investment mandate and close ended investment structure enables us to dynamically adjust to changing market conditions and new opportunities.

  • Overlooked small to mid cap companies that are fatigued, illiquid, misunderstood, and under researched
  • Mainstream mid to large cap companies suffering from indiscriminate selling in times of market panic or distress
  • Pre-IPO companies looking for anchor shareholders to propel their financial and strategic position
  • We invest on a deal-by-deal basis to build a concentrated portfolio of high conviction special situations; high conviction in the management teams of companies we invest in, their strategies, their competitive advantages, and most importantly, our projections of their cash flows.

  • We source Special Situations through our investment team’s in-depth knowledge and experience in MENA listed equities and by capitalizing on our extensive network of relationships in the public and private equity markets.

  • We conduct a private equity deal execution approach, based on bottom-up proprietary fundamental research and strong emphasis on thorough due diligence, valuation, and return realization.

  • We focus on the medium term, typically 3-5 years, as it puts a very strong emphasis on valuing a company on a realistic set of assumptions based on a formulated business strategy within the context of identifiable industry trends.

  • We build strong relationships with the management of the companies in which we invest.

  • We avoid the pressure of fund flows and maximize potential returns by having a close-ended investment structure that ensures focus on investment discipline and objectives.

  • We seek to crystalize value through soft or hard friendly activism post investing, and are conscious of avoiding value traps. We value and employ risk management analytics and strict compliance checks yet we primarily manage risk through rigorous research and analysis.