Kuwait Investment Authority, Pakistan Kuwait Investment Company (Private) Limited (PKIC), and R.J. Fleming & Co. Ltd. (Dubai) have aimed a joint venture to establish and manage a private equity fund in Pakistan, according to a statement released by PKIC.
PKIC is Pakistan’s largest AAA-rated development financial institution, specializing in investment and development banking.
Pakistan and Kuwait have strong diplomatic ties, and the two countries agreed last year to improve their bilateral relations in all areas. Dr. Ahmed Nasser Al-Sabah, Kuwait’s foreign minister, visited Islamabad in March 2021 and expressed his country’s determination to expand cooperation in “diverse fields.”
The fund will assist proven Pakistani business entrepreneurs in obtaining growth capital to expand in local and regional markets, as well as provide best-practice governance and upgrade business management skills, allowing for local or international listing or sale options.
R.J. Fleming & Co. (DIFC) is a London-based advisory firm owned and affiliated with R.J. Fleming & Co. Ltd., which was founded by Roderick J. Fleming, Chairman of one of Britain’s oldest merchant banks, Robert Fleming & Co.
“With recent international institutional participation in Pakistan’s early-stage market and very large conglomerates already well-served,” according to the statement, “there is a gap and opportunity to work with medium to large scale companies and proven reputable business leaders to help them achieve their true growth potential.”