Greenstone Equity Partners, one of the largest independent fund placement firms in the Middle East, announced its collaboration with Europe based iTech Capital ("iTech"), a venture capital ("VC") firm focused on growth investments in digital economy businesses.
iTech are raising capital for iTech Fund II ("Fund"), a $200 million fund that will invest in core ICT segments such as AdTech, FinTech, SAAS, Online Travel and Big Data. iTech's first fund, iTech Fund I LP ("Fund I"), vintage 2011, a $100 mn fund, has a projected Gross IRR of 35% and has generated a DPI of 10%. New LPs in Fund II will have the opportunity to invest at favorable terms including first refusal rights, with Fund II investors having the opportunity to participate in some of the Fund I follow on investments, and have the opportunity to co-invest on the same or very close to initial terms. A particularly attractive attribute of iTech is their ultra-transparent internal portal that allows LPs to access all data regarding portfolio companies, co-investment opportunities and even trade portfolio positions in a secondary market within the LP network.
The team at iTech is anchored by Managing Partner Gleb Davidyuk, a seasoned professional in the private equity and venture capital industries who has worked for a range of well-established groups including Quadriga Capital, Mint Capital and Alfa Capital Partners since 1995.
"We are delighted to collaborate with iTech due to their robust reputation in delivering remarkable results for their investors. iTech's team of investment professionals are thorough and knowledgeable, with over 50 years of cumulative investment experience and are passionate about creating success," said Omar Al-Gharabally, President of Greenstone Equity Partners. "Owing to the Middle Eastern investor mentality, venture capital investment has become more and more mainstream over the last decade and with this relationship we are confident that we are introducing solid investment opportunities to investors across the region."
"The MENA region has important sources of capital flows and wealth accumulation, and with increased liquidity, local and international investors consider venture capital and all of its sub-sets to be a core part of their investment portfolios," said Gleb Davidyuk, Managing Partner of iTech. "With Greenstone Equity Partners' thorough market knowledge and strong relationships, we believe that we can establish a strong footprint in this region and develop new long-term relationships," he added.