Gulf Capital opens Singapore office
Abu Dhabi-based Gulf Capital has opened a Singapore office and appointed Shantanu Mukerji as its first on-the-ground private equity managing director in Asia.
Mukerji (pictured) has over 10 years of private equity experience at L Catterton Asia. Prior to that, he held senior operating roles at LVMH, Ermenegildo Zegna, and Nike.
Mukerji will lead Gulf’s expansion in Asia, looking at new private equity investments, bolt-on acquisitions, and growth opportunities for existing portfolio companies, as well as assisting on future exits and divestments.
Asia has been core to Gulf’s cross-border expansion strategy for its portfolio companies since its inception in 2006. The private equity firm has closed at least 14 bolt-on acquisitions, joint ventures, and new market expansions in the region to date.
"‘Ascending Asia’ is the engine of global growth over the next 30 years, with the region’s GDP projected to grow at more than 2.5x the growth rate of European GDP and 2x the growth rate of US GDP over the next 30 years,” Karim El Solh, co-founder and CEO of Gulf, said in a statement.
Gulf’s strategy of building up Middle Eastern companies through Asia expansions has shifted to a thematic approach in recent years favoring technology, business services, environmental industries, and healthcare. In March, it committed $30 million to a plan that will see its global IVF services platform, ART Fertility Clinics, launch 18 clinics in India.
The firm closed its third fund at $750 million in 2015. The vehicle – focused largely on technology, healthcare, and sustainability investments – has experienced a 67% increase in fair value in the last 12 months. Average revenue and EBITDA growth across the portfolio are 28% and 83%, respectively.
It comes as the industry flags a growing cross-border opportunity between Asia and the Middle East, especially in terms of tech-enabled businesses.
Earlier this year, China’s MSA Capital, considered a pioneer in cross-over strategies between the two regions, invested in Saudi Arabian B2B services marketplace Sary. The VC firm set up a $50 million fund with Al Salam Bank-Bahrain in 2019.
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