Shuaa Capital announced the launch of three
new Sharia-compliant funds under the ICC umbrella, domiciled in Abu Dhabi
Global Market (ADGM) and managed by Shuaa GMC Limited (“Shuaa GMC”), the wholly
owned regulated subsidiary of Shuaa.
Shuaa established the Incorporated Cell
Company (ICC) fund structure in ADGM in 2020 to launch differentiated fund
strategies under the ICC platform and has since launched five funds, including
the recent three new funds under the ICC fund structure.
The new funds, which include Shuaa Global
Sukuk Fund, Shuaa Global Equity Fund, and Shuaa North America Equity Fund, will
expand the choices available to institutional high net worth individuals and
corporate investors, and will provide additional investment opportunities to
diversify their investments across geographies and asset classes.
Shuaa Global Sukuk Fund will seek to
maximise total return over the medium to long term through a combination of
capital growth and income by investing in sukuk and other Sharia-compliant debt
instruments. Shuaa Global Equity Fund will primarily invest in global
Sharia-compliant equities, and Shuaa North America Equity Fund will focus on
North American Sharia-compliant equities.
Shuaa GMC is also the investment manager of
the first two Sharia-compliant open-ended funds launched under the ICC umbrella
in November 2020, Nujoom Aggressive Fund and Nujoom Balanced Funds. Shuaa GMC
now has a total of $200 million in assets under management (AuM), spanning
across five different funds under the ICC umbrella.
Shuaa GMC is also working to launch three
additional funds under the ICC umbrella in the first quarter of 2023 and
expects AuM under this product platform to exceed $400 million. As part of its
new fund pipeline, Shuaa also plans to add Saudi Arabia and GCC-focused funds
to its ICC platform. The expansion of the ICC fund offering is in line with
Shuaa ’s strategy to diversify and grow its recurring fee income base.
Ajit Joshi, MD and Head of Public &
Private markets at Shuaa Capital, said: “We continue to see flourishing
investor demand for Sharia-compliant investments and our uniquely structured
managed funds under the ICC framework provide investors with more opportunities
to diversify their investments across prime geographies and regions.”
Commenting on the launch of the new funds,
Fawad Tariq Khan, group chief executive officer of Shuaa Capital, said, “Having
demonstrated our expertise in developing and managing investments that are
uniquely designed to create long-term value for investors, we are confident
that these new funds will also meet the needs of investors in ever-changing