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Gulf Capital, which manages over $2.5 billion in assets, said it
had completed the purchase of majority stakes in U.S.-based
Eclat Health and Hansei Solutions, which specialise in revenue
cycle management solutions for healthcare providers.
The investments were worth $60 million roughly evenly split,
Gulf Capital CEO Karim El Solh told Reuters.
"Our focus on healthcare has paid off very nicely because it’s
been one of the very few sectors that’s been growing during the
pandemic," he said. "The other two sectors that are doing very
well for us are technology and payments."
Gulf Capital's third private equity fund, worth $750 million,
has been 78% deployed, El Solh said.
"Next year we hope to come to market with a new fund," he said,
adding the company plans to add about 10 people to its 50
employees.
The new private equity fund, which it plans to launch next year,
would be roughly the same size as the third fund, he said.
The firm is also planning new fundraising next year for private
debt investments.
"SMEs (small and medium-sized enterprises) are looking for
financing, the region has one of the lowest SME financing rates,
and they need growth capital," said El Solh.
There's "definitely big thirst and need for liquidity for these
companies during the pandemic", he said.
(Reporting by Davide Barbuscia; editing by Jason Neely)
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