UK-based Ethos Invest is targeting a fund of 1 billion pounds ($1.39 billion) that will make private equity investments in Islamic and ethical small and medium-sized enterprises.
The fund will focus on financial services and technology, Ethos Invest said in a statement on Tuesday (June 29).
“The Fund’s objective is to invest in the wider and burgeoning ESG and ethical market in a Shariah value-based manner that drives financial inclusion and benefits society,” said Ethos.
Target sectors include banking, asset management, payments, blockchain, robotics and artificial intelligence, cyber security, life sciences and healthcare.
Ethos aims to do the first close of the fund’s capital raising in four months and complete it within 12 months, the company told Salaam Gateway.
The size of investments will range depending on the opportunity, it said.
The majority of the capital will be deployed in the UK with additional investments in Europe, Saudi Arabia, the wider Middle East and North Africa region, Southeast Asia and North America.
The Ethos Financial Services & Technologies Fund will be managed by Saudi firm Al Inma Investment Company, BMO Global Asset Management’s private equity team, and Vistra, which serves as its administrator.
Ethos has plans to introduce more funds across different sectors, as well as set up digital banking and wealth management products and services, it said.
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