Abu Dhabi’s Shorooq Eyes $100 Million Fund with Korean Backing

Abu Dhabi-based technology investor Shorooq Partners reached the initial close of its second private credit fund with backing from regional and Korean investors, underscoring the growing ties between the United Arab Emirates and the Asian nation.

The $100 million fund was launched with a subsidiary of IMM Investment Corp., a $6 billion Korean private equity and venture capital firm, which will become a minority partner in the vehicle, according to a statement.

Both firms have previously collaborated on Shorooq’s first tech-focused private credit fund, which has invested in agriculture startup Pure Harvest and Saudi fintech Tamara.

The regional ...