Maples Group Selected to Support US$100 Million Amplify Growth Fund

The Maples Group (“Maples”) is providing an array of fund administration services to the newly launched Amplify Growth Fund (“the Fund” or “Amplify”). The Fund is domiciled in the Dubai International Financial Centre (“DIFC”) and is targeting US$100 million in capital commitments from institutional investors.

Amplify was established by a partnership between Maples’ longstanding client Ajeej Capital (DIFC) Limited (“Ajeej”) and Nuwa Capital Limited (“Nuwa”). Both entities are regulated by the Dubai Financial Services Authority (“DFSA”). Ajeej is the manager and Nuwa will act as an advisor to the Fund. The Fund will be led by Sharaf Sharaf, a seasoned credit professional with more than 20 years of investment experience.

Amplify is targeting tech-enabled companies in the MENA region by providing them with sources of alternative financing in the form of credit. The Fund aims to support venture-backed companies in the region by providing both secured and unsecured credit allocations. The types of credit investments under the Fund may include mezzanine instruments; high-yield debt securities; convertible and non-convertible notes; and term loans.

Amplify has closed its first transaction with a Saudi fintech company and is in the process of closing its second. The Fund will also have a sharia-parallel vehicle for non-conventional investors; sharia-compliant vehicles of the Fund will be reviewed periodically by a manager-appointed sharia advisor.

“We appreciate the opportunity to support the Fund and in turn, help strengthen the future of the MENA region’s entrepreneurs, says Fred Tabbal, Regional Head of Fund Services – Middle East. “The MENA venture capital ecosystem is expanding rapidly and we look forward to fostering more innovation and growth by continuing to facilitate international capital raising between investors and fund managers, in turn to benefit all.”

Ajeej was established in 2007 and has a track record of more than 17 years, historically managing long-only equity strategies in the MENA region. Ajeej, which counts several global institutional investors among its allocators, chose the Maples Group for the launch of the Fund because of its consistent exceptional service standards and reputation as an industry leader in the MENA region, which has a strong tradition of family-run businesses and youthful entrepreneurship. The Maples Group’s global footprint can serve to bring further capital to the next generation of MENA businesses, helping investors to find prime opportunities for funding and investment.

“We are excited to partner once again with the Maples Group as we launch the Fund. Their exceptional service and consistent quality working with Ajeej for the past decade make them the ideal partner as we venture into the nascent growth debt ecosystem in the region,” said Tarek Sakka, CEO of Ajeej Capital.

Nuwa Capital is a full lifecycle investment platform, supporting startups across the MENA region and other emerging markets, offering a range of products covering seed stage to exit. As a joint venture partner with Ajeej, Nuwa aims to seek out opportunities in growth debt, particularly within the VC ecosystem and via portfolio company demand.