New Delhi, July 30 -- Aliph Capital, a UAE-based private equity firm that recently raised its debut fund, has appointed a managing director to lead its Saudi Arabian operations from its new office in Riyadh as it looks to deploy significant capital in the Kingdom.
The Abu Dhabi-headquartered PE firm, which backs mid-market companies in the Gulf region, has hired former Malaz Capital executive Hanadi Al Ali as managing director to lead its efforts in Saudi Arabia.
The appointment comes two months after the firm announced the final close of its debut fund, Aliph Fund I, at $200 million, 20% below its target size of $250 million. The maiden fund is anchored by Abu Dhabi-based sovereign wealth fund ADQ and backed by limited partners such as state-owned Saudi Venture Capital and Saudi Public Investment Fund-owned Jada Fund of Funds.
Aliph was founded in 2021 by Huda Al-Lawati and is the region's first female-led PE firm. It aims to deploy capital in about eight to 10 mid-sized companies over the next four to five years in the region, mainly Saudi Arabia and the UAE. In fact, it is looking to deploy 40-50% of the capital in Saudi Arabia, followed by the UAE and other GCC countries.
Al Ali, who has over 25 years of experience in investments, wealth management, and financial services, will lead Aliph's business development efforts in Saudi Arabia. Prior to joining Aliph, Hanadi served as vice president of placement and advisory at Malaz Capital, a Riyadh-based independent investment management company. Earlier in her career, she held roles at international asset manager Arcapita and financial services company Al Rajhi Capital.
"Her [Al Ali's] experience and knowledge of Saudi Arabia's fast-growing business environment will be invaluable to Aliph," said Huda Al-Lawati, founder and CEO of Aliph.
Aliph has so far deployed capital in two companies-The Pet Shop and the UAE's Sanipex Group. In December 2024, Aliph acquired a 25% stake in lifestyle product supplier Sanipex Group. The group provides bathroom, kitchen, surface, lighting, and outdoor solutions to retail, corporate, and trade customers across the GCC and beyond. Aliph made its debut investment in November 2022, acquiring the UAE-based The Pet Shop from Kasamar Holdings for an undisclosed amount.
Al-Lawati, who worked as a partner at emerging markets investment firm Gateway Partners and the now-defunct PE firm Abraaj before setting up Aliph in 2021, had told VCCircle in an interview in 2023 that it was scouting for investment opportunities within five broad sectors in the mid-market segment. These include consumer, education, energy, renewables, transport, and logistics. Other focus areas for the firm include higher education, continued education certification, energy-including oil and gas-and renewable energy.
Aliph aims to invest between $15 million and $40 million in a portfolio company and is looking for companies with a minimum annual revenue of AED 100 million ($27.2 million). Last year, the PE firm appointed Gaurav Wadhwa as a managing director.
Published by HT Digital Content Services with permission from VC Circle.