Abu Dhabi, UAE, October 12, 2026: Phoenix Venture Partners Limited, an ADGM-domiciled and FSRA-regulated venture capital fund manager, announced the completion of fundraising for Phoenix Venture Partners Innovation Fund CEIC Ltd., effective October 3, 2026. The firm raised approximately US$23 million in total capital across the fund and dedicated co-investment vehicles. With the fundraising period now closed, PVPIF remains active within its investment period and is focused on capital deployment and portfolio growth.
Fundraising Completion and Investor Base
PVPIF brought together 42 investors across 9 jurisdictions, representing 13 nationalities and corporate domiciles from around the world. The investor base includes a diverse mix of institutional investors, family offices, and high-net-worth individuals, reflecting broad institutional confidence. This broad participation highlights the fund's cross-border appeal, the strength of its regional relationships, and its ability to attract international capital.
Notable investors include Abu Dhabi-based KSH Investments LLC, the international investment platform of the Private Department of H.E. Sheikh Mohamed Bin Khalid Al Nahyan. Kuwait-based Al-Imtiaz Investment Group and Fawzi Musaad Al-Saleh Family Office also joined the fund, as did Luxembourg-based Lucaslux S.à r.l. Lucaslux S.à r.l. serves as the private investment fund of Patrick Lucas.
The closing of the fundraising period means PVPIF will no longer accept new commitments. The fund's investor base now spans multiple jurisdictions around the world and includes family offices, institutional partners, and sophisticated private investors. This milestone reinforces the firm's position within the ADGM ecosystem and its access to regional and international capital.
Performance and Portfolio Position
PVPIF has delivered top-decile performance on a total value to paid-in capital basis for 3 consecutive quarters. Its latest TVPI reached 1.53x, exceeding the 1.50x 90th-percentile threshold for 2024-vintage funds according to Carta's benchmarks based on data as of Q2 2026. The fund currently holds investments in 7 portfolio companies.
Approximately 45% of the fund's committed capital remains available for deployment, providing significant capacity for new investments and follow-on support. Phoenix Venture Partners expects the fund to continue deploying capital throughout 2027 and potentially into 2028. The investment strategy remains selective, targeting technology companies that can scale across the MENA region and internationally.
Leadership Commentary
Steve Khayat, Founder and CEO of Phoenix Venture Partners, said the completion of fundraising marks the end of one chapter but not the end of the investment journey. He emphasized that execution is now the central priority, with substantial capital still available for new investments and continued support of existing portfolio companies. Khayat also noted that the next chapter for PVP is already taking shape and more will be shared soon.
Faris Al-Obaid, Co-Founder of Phoenix Venture Partners, said the milestone reflects strong institutional confidence in the firm's investment thesis and cross-border ecosystem. He highlighted the firm's established presence across ADGM, Kuwait, and the wider region. Al-Obaid added that PVP will focus on leveraging its regional network and governance framework to help portfolio companies scale across MENA and G20 markets.
Phoenix Venture Partners has now closed the fundraising chapter of its first vintage with approximately US$23 million in total capital and a top-decile performance record. The fund retains substantial dry powder and remains focused on executing its investment strategy while supporting existing portfolio companies and selectively adding new investments. This milestone provides a strong foundation for the firm's future growth and the continued development of its cross-border venture platform.