SHUAA Capital, a leading regional financial services firm, has announced a strategic partnership with Key Capital, the first dedicated venture capital secondaries asset manager in the area. This collaboration aims to pioneer the VC secondaries market across the Middle East, North Africa, and Europe. The alliance will support Key Fund I LP, a new USD 50 million fund designed to provide liquidity in the rapidly growing tech ecosystem.
A Strategic Alliance for a Maturing Market
Under the agreement, SHUAA Capital will serve as an investment advisor to Key Capital's inaugural fund, leveraging its extensive institutional platform. SHUAA will provide crucial support in capital formation, strategic relationship building, and capital markets execution. This complements Key Capital’s specialized secondary strategy, deep sourcing network, and disciplined investment approach, creating a powerful synergy between the two firms.
Addressing a Regional Liquidity Gap
The partnership arrives at a critical time for the MENA venture capital scene, which has seen annual deployment surge from USD 1.1 billion in 2020 to USD 3.8 billion in 2025. Despite this rapid expansion, liquidity pathways for early investors and founders have not kept pace with the market's growth. This has created a structural need for dedicated secondary solutions to unlock value within the maturing ecosystem.
Key Capital estimates the regional secondaries market opportunity at over USD 1 billion, with significant potential for future growth. This trend mirrors a global pattern, where secondary transaction volume reached a record USD 240 billion in 2025, according to Jefferies. The increasing relevance of this asset class highlights its importance for institutional investors seeking diversified exposure and accelerated returns.
The Key Fund I LP Strategy
Key Fund I LP is structured as an Abu Dhabi Global Market (ADGM) Limited Partnership and is targeting a fund size of USD 50 million. The fund pursues a disciplined strategy focused on acquiring positions in high-growth technology companies through off-cap-table transactions. To date, the fund has already successfully closed two investments, demonstrating early momentum and validating its investment thesis.
The fund's core objective is to provide much-needed liquidity to early shareholders, including founders, employees, and initial investors. This strategy simultaneously enables a differentiated entry point for new investors to access scaled technology assets at more balanced valuations. Ultimately, the fund aims to deliver accelerated distributions and build a diversified portfolio for its limited partners.
Leadership Perspectives on the Venture Ecosystem
Nabil Al Rantisi, Group CEO of SHUAA Capital, noted that the MENA venture capital market has reached an important inflection point. He described the secondaries segment as one of the most compelling and structurally underserved opportunities in the region today. Al Rantisi praised Key Capital for its highly specialized team and clear first-mover advantage in this emerging space.
Basil Moftah, Managing Partner of Key Capital, emphasized that the region's venture ecosystem has matured faster than its liquidity infrastructure. He stated that the time is right for a dedicated secondary strategy to provide structured exit pathways for early stakeholders. Moftah added that SHUAA Capital’s institutional reach will be instrumental in scaling the strategy as the fund approaches its first close.
This strategic collaboration between SHUAA Capital and Key Capital represents a significant milestone in the evolution of the MENA venture capital market. By establishing a dedicated secondary market solution, the partnership is poised to enhance ecosystem maturity and provide vital liquidity. The initiative will ultimately foster a more sustainable investment cycle, benefiting founders, investors, and the broader regional technology landscape.