Tell Group has held a first close for its first Lebanon infrastructure fund, media sources reported this week.
The private equity firm did not disclose the amount of capital raised, but has revealed that the fund is targeting $100 million in commitments.
The infrastructure fund is the first in a series that will target $1 billion to invest in infrastructure opportunities in Lebanon, according to Reuters. The fund has identified five-to-six potential investments in sectors such as waste management, energy and telecommunications. It will also consider investments in the transport, water, electricity, solid waste and tourism sectors in the future.
Tell Group said that more than 25 investors have backed the fund, according to several media sources. The investor base is comprised of offices, individuals and institutions from Lebanon, Europe, and the Gulf Cooperation Council.
