Rasmala Announces $500 Million Poseidon Fund Exit

Rasmala Investment Holdings recently announced a significant milestone with the successful exit of the $500 million Poseidon Fund, delivering over an 8x return to its participating shareholders. Managed by its subsidiary, Rasmala Investment Bank Limited (RIBL), and regulated by the Dubai Financial Services Authority (DFSA), the Poseidon Fund marked one of Rasmala’s largest and most impactful transactions in the past two years.

The Poseidon Fund was created as a DIFC-based investment vehicle to bolster Gulf Navigation Holding PJSC’s (GulfNav) capital base and support its strategic expansion. RIBL expertly structured and managed GulfNav’s $59.9 million issuance of Mandatory Convertible Bonds (MCBs), which were subsequently converted into 200 million ordinary shares at Dh1.10 per share, elevating the Poseidon Fund to GulfNav’s largest shareholder.

Rasmala’s investor group for the fund included prominent UAE-based family offices, high-net-worth individuals, and financial institutions. This exit coincides with GulfNav’s planned $871 million acquisition of Brooge Energy Limited, which is proceeding smoothly following the signing of the Sale and Purchase Agreement and a successful $136 million MCB issuance.

Ali Taqi, CFA and Deputy CEO of Rasmala Investment Bank Limited, expressed pride in the strong investor returns and praised his team’s dedication in orchestrating the transaction. He highlighted Rasmala’s deep expertise in structuring complex deals and delivering customized investment solutions that propel growth strategies. The firm sees considerable opportunity to provide growth capital for GCC-based companies, leveraging its comprehensive knowledge of both private and public markets to support their development.

This transaction exemplifies Rasmala’s role in driving strategic investment opportunities and generating superior returns in the region’s evolving financial markets.