PitchBook-2023年下半年中东和北非地区私人资本明细（英）-2024-14页

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MENA

Private Capital

Breakdown

2023

PitchBook Data, Inc.

John Gabbert Founder, CEO

Nizar Tarhuni Vice President, Institutional Research and Editorial

Dylan Cox, CFA Head of Private Markets Research

Institutional Research Group

Analysis

Data

Charlie Farber

Senior Data Analyst

pbinstitutionalresearch@pitchbook.com

Publishing

Report designed by Joey Schaffer

Published on March 8, 2024

Click here for PitchBook’s report methodologies.

Contents

2H2 2023 MENA PRIVATE CAPITAL BREAKDOWN

Nalin Patel

Lead Analyst, EMEA Private Capital

nalin.patel@pitchbook.com

Introduction 3

Dealmaking 4

Exits 9

Fundraising 11

3H2 2023 MENA PRIVATE CAPITAL BREAKDOWN INTRODUCTION

Introduction

Dealmaking

Middle East & North Africa (MENA)-based startups

contributed to the second-highest regional deal value on

record in 2023. Global VC deal activity decelerated in 2023

as global market sentiment shifted towards bearish territory

amid inflationary pressures and weaker growth forecasts.

VC deal value grew sixfold between 2018 and 2022, with

2023 marking a reversal in this trend. Countries registering

the bulk of deal activity include the United Arab Emirates,

Turkey, Egypt, and Saudi Arabia. During the past two years,

outlier deals have underpinned the expansion of capital

flows into the UAE. Recent deals for major VC-backed,

MENA-based companies are displaying similar funding and

scale characteristics to their European and US counterparts.

MENA PE deal value and count grew amid challenging

market dynamics for portfolio companies and investors

in 2023. Despite gloomy outlooks, MENA PE deals were

conducted as wider macroeconomic conditions have

had divergent impacts on geographies and sectors. In

the MENA region, PE deal activity has historically been

concentrated in the UAE, Saudi Arabia, and Turkey. In

2023, the UAE represented 45.0% of PE deal value and

23.8% of deal volume, equivalent to $7.1 billion across 50

deals. Government funding and policies have encouraged

investment, particularly in Saudi Arabia. Diversification

has been at the forefront of the investment push for MENA

countries that have historically relied on natural resources

to generate returns.

Exits

MENA’s quiet VC exit activity in 2023 mirrored VC

ecosystems across the globe. Unfavorable market

conditions due to volatility in public markets, inflationary

pressures, and weaker growth forecasts drove the lack of

activity. Given the early stages of VC in the MENA region,

exit activity has been lumpy and supported by liquidity

events for Careem in 2020 and Jahez in 2022. Experienced

investors have continued to be bullish on the long-term

opportunities VC presents, realizing that ebbs and flows are

part of the investment strategy for the asset class. However,

an extended period without meaningful exits could create

liquidity bottlenecks for LPs and GPs needing to supply

capital for startups.

In 2023, PE exit value and volume increased. Although

MENA exit value has shifted from year to year due to outlier

events, recent exits highlight that portfolio companies

in the region can grow to multimillion-dollar valuations

and deliver returns to investors. Establishing exit routes

and developing public markets for mature companies are

further initiatives for the private capital environment. In

recent years, the Gulf Cooperation Council (GCC) region

has undergone capital market reforms, including improving

local market infrastructure and applying measures to

attract foreign capital.

Fundraising

The emerging nature of VC has translated into a limited

fundraising environment that has grown in recent years,

with large funds skewing totals. At the heart of the

fundraising push has been Aramco Ventures, the corporate

venture capital (CVC) arm of Saudi Aramco, one of the

world’s largest integrated energy and chemicals companies.

In the past decade, nontraditional investors, including

sovereign wealth funds (SWFs), family offices, PE firms, and

hedge funds, among others, have increased their allocation

to VC. However, with global VC activity slowing in the past

two years, scrutiny around valuations and growth rates has

increased. In the long term, MENA-based SWFs will likely

continue to invest heavily in VC.

In 2023, PE fundraising slowed considerably from the

decade high in 2022. State-backed financing to diversify

away from oil and into emerging technologies to deliver

greater financial returns has been key consideration in the

MENA region, and we expect further initiatives moving

forward. In the future, developing capital resources outside

of government coffers will be an interesting challenge

for GPs. Office expansions into the region and new funds

seeking external LP commitments could promote inward

and outward investment flows within MENA. Recent forays

into areas such as tourism, sports, and entertainment could

entice added financial activity and interest in the region’s

private market capabilities.

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摘要：

MENAPrivateCapitalBreakdownH22023PitchBookData,Inc.JohnGabbertFounder,CEONizarTarhuniVicePresident,InstitutionalResearchandEditorialDylanCox,CFAHeadofPrivateMarketsResearchInstitutionalResearchGroupAnalysisDataCharlieFarberSeniorDataAnalystpbinstitutionalresearch@pitchbook.comPublishingReportdesigne...

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