Key Takeaways
- • Samena Capital founder Shirish Saraf explicitly rejects financial engineering and leverage as viable strategies in volatile markets, arguing that business judgment and structural resilience take precedence over debt-driven returns.
- • Samena has raised over $1.3 billion since its 2008 launch and currently manages approximately $274 million, with $1 billion returned to investors from more than 50 full and partial exits across South Asia, the Middle East, and North Africa.
- • Saraf's investment philosophy prioritizes structures designed to withstand economic cycles in markets characterized by political, currency, and exit unpredictability—a approach developed through early careers at a 3i/ANZ joint venture in India and subsequent roles in Bahrain.
- • Saraf advocates for lower debt levels despite acknowledging reduced returns, positioning capital preservation and downside protection as superior to leverage-amplified gains in emerging markets.
Summary
Shirish Saraf, founder and vice-chairman of Dubai-based Samena Capital, has articulated a contrarian view on private equity structuring in volatile markets: financial engineering and leverage are inadequate substitutes for sound business judgment. Speaking with evident conviction, Saraf emphasizes that sustainable investing depends on creating structures capable of weathering economic cycles rather than relying on debt mechanics to enhance returns.
Since establishing Samena in 2008, Saraf has built the firm into a meaningful player across South Asia, the Middle East, and North Africa—the regions comprising the firm's acronym. The platform has raised over $1.3 billion in cumulative capital and currently manages approximately $274 million in assets under management. The firm has returned $1 billion to investors through more than 50 full and partial exits, demonstrating a track record of successful realizations across its target geographies.
Saraf's approach is rooted in his early career experiences in emerging markets. Beginning at age 23, he joined a joint venture between British venture capital firm 3i and Australian investment bank ANZ—described as the first overseas private equity fund in India at the time, capitalized at $13 million. He subsequently spent four years in India followed by three years in Bahrain, developing an investment methodology emphasizing access, trust, and comfort with local operational complexity over auction-driven deal processes. This foundation informed his conviction that in markets where politics, currencies, and exit scenarios remain unpredictable, excessive leverage compounds rather than mitigates risk.
His explicit acknowledgment that "less debt maybe reduces your returns" signals a deliberate trade-off in favor of downside protection and capital durability—a philosophical stance that distinguishes Samena's positioning in private equity markets during periods of elevated volatility and compressed exit windows.
Since establishing Samena in 2008, Saraf has built the firm into a meaningful player across South Asia, the Middle East, and North Africa—the regions comprising the firm's acronym. The platform has raised over $1.3 billion in cumulative capital and currently manages approximately $274 million in assets under management. The firm has returned $1 billion to investors through more than 50 full and partial exits, demonstrating a track record of successful realizations across its target geographies.
Saraf's approach is rooted in his early career experiences in emerging markets. Beginning at age 23, he joined a joint venture between British venture capital firm 3i and Australian investment bank ANZ—described as the first overseas private equity fund in India at the time, capitalized at $13 million. He subsequently spent four years in India followed by three years in Bahrain, developing an investment methodology emphasizing access, trust, and comfort with local operational complexity over auction-driven deal processes. This foundation informed his conviction that in markets where politics, currencies, and exit scenarios remain unpredictable, excessive leverage compounds rather than mitigates risk.
His explicit acknowledgment that "less debt maybe reduces your returns" signals a deliberate trade-off in favor of downside protection and capital durability—a philosophical stance that distinguishes Samena's positioning in private equity markets during periods of elevated volatility and compressed exit windows.
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