Key Takeaways
- • SHUAA Capital and Key Capital launched a $50 million venture secondaries fund (Key Fund I LP) targeting acquisition of positions in high-growth technology companies across MENA and EMEA through off-cap-table transactions.
- • The fund has already closed two transactions and is structured as an Abu Dhabi Global Market Limited Partnership, with SHUAA providing advisory support on capital formation and capital markets execution while Key Capital contributes secondaries expertise and sourcing capability.
- • MENA venture capital deployment has accelerated from $1.1 billion in 2020 to $3.8 billion in 2025, with the regional secondaries market estimated at over $1 billion—representing a structurally underserved opportunity according to SHUAA Capital Group CEO Nabil Al Rantisi.
- • Global venture secondaries transaction volume reached a record $240 billion in 2025, providing macro context for the fund's market entry as the region's venture ecosystem matures toward institutional secondary market development.
Summary
SHUAA Capital and Key Capital have formalized a strategic partnership to develop the venture capital secondaries market across MENA and EMEA regions through the launch of Key Fund I LP, a $50 million dedicated secondaries fund. The partnership combines SHUAA's institutional advisory capabilities and capital markets infrastructure with Key Capital's specialized secondaries investment strategy and sourcing network. The fund targets acquisition of positions in high-growth technology companies via off-cap-table secondary transactions, a structure designed to provide liquidity events for early shareholders while offering institutional investors access to scaled technology assets at later stages of development.
The fund has already executed two transactions since inception and is formally registered as an AbuDhabi Global Market Limited Partnership, establishing regulatory clarity within the UAE's financial center framework. SHUAA will provide comprehensive advisory support across capital formation, strategic relationship development, and capital markets execution, while Key Capital assumes primary responsibility for investment sourcing, due diligence, and portfolio management discipline. This operational split leverages SHUAA's regional institutional platform with Key Capital's specialized secondaries expertise.
The partnership announcement is strategically timed within a period of significant venture market acceleration in MENA. According to Magnitt data cited in the statement, venture capital deployment across the region has grown substantially from $1.1 billion in 2020 to $3.8 billion in 2025—a 245% increase over five years. Key Capital's internal market research estimates the regional secondaries market at over $1 billion, positioning the fund to capitalize on institutional investor demand for secondary liquidity mechanisms. The timing also reflects global secondaries market momentum, with Jefferies data showing global secondaries transaction volume reached a record $240 billion in 2025.
Nabil Al Rantisi, Group Chief Executive Officer of SHUAA Capital, characterized the opportunity as representative of a market inflection point: "The MENA venture capital market has reached an inflection point, and the secondaries segment represents one of the most compelling and structurally underserved opportunities in the region today." The partnership explicitly positions Key Capital as a first-mover with specialized operational capability, suggesting the fund expects limited competition in the emerging regional secondaries segment as MENA's venture ecosystem transitions from early-stage deployment-focused models toward more mature institutional secondary market infrastructure.
The fund has already executed two transactions since inception and is formally registered as an AbuDhabi Global Market Limited Partnership, establishing regulatory clarity within the UAE's financial center framework. SHUAA will provide comprehensive advisory support across capital formation, strategic relationship development, and capital markets execution, while Key Capital assumes primary responsibility for investment sourcing, due diligence, and portfolio management discipline. This operational split leverages SHUAA's regional institutional platform with Key Capital's specialized secondaries expertise.
The partnership announcement is strategically timed within a period of significant venture market acceleration in MENA. According to Magnitt data cited in the statement, venture capital deployment across the region has grown substantially from $1.1 billion in 2020 to $3.8 billion in 2025—a 245% increase over five years. Key Capital's internal market research estimates the regional secondaries market at over $1 billion, positioning the fund to capitalize on institutional investor demand for secondary liquidity mechanisms. The timing also reflects global secondaries market momentum, with Jefferies data showing global secondaries transaction volume reached a record $240 billion in 2025.
Nabil Al Rantisi, Group Chief Executive Officer of SHUAA Capital, characterized the opportunity as representative of a market inflection point: "The MENA venture capital market has reached an inflection point, and the secondaries segment represents one of the most compelling and structurally underserved opportunities in the region today." The partnership explicitly positions Key Capital as a first-mover with specialized operational capability, suggesting the fund expects limited competition in the emerging regional secondaries segment as MENA's venture ecosystem transitions from early-stage deployment-focused models toward more mature institutional secondary market infrastructure.
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