GC Credit II

The project consists of a US$25 million equity investment, not to exceed 20% of total commitments, in GC Credit Opportunities Fund II, L.P (the “Fund”). The Fund succeeds Gulf Capital Credit Opportunities Fund I, L.P. (“Fund I”) where IFC invested US$20 million in 2013 (project #32640). The Fund, sponsored by Gulf Capital Pvt. JSC (“Gulf Capital”), has a target size of US$250 million. First close has been achieved in Dec 2015. The Fund focuses on a diversified portfolio of debt instruments including, but not limited to, mezzanine instruments, preferred equity securities, high yield debt securities, convertible and other similar income producing securities and obligations in the Middle East and North Africa (“MENA”) region with a majority of the Investments expected to be made, directly or indirectly, in companies in the Levant, Turkey and Egypt, as well as in the Gulf Cooperation Council countries of Bahrain, Kuwait, Oman, Qatar, the Kingdom of Saudi Arabia and the United Arab Emirates. The Fund may also invest up to 30% of total commitments in companies that are headquartered, operate principally, or founded in Sub-Saharan Africa.