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Investment bank SNB Capital has raised USD 230 mn for a new oil and gas fund as it looks to grow its global investment portfolio, it said in a statement on Linkedin yesterday. SNB Capital Oil and Gas Fund I will invest in Repsol E&P — a joint venture between Spanish oil company Repsol and EIG.
Ironing out the details: The fund, launched by Dubai subsidiary SNB Capital DIFC, would offer investors exposure to exploration and production assets with a production capacity of 600k barrels a day, Bloomberg reported yesterday. Investments would be provided under a shariah-compliant structure. This would help boost the local investment bank’s role in OECD countries, mainly North America which is home to half of the JV’s reserves and resources, it added.
Not the first fund for SNB Capital this year: The investment bank launched a SAR 1 bn realestate fund earlier this month with Alshegrey Investment Group as they seek to capitalize on rising demand for offices and commercial real estate.
SNB Capital was the number two financial adviser on IPOs in Saudi last year after our friends at HSBC Saudi Arabia, according to Bloomberg. SNB Capital advised broadcaster giant MBC on its blockbuster IPO which raised SAR 831 mn (USD 222 mn) in January.
