DOHA —, 4 June 2007 CORECAP, the regional investment and advisory firm specialized in alternative investments, launched on Saturday its first $150 million CORECAP Islamic Private Equity Fund I (CIPEF I). CIPEF I will fund Shariah-compliant private equity investments in the Middle East and North Africa (MENA) region via equity participation and a unique Shariah-compliant mezzanine structure. The fund will acquire majority stakes in stable and mature businesses through funding growth capital, MBOs, MBIs, LBOs and recapitalizations.

CIPEF I achieved a breakthrough in Islamic finance, making it the first private equity fund that offers a Shariah-compliant mezzanine structure worldwide. This innovative structure overcomes one of the main traditional funding barriers for the growth of the Islamic private equity industry. The announcement was made at the Qatar Economic Forum.

CORECAP’s solid shareholder base is led and represented on the board by the Chairman Mohamed bin Jassem Al-Thani, former minister of economy & commerce in Qatar, Vice Chairman Rohit Walia, CEO and Managing Director of Bank Sarasin-Alpen (ME) Ltd. and Alpen Capital (ME) Ltd., leading Swiss private and investment banks, and by CEO & Board Member Khaled Hassan Rashed and Managing Director Omar Adel El-Maghawry both representing CORE Partners, an investment management firm.

The global Islamic finance industry is valued at $800 billion, growing by an estimated 15-20 percent per annum.

Khaled Hassan Rashed, CEO & board member of CORECAP, said: “We are proud to be announcing today CIPEF I, the first of our family of Islamic private equity funds. It will invest in Shariah-compliant businesses across a wide array of industries. CIPEF I is a close-ended 6-year fund targeting a minimum internal rate of return of 25 percent per annum and open to institutional and high net worth and investors with a minimum investment requirement of $3 million. It will be governed by an independent Shariah-board comprising prominent Shariah scholars from the region.”

He added “CIPEF I’s uniqueness lies in offering innovative Shariah-compliant funding through equity participation and mezzanine structure, thus providing our investors with access to a diversified asset-class base and offering Shariah-compliant businesses diverse sources of growth capital. The launch of CIPEF I stems from our belief that Islamic private equity is one of the most suitable answers to ever increasing demand for structured Shariah-compliant investments.

“We see private equity as a natural fit for such investments as it is based on investment in the real economy and sharing risks and rewards through partnership. Our team has identified an eminent pipeline of transactions that fits the investment criteria of the fund and caters to the huge demand and appetite of our investors. We believe that Islamic private equity is set to outgrow conventional private equity in the MENA region within the next 5 years and is estimated to cross $41 billion by 2011. We are committed to playing a leading role in the development of Islamic private equity in the industry as a whole.”

El-Maghawry said: “The fund is in line with CORECAP’s ‘Invest & Grow’ strategy which focuses on mid-to-late-stage companies in the MENA region. Once an investment is identified, CORECAP conducts a thorough diligence to determine its value creation strategy and a clear exit route for value realization. CORECAP creates value in businesses through focused post-acquisition management strategies including operational and financial reengineering, strategic redefinition, spin-off of non-core assets and establishing consolidation platforms for growth via acquisitions. The interests of shareholders and management of investee companies are aligned through various incentive schemes including stock options, thus sharing the value created upon exit.

CORECAP is a regional investment and advisory firm that offers a spectrum of compelling investment opportunities in alternative asset classes in the MENA region to sophisticated institutional and high net worth investors. The firm specializes in structured complex financing.