Dubai-based SHUAA Capital and Abu Dhabi’s Key Capital have announced a strategic partnership to develop the venture capital secondaries market across the MENA region and Europe. The collaboration aims to provide much-needed liquidity solutions for founders, early employees, and investors in a rapidly maturing tech ecosystem.
Quick Facts
- Partnership to develop the VC secondaries market.
- Key Fund I LP targets a $50 million fund size.
- Regional secondaries market estimated at over $1 billion.
Addressing the Liquidity Gap
As venture capital investment in MENA has accelerated, growing from $1.1 billion in 2020 to a projected $3.8 billion in 2025 according to Magnitt, exit and liquidity pathways have failed to keep pace. This has created a structural need for secondary solutions, allowing early stakeholders to realize gains without waiting for a traditional IPO or acquisition.
Key Capital estimates the regional secondary market opportunity at over $1 billion and growing. The partnership arrives as the global secondaries market gains significant traction, hitting a record transaction volume of $240 billion in 2025, highlighting its increasing importance for institutional investors worldwide.
A Synergistic Partnership
Under the agreement, SHUAA Capital will provide advisory support in capital formation, strategic relationships, and capital markets execution. This leverages SHUAA’s established institutional platform to support Key Capital’s specialized focus on acquiring positions in high-growth tech companies through off-cap-table deals. Key Capital’s first fund, Key Fund I LP, has already closed two transactions and is structured as an ADGM Limited Partnership.
Nabil Al Rantisi, Group CEO of SHUAA Capital, commented, “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. Key Capital brings a highly specialized team with a proven track record and a clear first-mover advantage, and we are delighted to partner with them.”
Basil Moftah, Managing Partner of Key Capital, added, “Key Capital is built on the conviction that MENA’s venture ecosystem has matured faster than its liquidity infrastructure. The time has come for a regional secondary strategy, providing a dedicated liquidity layer, supporting early stakeholders with structured exit pathways while enabling investors to access high-quality technology assets at a more balanced entry point. SHUAA Capital’s institutional platform and regional reach will enhance our ability to scale this strategy and broaden access to the asset class as we approach our first close.”
About SHUAA Capital
SHUAA Capital psc is a financial services firm established in 1979 and listed on the Dubai Financial Market. Licensed by the UAE Capital Market Authority, SHUAA provides investment banking, asset management, and capital markets solutions across the MENA region to institutional, corporate, and high-net-worth clients.
About Key Capital
Key Capital Ltd is MENA’s first dedicated venture capital secondaries asset manager, regulated by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). The firm was founded by an operator-led team with over 29 years of collective investment experience, specializing in VC secondaries structuring and execution.
Source: Citywire Middle East
