Vistra wins fund administration mandate for UK-based sharia-compliant fund

New fund aims to be the world’s largest sharia-compliant tech-focussed private equity fund.

By Jonathan Watkins

Fund services provider Vistra has won an administration mandate from UK-based Ethos Invest for its new Financial Services & Technologies fund.

The fund is launching with a target fundraise of £1 billion for private equity investments in sharia-compliant and ethical SMEs. 

The fund will invest in emerging innovators in financial services across banking, asset management, payments and other technology areas including blockchain, robotics and artificial intelligence (AI), among other verticals.

The majority of capital will be deployed in the UK with additional investments in Europe, the Kingdom of Saudi Arabia and the wider MENA region, Southeast Asia and North America.

The fund was launched by UK-based Ethos Invest, which brings together the Al Inma Investment Company and BMO Global Asset Management’s private equity team.

“We are proud and excited to support the launch of a sharia-compliant Fund by UK-based Ethos Invest, which is led by a talented and dynamic team,” said Onno Bouwmeister, global sector head, private equity, Vistra.

“Vistra has been able to provide expert guidance and services as they navigate the complexities of selecting the most appropriate jurisdiction for their fund structuring – Jersey was selected for its well-regulated environment and funds expertise. We look forward to our on-going work with Ethos Invest as they look to broaden ethical investing that drives financial inclusion and benefits society.”

The fast-growing Sharia-compliant investment industry is available across 80 countries but remains in relative nascence in Western markets.

The fund’s objective is to invest in the wider and burgeoning ESG and ethical market in a Sharia value-based manner that drives financial inclusion and benefits society.

Vistra recently attempted to acquire Australian fund services provider Mainstream Group through a $170 million offer, but was eventually outbid by larger players SS&C and Apex Group.

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