Hassana Investment Company, the investment manager of Saudi Arabia’s $320bn General Organization for Social Insurance (GOSI) pension fund, is to allocate up to $500m in Brookfield Asset Management’s new Middle East-focused private equity fund.
The companies have signed a memorandum of understanding (MoU) concerning Hassana’s anchor investment in Brookfield Middle East Partners (BMEP), which will look to raise at least $2bn including a $500m commitment from the private equity firm.
BMEP will target buyouts, structured solutions, and other investment opportunities across a range of sectors including industrials, consumer and business services, technology, and healthcare.
The MoU was signed by Saad bin Abdulmohsen Al-Fadly, CEO of Hassana, and Bruce Flatt, CEO of Brookfield Asset Management.
Brookfield is one of the largest foreign direct investors in the Gulf Cooperation Council (GCC) and has been active in the region since 1997, commencing direct investments in 2015. The firm has since built a portfolio of over $12bn of managed assets across private equity, real estate, and infrastructure, and has a substantial on the ground presence and an established team in offices in Dubai and Riyadh.