Business

SHUAA Capital has announced a strategic partnership with Key Capital to support the development of the venture capital secondaries market across the MENA and EMEA regions.

The partnership aims to address the growing demand for liquidity solutions in the regional venture capital ecosystem as startup investments continue to expand rapidly across the Middle East and North Africa.

According to the announcement, Key Capital’s Key Fund I LP is targeting a fund size of $50 million and follows a secondaries investment strategy focused on acquiring positions in high-growth technology companies through off-cap-table transactions. The fund is designed to provide liquidity opportunities for early shareholders while offering investors access to scaled technology assets with diversified exposure and accelerated distribution potential.

The fund has already completed two transactions and is structured as an ADGM Limited Partnership.

The collaboration comes amid significant growth in the regional startup ecosystem. Venture capital deployment across MENA increased from $1.1 billion in 2020 to $3.8 billion in 2025, according to Magnitt. However, liquidity pathways have not expanded at the same pace, creating demand for structured secondary market solutions for founders, early investors, and shareholders seeking exits.

Key Capital estimates that the regional venture capital secondaries market is now valued at more than $1 billion and continues to grow. Globally, secondaries transaction volume reached a record $240 billion in 2025, according to Jefferies, highlighting the increasing importance of the asset class among institutional investors.

Under the agreement, SHUAA Capital will provide advisory support across capital formation, strategic relationships, and capital markets execution. The company will leverage its institutional platform to complement Key Capital’s specialised sourcing network and investment strategy.

Nabil Al Rantisi said the MENA venture capital market has reached a major inflection point, adding that the secondaries segment represents one of the most compelling and underserved opportunities in the region.

He noted that Key Capital brings a highly specialised team, strong track record, and first-mover advantage to the emerging market.

Basil Moftah said the firm was established on the belief that the MENA venture ecosystem has matured faster than its liquidity infrastructure.

He added that the partnership with SHUAA Capital will strengthen Key Capital’s ability to scale its strategy and expand investor access to the venture secondaries asset class as the firm approaches its first fund close.

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