Kuwait-based Kamco Invest and TechInvest are preparing to launch the JEDI Opportunity Fund, a new venture vehicle targeting $100 million to $150 million, according to Fahad AlSharekh, CEO of TechInvest. The fund is the firms’ second collaboration and will build on the performance of their earlier $45 million JEDI Fund, launched four years ago to invest in US technology startups.
The first JEDI Fund has significantly outperformed many of its 2022-vintage global peers, delivering a 1.3x gross MOIC. The fund was early into Mercury, which recently reached a $3.5 billion valuation; after initially backing the company through its 3.0 Fund portfolio, Kamco and TechInvest increased their position via secondaries and a tender offer, making Mercury one of the vehicle’s largest holdings. A similar strategy was applied to MaintainX, where an early position was followed by an additional growth-stage investment.
The fund also leveraged emerging-manager exposure to secure direct allocations in Kepler, investing alongside Addition, GlobalFoundries, Temasek and Intel, and built a meaningful stake in Deel through secondary access despite the company being closed to new primary investors.
The new JEDI Opportunity Fund will reinvest in a select group of top-performing companies from the first fund while expanding into new global tech opportunities. AlSharekh did not disclose a launch date.
The initiative comes as Kamco Invest deepens its regional venture exposure, following recent stakes in Saudi retail tech company Foodics and customer engagement platform Unifonic. Founded in 1998 and listed on the Kuwait Stock Exchange, Kamco manages more than $17 billion in assets and operates across the UK, Saudi Arabia, the UAE, and Jordan. TechInvest, founded a decade ago, provides investment advisory and deal-sourcing services through alliances with asset managers.
