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Abu Dhabi-based Phoenix Venture Partners has completed fundraising for its debut venture fund, raising about $23 million across the fund and dedicated co-investment vehicles as it prepares to more than double its portfolio.
The manager stopped accepting commitments on October 3, almost two years after its first close in October 2024, when it set a $50 million fundraising target. It didn’t disclose how much of the $23 million belongs to Phoenix Venture Partners Innovation Fund itself.
Founded by Steve Khayat, Faris Al-Obaid and Mussaad Al-Razouki, PVP backs early-stage technology companies across MENA, with scope to invest internationally. Its interests span fintech, healthcare, education, logistics and sustainability.
The fund has drawn commitments from 42 investors across nine jurisdictions. Backers include Abu Dhabi’s KSH Investments, the international investment platform of the Private Department of Sheikh Mohamed Bin Khalid Al Nahyan, and Kuwait-listed Al-Imtiaz Investment Group. Kuwait’s Fawzi Musaad Al-Saleh Family Office and Lucaslux, the Luxembourg-based private investment fund of Patrick Lucas, also participated.
PVP plans to expand the fund’s portfolio from seven companies to between 15 and 20. About 45% of committed capital remains available for new deals and follow-on investments, with deployment expected to continue through 2027 and potentially into 2028.
The firm has brought its investors into individual transactions alongside the fund. In September, it led UAE consumer fintech Sav’s $3.5 million pre-Series A, with participation from co-investors drawn from the fund’s backers.
Its recently disclosed investment in COFE Tech followed a similar approach, with KSH among the co-investors. PVP bought existing shares before the procurement and commerce software company’s $43 million pre-IPO round, and Khayat joined its board.
PVP reported a total value to paid-in capital ratio, or TVPI, of 1.53x, which it said placed the fund above the 1.50x threshold for the top decile of 2024-vintage funds in Carta’s Q2 2026 benchmark data. The manager said it had met the top-decile threshold for three consecutive quarters.
The measure includes the value of unsold investments. A TVPI of 1.53x means the fund’s remaining holdings and any distributions together are worth $1.53 for every dollar investors have paid in; it does not mean that amount has been returned in cash.
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