Dubai – Mubasher: Shuaa Capital and Key Capital Limited joined forces to support the development of the venture capital (VC) secondaries market across MENA and EMEA.
Key Fund I LP targets a fund size of $50 million and pursues a disciplined secondaries strategy focused on acquiring positions in high-growth technology companies through off-cap-table transactions, according to a press release.
The strategy aims to provide liquidity to early shareholders while enabling a differentiated entry point into scaled assets, with the objective of delivering accelerated distributions and diversified portfolio exposure.
To date, the fund has successfully closed two transactions and is structured as an ADGM Limited Partnership.
Annual VC deployment across the region has increased from $1.10 billion in 2020 to $3.80 billion in 2025, according to Magnitt.
Key Capital estimates the regional secondaries market at over $1 billion and growing. Against this backdrop, global secondaries transaction volume reached a record $240 billion in 2025, according to Jefferies, underscoring the asset class’s increasing relevance to institutional allocators worldwide.
Under the agreement, the DFM-listed company will provide advisory support across capital formation, strategic relationships, and capital markets execution, leveraging its institutional platform to complement Key Capital’s specialized secondary strategy, sourcing network, and investment discipline.
Group CEO of SHUAA Capital, Nabil Al Rantisi, commented: “The MENA venture capital market has reached an inflection point, and the secondaries segment represents one of the most compelling and structurally underserved opportunities in the region today. Key Capital brings a highly specialized team with a proven track record and a clear first-mover advantage, and we are delighted to partner with them.”
Managing Partner of Key Capital, Basil Moftah, commented: “The time has come for a regional secondary strategy, providing a dedicated liquidity layer, supporting early stakeholders with structured exit pathways while enabling investors to access high-quality technology assets at a more balanced entry point. Shuaa Capital’s institutional platform and regional reach will enhance our ability to scale this strategy and broaden access to the asset class as we approach our first close.”
