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Phoenicia Group Introduces Libya Fund; Launches Breakthrough Libya-Focused Private Equity Fund
Tue, 13 Feb 2007, 14:30:00 EDT
TRIPOLI, Libya - Feb. 13 (SEND2PRESS NEWSWIRE) -- Phoenicia Group Libya, (www.phoenicia.ly), the leading U.S.-Libyan diversified business and consultancy group, announced today Libu Capital S.A, its dedicated Libya-centered private equity firm offshoot, has secured $95,000,000 in commitments surpassing initial expectations and reaching its first close target for its $300,000,000 Tripoli-based Libya Fund.
 The planned capital for the pioneering Fund, Libya's first, was initially set at $100,000,000, later being upped to triple that amount due to investor enthusiasm and preliminary commitments from institutional investors, with most LP's expected to come from Libya, the U.S., Europe, and the Middle East.
Phoenicia Group is committing $20,000,000 to the inaugural Fund, with the rest of the commitments coming from the Libyan Arab African Investment Group and a European investment bank.
Ryad Sunusi, who as Phoenicia Group President & CEO oversees 17 wholly owned subsidiaries and affiliates with an estimated $150,000,000 portfolio in the oil & gas, construction, tourism, telecommunications, health, services, and agribusiness sectors in Libya, is optimistic on what he calls the enormous opportunities investors have in Libya and the role the Fund can play, saying:
"Our established on the ground presence in Libya, thorough knowledge of the market, and direct involvement in setting up new ventures in Libya has given us a unique position to identify investment opportunities in Libya to international investors."
"The Fund was strategically planned and will be managed by some of the best in the business; with hands on experience in diverse market sectors in Libya, with a focus on tourism, construction, oil services, and industry, sectors selected for the tremendous opportunities and liberal investment mechanisms in place."
Sunusi, a prominent Libyan businessman and consultant who began in real estate and oil services, also cautions investors to be wary of private equity funds and other investment vehicles based outside Libya without backing from the Libyan government and little or no practical experience in identifying investment opportunities in the country.
"There will always be parties who pop out once in awhile with one aim in mind, fleecing investors and delivering little on promises. These outfits, almost without exception, have a very limited understanding of the Libyan legal and business environment and no strategic game plan or long-term planning and relationships for managing a successful investment portfolio, and what's more are not even based in Libya but overseas."
"We strongly advise investors to be diligent and stay away from such set-ups, which have no backing from the Libyan government and operate in a shady grey area."
"We fully support the Libyan government's national economic strategy and a strong public and private sector; and the importance of training a new corps of Libyan business leaders to achieve economic growth and development."
Key services provided to U.S. and international clients include Risk Management, Commercial Advisory/Business Law, Communication, Government Relations, Trade Advocacy, Concept Development, Sourcing, Strategy, and Total Project Management.
About Libu Capital S.A
Libu Capital, a dedicated Libya-focused private equity fund, focuses exclusively on investment opportunities in Libya, with Phoenicia Group and the Libyan Arab African Investment Group as founding shareholders.
About Phoenicia Group Libya, LLC
Phoenicia Group, a U.S.-Libyan professional business services company, establishes and advises on interoperability issues in the Libyan Market with technology, and devises, researches and implements market entry and risk management strategies for U.S. companies wishing to establish a foothold for commerce in Libya. For more information, visit www.phoenicia.ly.
Text provided by the news source.
NEWS SOURCE: Phoenicia Group
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REFERENCES: Phoenicia Group Introduces Libya Fund; Launches Breakthrough Libya-Focused Private Equity Fund, Phoenicia Group Libya LLC, Libu Capital S.A, Libya-centered private equity firm, Ryad Sunusi, oil and gas, construction, tourism, telecommunications, health, services, and agribusiness sectors in Libya, Libyan Arab African Investment Group, Feb 13, 2007.
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