That's a decent chunk of money - in fact, it seems to be the most raised (or at least the most that's been announced, mind you) in the Gulf this year, a relatively dry period for PE in the GCC and across the globe.

I talked yesterday with Karim El Solh, the chief executive of Gulf Capital, and Muhannad Qubbaj, the managing director of business development, at a press briefing in Abu Dhabi, where the firm is based. They're searching out all kinds of opportunities now, concentrating on established businesses in regional markets that are primed to grow (Saudi Arabia being the prime example). They're not looking for distressed assets, although they say there are some distressed sellers out there. Rather, they're going for controlling stakes in entrenched businesses, which they approach individually to make deals (they usually don't participate in auctions). Mr Qubbaj said one prime target was spinoffs from the large family conglomerates that constitute a large share of the region's commercial prowess.