Phoenix Venture Partners closes debut fund at $23M, eyes 20-company portfolio
What's the deal? Abu Dhabi-based Phoenix Venture PartnersDealroom has a profile for this one. Try Dealroom → (PVP) has closed its debut venture fund, raising about $23 million across the fund and dedicated co-investment vehicles. The manager stopped accepting commitments on October 3, almost two years after its first close in October 2024.
Who's backing it? The fund drew commitments from 42 investors across nine jurisdictions. Backers include Abu Dhabi's KSH InvestmentsDealroom has a profile for this one. Try Dealroom →, Kuwait-listed Al-Imtiaz Investment GroupDealroom has a profile for this one. Try Dealroom →, Kuwait's Fawzi Musaad Al-Saleh Family OfficeDealroom has a profile for this one. Try Dealroom →, and Luxembourg-based LucasluxDealroom has a profile for this one. Try Dealroom →.
What's the endgame? Founded by Steve Khayat, Faris Al-Obaid, and Mussaad Al-Razouki, PVP backs early-stage technology companies across MENA, with scope to invest internationally. It plans to grow the portfolio from seven companies to between 15 and 20, spanning fintech, healthcare, education, logistics, and sustainability.
Why now? 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 set a $50 million target at its first close but did not disclose how much of the $23 million belongs to the fund itself.
PVP has also brought investors into individual deals alongside the fund. In September, it led UAE consumer fintech SavDealroom has a profile for this one. Try Dealroom →'s $3.5 million pre-Series A with co-investors drawn from the fund's backers. It took a similar approach with COFE TechDealroom has a profile for this one. Try Dealroom →, buying existing shares before the software company's $43 million pre-IPO round, with Khayat joining its board.
On performance: PVP reported a total value to paid-in capital (TVPI) ratio of 1.53x, which it said cleared the 1.50x threshold for the top decile of 2024-vintage funds in Carta's Q2 2026 benchmark data. The figure includes unsold holdings, so it does not mean that cash has been returned to investors.
The signal: A debut fund closing below target but claiming top-decile early returns reflects a cautious MENA venture market, where managers are leaning on co-investment to stretch limited capital and keep backers close to individual deals.
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