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Co-Investments is a core business line that complements our Private Equity and Credit platforms, as investors increasingly demand marquee and exclusive investment opportunities.



Samena Limestone Holdings

We initiated our first co-investment in RAK Ceramics via Samena Limestone Holdings (a Cayman based 5 year fixed term company). In June 2014, Samena Capital led a consortium of sovereign wealth funds, institutional investors, family conglomerates and high net worth individuals from across the GCC to acquire 31% of RAK Ceramics, one of the world’s largest manufacturers of premium quality ceramic tiles, tableware and sanitary ware. RAK Ceramics is listed on the Abu Dhabi Stock Exchange, and operates production facilities in the UAE, India, and Bangladesh; supplying to over 160 countries.

Our investment in RAK Ceramics constitutes our largest endeavour, both in terms of investment size and the scale of our portfolio management activities to date. Since investing in the company we implemented a Value Creation Plan that has transformed the business into a world class ceramics producer with a ‘lifestyle solutions’ offering.

In May, 2021 we successfully exited our investment in RAK Ceramics and the proceeds were distributed to our shareholders in June 2021.

Samena Groceries Holdings

In 2016 Samena Capital led a consortium of investors in the Series-B fundraising round of HappyFresh, a leading South East Asian grocery-dedicated online platform with operations in Indonesia, Malaysia, and Thailand offering app and web based grocery shopping.

The consortium comprised of new and existing investors, including Vertex Ventures (venture arm of Temasek Holdings) and Sinar Mas Digital Ventures. The investment in HappyFresh was made by Samena Special Situations Fund II L.P. a seven-year closed end fund, through its investment vehicle Samena Groceries Holdings.

HappyFresh has achieved exponential growth since our initial investment in 2016 where GMV has grown from US$8 million to a record high US$58 million total annual GMV in 2020. This was achieved on the back of several value creation initiatives led by Samena Capital, the strength of the management team and the infrastructure in place to make it a sustainable business.

In July 2021 we successfully completed a full exit of the position of HappyFresh, which realised US$23.7 million, generating a 2.37x ROI over our investment period.

Samena Keys Holdings

Imperativ Hospitality Private Limited (Bloom) is an asset-light India focused mid-market hotel operator founded by the Akoi family in 2010. The founding family is a leading hospitality family group in India which owns the marquee Imperial Hotel in New Delhi. Between April 2018 and November 2019, Samena Special Situations Fund III L.P. and its co-investors have invested US$29.5 million for a 49.7% stake in the company. This makes the group the largest external shareholder in the company. The investment in Imperativ Hospitality Private Limited (Bloom) was made through a primary injection of capital by Samena Special Situations Fund III through its investment vehicle Samena Keys Holdings.

The capital injection will be used to fund the expansion plan of the business over the next 5 years as Bloom grows to become a leading pan-Indian hotel chain with strong brand recognition.

Samena Ceylon Holdings

In April 2018, Samena Special Situations Fund III L.P. and its coinvestors invested US$34.8 million into Softlogic, acquiring 26.1% of the company. Founded in 1991 by a first generation entrepreneur Ashok Pathirage, Softlogic is one of Sri Lanka’s leading diversified conglomerates. The company manages one of the largest hospital chains (Asiri Hospital Holdings), a leading retail business (Odel), and one of the fastest growing life insurance businesses (Softlogic Life) in Sri Lanka. Each of these businesses cater to the rapidly growing consumer demand in Sri Lanka. As a result, the company has attracted investment from international institutions such as TPG’s growth fund (one of the largest private equity investors globally), Leapfrog Insurance, and FMO (a Dutch development finance institution). Our transaction makes us the largest external shareholder in the company and the partner of choice for one of Sri Lanka’s most successful entrepreneurs.