JS Group in collaboration with four international partners has raised US$70 million under the portfolio “closed-end JS Private Equity Fund-I”, to be invested in potentially sound growth capital and buyout opportunities in Pakistan, group announced here on Wednesday.

Ali Jahangir Siddiqui, Managing Partner, JS Private Equity, announced the initial closing of JS Private Equity Fund-I at US$70 million. Moreover, the private equity fund is set to chase a maximum target of US$200 plus eventually, he said at the press briefing.

He unveiled the group investment plan briefly and said that the available raised amount would be invested in the sectors i.e. energy sector and primarily in Liquefied Petroleum Gas (LPG), transportation and automotive sector.

Leading international investors of JS Group partners included International Finance Corporation (IFC); SAMBA Financial Group (a leading Saudi bank); DCD Group (an international investment group) and Global Investment House (a leading Kuwaiti investment bank).

Michael G. Essex, Director, Middle East and North Africa of IFC, told reporters that IFC share in the private equity fund to-date stood at US$20 million. He maintained that Pakistan was a developing economy and offered lucrative opportunities, particularly in the banking sector.

He maintained that he was optimistic about Pakistan and IFC was here since the 1950s, which was continuously investing in the country and to-date the IFC has invested some US$3.1 billion in different sectors and would continue to invest in, he reiterated.

Replying to a query, he responded that risk was everywhere all across the globe where Pakistan was no exceptional. However, he foresaw positively about Pakistan.

“IFC is the private sector arm of the World Bank Group. Its mission is to promote sustainable private sector investment in developing countries, helping to alleviate poverty and improve people’s lives.”