Sadu Capital picks Apex for fund administration 22 August 2023Saudi Arabia Reporter: Jenna Lomax
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Venture capital firm Sadu Capital (Sadu) has selected Apex to provide its fund administration and anti-money laundering (AML) solutions.
Headquartered in the Middle East region, Sadu invests in private technology startups through equity ownership.
Sadu’s latest fund currently focuses on investing in early-stage startups (pre-seed, seed and Series A) that are based in the Middle East & North Africa region (MENA).
Apex Group’s AML services and outsourced officers coordinate solutions to enable clients to understand and mitigate AML risks, as well as identify early opportunities that arise from evolving regulation and new market trends.
As part of the mandate, Apex Group will also support Sadu Capital’s Cayman-domiciled fund.
Salem Washeely, managing director, Sadu Capital, says: “As a leading venture capital firm in the MENA region, Sadu is pleased to appoint Apex Group to provide fund administration and AML solutions to our early-stage venture capital fund. Sadu, from its inception, planned to build an outstanding relationship with its investors and limited partners including transparent reporting and seamless onboarding process, among many other exceptional experiences.
“To achieve that, Sadu looked for a capable firm with global presence to rely on and Apex Group was the clear choice. We have been particularly impressed by the knowledge and responsiveness of Apex Group’s experienced local team.”
Naveed Zamir, country head for Dubai at Apex Group, adds: “Global venture capital continues to be an attractive proposition for Middle East investors, with the local ecosystem going from strength to strength. We look forward to supporting Sadu Capital’s entrepreneurial team with our solutions which deliver significant operational, resource and cost efficiency, allowing them to focus on identifying and investing in high-growth businesses in the region.”
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