PVP Expands Global Investor Base with Third Close of Debut Fund

Mohammed Fathy

Last updated 24-03-2026

3 min

Phoenix Venture Partners secured a third close for its debut innovation fund.

New investors span the US, France and the Gulf region.

The ADGM-based fund backs early-stage, scalable tech across MENA and beyond.

Despite regional challenges, investors show “continued confidence” in Gulf venture capital.

The fund remains open ahead of its planned final close in October 2026.

Phoenix Venture Partners (PVP) has marked a third close of its debut fund, Phoenix Venture Partners Innovation Fund CEIC Limited (PVPIF), bringing in new investors from the United States, France, Saudi Arabia, Kuwait and the United Arab Emirates. The value of the close has not been disclosed.

The latest round broadens the fund’s investor base, which now includes institutional backers, family offices and high-net-worth individuals. That mix, to my mind, says quite a lot. When you see capital coming from both sides of the Atlantic as well as within the Gulf, it suggests that innovation in the region is no longer viewed as a side bet but something more solid, more spot on with global trends.

In comments accompanying the announcement, Steve Khayat, Founder and Chief Executive of PVP, said the timing of the close reflects the firm’s commitment not only to the Gulf and the wider Middle East and North Africa, but also the continued confidence of its investors. He noted that despite ongoing regional challenges affecting global markets, that shared conviction underlines the resilience of venture capital in the Gulf and the broader financial ecosystem.

He further reiterated the firm’s commitment to entrepreneurs it backs, as well as to the business community within Abu Dhabi Global Market (ADGM) and the regional venture scene. That reference to ADGM is important. The fund is based there and regulated by the Financial Services Regulatory Authority (FSRA), which gives it a formal framework many international investors look for before writing cheques.

PVP continues to deploy capital from PVPIF into high-growth, innovation-driven companies across the region, with a particular focus on scalable technologies and solutions with global potential. The fund, established in 2024, targets early-stage tech startups across multiple sectors, concentrating on the Middle East and North Africa while keeping an eye on G20 economies. It remains open to additional capital commitments ahead of its final close planned for October 2026.

From where I stand, covering startups across MENA with Arageek, I’ve seen how founders often struggle to secure that second or third institutional cheque. It can be a bit of a faff, especially in uncertain markets. So when a homegrown VC firm manages repeated closes with international participation, it feels like more than just routine fundraising. It signals that, well… the region’s venture story is maturing.

On the flip side, I’m not a fan of undisclosed figures, it leaves everyone guessing. Still, the diversity of investors and the continued openness of the fund ahead of its final close suggest confidence that is, frankly, hard to ignore.

And believe it or not, despite the noise around global slowdowns and geopolitical tensions, Gulf-based venture capital has shown a certain stubborn strength. If PVP’s third close is any indicator, that resilience may well continue into 2026 and beyond. For founders building scalable tech businesses in MENA, that is definately a development worth watching.

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