Bahrain-based Samena Capital said it has already raised $200 million for its debut Samena Special Situations close-ended fund and is targeting a $350 million final close by October 31, 2008 after deciding its institutional allocations.

Samena, which intends to launch further close and open-ended funds, said it has identified and intends to buy stakes in other asset management platforms in India and Japan and will look to buy quality asset managers across Asia.

The company said it has set up a share capital of $50 million to pursue its 'buy and build' strategy.

Shirish Saraf, president and founder of Samena Capital said: 'The anchor shareholders of Samena Capital are 'value-preneurs', who have each created enterprises in excess of $1 billion over the last ten years.

'Their business acumen and networks, coupled with the intellectual capabilities and track record of our investment team, makes Samena Capital a unique value proposition. The firm is global in size and scale at the outset and aims to be a catalyst for increasing cross border investment within the Samena region. Interestingly, Samena in the old Buddhist script also means 'collectively' or 'together'.

Investors and businesses are increasingly discerning as the global scenario becomes more uncertain. Our model of investment management makes Samena Capital a 'preferred partner' for institutional investors seeking exposure to the Samena region and for businesses from within these markets looking to expand beyond their own borders.

Underscoring investor interest in this proposition and the opportunities Samena Capital will unlock, we are delighted that the Samena Special Situations fund will be the largest first time independent close ended fund of this asset class and geographical focus.'

Atul Punj, chairman of Punj Lloyd, one of India's leading engineering construction companies, and chairman of Samena Capital said: 'These are exciting times as transfer of wealth accelerates from West to East creating a host of new opportunities for global investors.

'Samena Capital is uniquely positioned to be a preferred provider of funding to entrepreneurial businesses and to facilitate quality access and networks for those investors looking to enter the Samena region, where markets remain complex and require more active value creation.

'The unique coupling of top business groups from India, China and the Middle East combined with a world-class asset manager makes us stand out in pedigree and capability and underpins our ability to deliver superior returns.'

V-Nee YEH, a founding shareholder and director of Samena Capital and honorary chairman of one of Asia’s largest asset management institutions Value Partners Group Limited, and chairman of Argyle Street Management and Cheetah Investment Management said: 'I am excited to be a founding shareholder in Samena Capital. The current environment demands players with a different value proposition, and Samena's business model resonates with the desire of top business leaders and institutions to work together to revive the value proposition of the old silk route.'

Samena Capital will be headquartered in Bahrain, its FSA regulated investment advisor has an office in London and intends to establish a presence in Hong Kong, Mumbai and Tokyo before the end of 2008.

Among Samena Capital's founding shareholders are: Sheikh Ziad Abdul Rahman Al Turki – ATCO Group, Kingdom of Saudi Arabia, Sheikh Kamal Bahamdan – Bahamdan Group, Kingdom of Saudi Arabia, Sheikh Nawaf Nasser Bin Khahd Al Thani – NBK Group, Shirish Saraf,  Arif M Naqvi, Samir J Fancy, Ramiz Hasan, Qatar, Atul Punj – Punj Lloyd, India, V-Nee Yeh, Gratian Anda – IHAG Holdings, Zurich, Colin Rutherford, and Simon Wong. - TradeArabia News Service