Latest deals by King & Spalding
King & Spalding advises Global Ventures III on pre-series B Funding
A cross-office team of King & Spalding lawyers represented Global Ventures III, a fund sponsored by Global Ventures, to co-lead the successful USD9 million pre-Series B funding round of Singapore-based logistics startup Locad. Global Ventures co-led the round with Reefknot Investments. Other participating investors included Sumitomo Equity Ventures and existing investors Antler Elevate, Febe Ventures, and JG Summit.
Locad is a logistics-tech focused company which supports e-commerce brands with its cloud supply chain-as-a-service for global distribution. Its cloud-based supply chain enables brands to connect all of their e-commerce and retail sales channels to a single pool of inventory and smart logistics network, which Locad manages through its proprietary oversight platform.
This platform provides clients with real-time visibility, analytics, and AI-enhanced workflow automation for their supply-chain. Locad primarily operates in Asia, but the oversubscribed fundraising round will enable Locad’s international expansion and marks its first foray into the GCC, starting with the UAE and Saudi Arabia. Global Ventures is a United Arab Emirates based venture capital firm with a focus on enterprise technology investments across emerging markets, primarily in the Middle East, Africa and Pakistan.
The King & Spalding team was led by Dubai-based partner Macky O’Sullivan and senior associate Jill Cooper in Singapore. The team also included James R. Stull (Dubai), Jake Downing (Chicago), Luke Edwards (Sydney), Amy Levin (London), Alexa Christianson (Northern Virginia), Antonino Meduri (Sydney) and Billy Sin (London).
King & Spalding advises Jadwa Investment Company on the launch of its GCC Private Equity Fund
A cross-office team of King & Spalding lawyers has advised Jadwa Investment Company (Jadwa) on the launch of Jadwa GCC Private Equity Fund 1, a Saudi domiciled investment fund targeting up to SAR2 billion (~USD533 million) in capital commitments. The fund will invest in a diversified portfolio of high-potential private equity opportunities across the countries of the Gulf Cooperation Council (GCC) with a focus on driving transformative growth across key sectors, including healthcare, retail, food and beverage, hospitality, logistics, energy, and industrials.
The fund operates on a Shari’ah compliant basis and is regulated by the Saudi Arabian Capital Market Authority (CMA) (and is one of the largest blind pool funds registered with the CMA). Investors in the fund include sovereign entities (including Jada Fund of Funds and Saudi Venture Capital Company) and regional and international institutional investors and family offices. With over SAR90 billion assets under management, Jadwa is one of the leading asset managers in the GCC region. Building on its established track record since its inception in 2007, Jadwa has previously launched over 15 single-asset private equity funds, but this landmark fund is Jadwa’s highly-anticipated first blind-pool private equity fund. The fund represents a significant milestone in Jadwa’s continued leadership in the regional private equity space.
The King & Spalding team advising Jadwa included lawyers in Riyadh and Dubai and was led by James Stull and Sayf Shuqair and included Nabil Issa, Dounia Mansour, Husam Alhmary and Salma Alheraiqi. Tax advice was provided by John Green (Washington, D.C.), while Christine Savage, Shaswat Das, and Michelle Story (all Washington, D.C.) provided sanctions and regulatory advice.
King & Spalding advises ADIB Capital on launch of Shari’ah-compliant European Logistics fund
A cross-office King & Spalding team recently advised ADIB Capital, a wholly owned subsidiary of Abu Dhabi Islamic Bank (ADIB PJSC), on the launch of ADIB European Logistics Fund I. The fund is registered with the Dubai Financial Services Authority (DFSA) and will invest on a Shari’a-compliant basis in logistics assets across Germany and Western Europe.
ADIB PJSC is one of the largest Islamic banks in the MENA region and has AED 223 billion in assets. ADIB PJSC was established in 1997 and provides Retail, Corporate, Business, Private Banking and Wealth Management Solutions. The bank’s subsidiary, ADIB Capital Limited, is a Shari’a-compliant asset manager, incorporated in the DIFC and regulated by the DFSA. Leveraging its strong affiliation with ADIB PJSC, ADIB Capital Limited has established itself as a trusted financial partner for its clients. ADIB Capital offers a comprehensive suite of investment services, including both Asset Management and Investment Banking.
The King & Spalding team advising ADIB Capital was led by partners James Stull and Dounia Mansour (Dubai) who were assisted by associates Herbert Kosy Nduka (New York) and Elisabeth Fapuro (Dubai).
