NEW YORK–(BUSINESS WIRE)–Tri Ri Asset Management (“TRAM”), a New York based Asset Manager, has announced the final close of its flagship $142m TRAM Venture Fund (“TRAM VF” or “the fund”), which closed at its ‘hard cap’. The successful fundraising is a testament to Tri Ri’s strategy, past performance in alternative assets and strong base of LP’s, as well as the resilience of the investors focused on emerging markets in the face of macroeconomic headwinds.
The final close of the fund witnessed participation from two pension funds, a sovereign wealth fund, and leading Scandinavian & Swiss based family offices. The anchor investment was drawn from TRAM Impact Fund I. The fund focused on MENA with a particular interest in Pakistan, plans to invest in startups, with valuations ranging from $10m to $100m. It will be participating in seed stage along with Series A and Series B funding rounds (typically in the range of $5m to $10m) of startups in sectors such as consumer tech, enterprise software, fintech, and healthtech.
On closing of the fund, Asad Ali, Chief Investment Officer at TRAM, said, “Given overwhelming response we have received from our LP’s we were able to announce the final oversubscribed close just 3 months after our first, much earlier than expected. Our emphasis being Pakistan, we are navigating diligently through the complex geo-politics of the region and are very confident of our investment strategy. We are exploring possibilities of having an independent allocation with the support of certain provincial administrations, that will facilitate our deal flow in the startup ecosystem with their extended networks.”
The Minister of Science, Technology & Information Technology for the provincial Government of Khyber-Pakhtunkhwa, Dr. Najeeb Ullah stated, “The Ministry is keen to explore options of FDI for innovation and economic growth in the province of KPK. We are eager to provide a platform that will serve to act as a one window facilitator thus attracting foreign institutional capital to invest in KPK and beyond.”
Despite the ongoing funding crunch which began last year due to region’s political instability, this year, VC funds have deployed over $23.1m in Q1 up 52% from Q4 ‘22. Beyond investments, the fund will also assist its portfolio companies in expanding their global outreach and strengthening their presence in the MENA region, where the founders have already established a strong network through partnerships and investments.
About Tri Ri Asset Management:
Tri Ri Asset Management, is a concentrated, research-intensive, fundamental value investor in the public markets. Since 2019, Tri Ri has executed an aggressive but disciplined growth strategy, building a balanced portfolio of public market and real estate holdings. As of March 2023, Tri Ri’s portfolio composed of USD 850 million in assets under management along with USD 1.2 billion in Co-investments and 7 renowned properties with over 1500 rooms.