THE Arab Petroleum Investments Corporation (Apicorp) this week announced the signing of an agreement with Goldman Sachs for the creation of an investment partnership vehicle aimed at pursuing global energy co-investments alongside Goldman Sachs’ West Street Capital Partners VII funds.
The attendees at the signing were led by Dr Raed Al Rayes, Deputy Chief Executive and General Manager of Apicorp, and included Sheila Patel, CEO of International Goldman Sachs Asset Management, Michael Koester, CFO of Goldman Sachs’ Merchant Banking Division (MBD), Fadi Abuali, Head of Goldman Sachs Asset Management in MENA and New Markets, and Khalid Albdah, CEO of Goldman Sachs Saudi Arabia.
Apicorp expects the investment partnership vehicle to make private equity investments in a diversified, global portfolio of energy assets alongside Goldman Sachs’ West Street Capital Partners VII funds.
Goldman, Sachs & Co., through its MBD, will be acting as Investment Manager for the investment partnership vehicle. APICORP expects to undertake the first investment under this partnership in a leading oil field services company in North America.
Dr Raed Al Rayes, Deputy Chief Executive and General Manager of Apicorp, said «this is a milestone for Apicorp and we are proud to be entering into this investment relationship with Goldman Sachs’ MBD, who were selected after a rigorous process. Our association with such a respected name in the global banking industry is testament to our own network and profile.
Goldman Sachs’ undoubted capabilities, track record and access to deal flow will assist us greatly in growing and diversifying our equity portfolio.
The investment partnership vehicle was structured to provide an opportunity for our equity investment team to work closely with a globally respected private equity team. We look forward to continuing a long and successful partnership with Goldman Sachs and we are pleased to be adding another dimension to an important relationship.”
“We are delighted that our long-term commitment to the region has enabled us to develop an investment relationship with a blue-chip counterparty like Apicorp,” said Sheila Patel, CEO of International Goldman Sachs Asset Management.
“Apicorp is an important relationship for Goldman Sachs, given its established position as a leading energy-focused financial institution in the Arab region,” said Michael Koester, CFO of Goldman Sachs’ MBD.
