Janus Henderson marks strategic milestone with first close of Shariah-compliant private credit fund

Janus Henderson has announced the successful first closing of a targeted $300 million Shariah-compliant direct lending vehicle, Janus Henderson MENA Private Credit Fund IV, marking a significant milestone for the firm’s expansion of tailored financing solutions. The Fund held its first close on 19 September 2025 with $125.5 million of investor capital commitments. 

Anchored by the SIDF Investment Company (SIC), Abu Dhabi Catalyst Partners - a joint venture between Mubadala Capital and Alpha Wave Global - and SVC, the fund is designed to address an estimated $250 billion financing gap for Small and Medium Enterprises (SMEs) in the region. These businesses are often underserved by traditional banks, and the fund provides customised, non-bank Shariah-compliant financing solutions for growth capital, refinancing, recapitalisations, and acquisitions.

The vehicle, which attracted strong demand from global and regional institutional clients and family offices, provides investors with access to private credit opportunities that adhere to Shariah principles while delivering attractive cash yield and total returns. A second close is planned for year-end 2025, with the final close scheduled for mid-2026. 

“Private capital is a key strategic growth area for Janus Henderson as we continue to diversify our capabilities and deliver differentiated solutions for our clients. The successful first close of this Shariah-compliant direct lending vehicle underscores our commitment to investors in the Middle East and the growing number of companies in the region seeking access to flexible, values-driven financing. It also highlights the important role private credit plays in connecting capital with opportunity across dynamic growth markets,” says Ali Dibadj, CEO, Janus Henderson Investors. 

The latest fund is the third fully Shariah-complaint vehicle managed by Janus Henderson Emerging Markets Private Investments, the firm’s emerging markets private capital division, based in the Abu Dhabi Global Market and regulated by the ADGM’s Financial Services Regulatory Authority, which was acquired in 2024.

JHI CEO Ali Dibadj

“This launch demonstrates Janus Henderson’s commitment to innovation and our ability to meet the evolving needs of clients in growth markets around the world,” says Yaser Moustafa, Director and Head of Janus Henderson Emerging Market Private Investments. “We are honoured to have secured the full faith and endorsement of the SIC, Abu Dhabi Catalyst Partners and SVC, reflecting regional investor confidence in the significant growth potential of the private credit sector.” 

Based upon the team’s strong track record and clear strategy for growth, this fourth-generation private credit fund is expected to make 10 to 12 investments of $15 million to $50 million throughout its eight-year life. It was developed from a long-running investment strategy, in response to demand from Shariah-compliant institutional investors in the region and globally. 

“By combining Shariah principles with the resilience of private credit, we are opening new opportunities for businesses across the region to access long-term growth while giving investors the confidence that their capital is working responsibly and effectively,” says Sikander Ahmed, Head of MENA Private Credit and Senior Executive Officer of Janus Henderson Emerging Market Private Investments.  

The Janus Henderson Emerging Market Private Investments team’s performance to date, including its record at its predecessor firm, includes 39 investments and 31 exists across nine countries in the region, and the launch of eight funds, including four fully exited.