Singapore-based media and entertainment group Vistas Media Capital is set to launch a $150 million multi-strategy fund to invest in special purpose acquisition companies (SPACs) and media businesses across the Middle East and North Africa (MENA) region.
The company, which is close to completing a merger between its SPAC and Middle East-based media streaming platform Anghami, is raising capital from global investors outside the US for its latest fund.
The fund will invest across the stages of a SPAC from sponsor capital to pre-IPO and IPO deals, including PIPE (private investment in public equity), Vistas Media said in a statement.
In the statement, Vistas Media CEO Abhayanand Singh said the expansion into the MENA region came on the back of an “overwhelming response” from investors after the Anghami deal was announced.
The company has so far focused on and deployed its resources and capital in building various media and entertainment vehicles across India and Singapore.
Separately, Vistas Media has set up a content and events production company in Abu Dhabi. The content business will focus on creating original material in Arabic and Indian regional languages as well as Bollywood and Hollywood films. The company plans to run a media festival in the Emirates early next year.
Vistas Media is expected to complete the merger with Anghami, which was announced in March, in the coming weeks. Anghami, founded in Lebanon in 2012, streams music to about 15 million people in the MENA region, and has an eye on serving the Arab diaspora around the world.
In an earlier interview with DealStreetAsia, Singh had noted that localisation of content is the key to growth for media and entertainment, particularly in emerging markets.
He also told DealStreetAsia that Vistas Media Capital was looking to launch two more SPACs, which he believes will remain an attractive route for companies to tap the public markets.