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Bahrain VC Bank closes $75M

Bahrain-based Venture Capital Bank has raised more than $75 million in a first closing of the MENA Small & Medium Enterprises Fund I L.P., earmarked for acquisitions in the Middle East and North Africa, according to Middle East Company News. The target for the fund is $250 million. The fund is co-managed by Venture Capital Bank and Global Emerging Markets, a U.S. private equity shop. www.gemny.com