UAE-based venture capital firm Phoenix Venture Partners (PVP) completed the third closing of its first fund, the Phoenix Venture Partners Innovation Fund. At this stage, the company added new investors from the United States, France, Saudi Arabia, Kuwait, and the United Arab Emirates to the fund structure.

The new investor group included institutional investors, single-family offices, and high-income individual investors. This development showed that international interest in innovation-focused ventures in the Gulf and MENA region continues.

Phoenix Venture Focuses on Early-Stage Ventures

Phoenix Venture Partners’ fund invests in early-stage ventures operating in areas such as fintech, healthtech, edtech, mobility, agrifood, energy, and consumer technologies. Although the fund’s main focus is the MENA region, the company is turning toward business models with growth potential on a global scale.

PVP continues to deploy capital especially into ventures developing scalable technology solutions and carrying high growth potential. With the goal of supporting the new generation of founders in the region, the company will keep the fund open to new commitments until its final closing in October 2026.

The Second Closing Came Last Year

The company had completed the second closing of its $50 million inaugural fund in March last year. With the third closing, Phoenix Venture Partners appears to have both expanded its investor base and increased its influence in the Gulf-based entrepreneurship ecosystem.

PVP Founder and CEO Steve Khayat emphasized that investor confidence has continued despite current regional sensitivities, noting that this demonstrates the resilience of the GCC venture capital ecosystem. Khayat also stated that the company will continue to support the regional entrepreneurship network, particularly Abu Dhabi Global Market (ADGM).