The Center of Excellence for Applied Research and Training (CERT), the commercial arm of the Higher Colleges of Technology in the UAE has mandated Alpen Capital (ME) Ltd and CORECAP as financial co-advisors for CERT Innovations, a USD 100 Million venture capital investment fund.

In line with its mandate to foster technology transfer through collaborative ventures with international companies in applied research and related entrepreneurial activities and spin offs in the GCC, CERT has identified investment opportunities in key areas in the field of education, healthcare and technology including deep computing, telematics, oncology and minimally invasive surgery.

CERT has established CERT Innovations, a USD 100 Million venture capital investment fund to offer sophisticated institutions and high net worth individuals the opportunity to participate in the investment of the identified deals among other related opportunities in the same field. CERT has committed 10% of the fund’s capital. The fund is a 5 year close ended vehicle investing in high value, innovative solutions, products and systems, primarily in the embryonic and evolving technology, healthcare and education sectors. The objective of the fund is to achieve superior long term capital appreciation through taking majority stakes in start up businesses. Target IRR is 25%.

The fund is managed by CERT Capital, the investment management arm of CERT. The Board is chaired by H.E. Sheikh Nahayan Mabarak Al Nahayan, UAE Minister of Higher Education and Scientific Research, and Vice Chaired by Dr. Tayeb Kamali. Dr. Robert Richards is Board Member and CEO. Other Members of the board include Mr. Mohamed Nasser Abdeen and Mr. Suresh Kumar.

Dr. Tayeb Kamali Vice Chancellor Higher Colleges of Technology and Vice Chairman of CERT Capital, said “We are confident of the vision of Sheikh Nahayan Mabarak Al Nahayan in establishing the UAE as the technology, education and healthcare hub of the region. During the last decade, CERT has established a reputation of excellence for the quality of its programs in education, training and applied technology provided in the UAE with strategic alliance with a number of large and reputable multinationals including Microsoft, IBM, Honeywell, HP, Shell among others. We believe this initiative of allowing private investments to partner with CERT through CERT Innovations is a natural progression demonstrating CERT’s leadership position in its field.”

Rohit Walia, CEO & Managing Director of Alpen Capital has commented” We are very content to work with CERT on such a pioneering initiative. We believe this fund is a great milestone for the industry and will set a benchmark for innovation in technology, education and healthcare in the region.”

Khaled Hassan Rashed, CEO & Board Member of CORECAP said “We are very proud to be mandated to co-advise on CERT Innovations and to be able to offer our investors such a compelling opportunity to invest in a very unique alternative asset class. Venture capital investment products have been long demanded in the region. Our investors’ appetite for participating in this unique opportunity has been overwhelming and we expect the closure of the fund very soon.”