Dubai – Sharikat Mubasher: Phoenix Venture Partners (PVP), an Abu Dhabi Global Market (ADGM)-based venture capital fund manager, announced it has closed fundraising for its Phoenix Venture Partners Innovation Fund (PVPIF), raising approximately $23 million across the fund and co-investment vehicles.

As per the company’s press release, the fundraising period ended on 3 October 2026. The fund attracted 42 investors from nine jurisdictions, including institutional investors, family offices, and high-net-worth individuals.

The fund currently holds investments in seven companies, with plans to expand its portfolio to between 15 and 20 companies by the end of its investment period. Around 45% of its committed capital remains available for new investments, which PVP expects to continue making through 2027 and potentially into 2028.

Commenting on this, Steve Khayat, Founder and CEO of PVP, said the firm would focus on supporting existing portfolio companies and selectively investing in new opportunities.

PVP invests in early-stage technology companies across sectors including fintech, healthtech, education technology, agrifood technology, sustainability, logistics and mobility, with a focus on the MENA region and international expansion.