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Fund Dashboard
HALA VC LP II · Cayman Islands Exempted LP · Vintage 2022 · Series A/B Growth · $150M Target
Managed vehicles — select to filter
HALA VC LP II ✓
HALA VC LP I
Direct Investments
+ New Fund
Net IRR
24.3%
▲ +2.1% vs prior quarter
Gross MOIC
2.8×
▲ Top quartile
TVPI
1.94×
Net of fees & carry
DPI
0.41×
$82M distributed
NAV
$387M
▲ +$24M QoQ
Called Capital
$312M
69.3% of $450M
Unrealized Gain
$168M
53.8% uplift
Realized Gain
$42M
▲ 2 exits YTD
Portfolio Companies
24 active investments · 3 exits · 2 write-offs
| Company | Stage | Invested | Current Value | MOIC | IRR | Risk | Runway |
|---|---|---|---|---|---|---|---|
| 🟢 NovaPay ↗ | Series B | $18M | $74M | 4.1× | 61% | Low | 26 mo |
| 🟢 AeroLogix | Series C | $22M | $58M | 2.6× | 38% | Low | 18 mo |
| 🟡 Meridian Health | Series A | $12M | $19M | 1.6× | 22% | Medium | 11 mo |
| 🔴 GreenStack | Series A | $8M | $6M | 0.75× | -8% | High | 5 mo |
| 🟢 DataForge | Series B | $15M | $51M | 3.4× | 47% | Low | 22 mo |
| 🟡 ClearBridge | Series A | $10M | $14M | 1.4× | 18% | Medium | 14 mo |
Capital deployment
Q4 2024
Deployed$312M / $450M
Reserved (follow-on)$85M
Remaining dry powder$53M
Sector exposure
Fintech
34%
SaaS / Enterprise
28%
HealthTech
18%
Climate Tech
12%
Other
8%
⚠
AI Risk Alerts
5 active
GreenStack: runway < 6 months
Meridian: burn rate +40% QoQ
ClearBridge: revenue miss vs budget
Meridian: burn rate +40% QoQ
ClearBridge: revenue miss vs budget
View all alerts →
Fund performance vs benchmark
Net IRR since inception
HALA VC LP II
Cambridge PE Benchmark
Portfolio Companies
24 active investments across 6 sectors · $312M deployed
N
NovaPay
Active · Series B
Fintech
Saudi Arabia
Payment infrastructure for MENA · Founded 2019 · Riyadh, KSA
ARR
$18.4M
▲ +142% YoY
Gross Margin
74%
▲ +8pp YoY
Burn Rate
$1.1M
/ month
Runway
26 mo
$28M cash
AI Scores:
Financial 88/100
Operational 82/100
Growth 91/100
Governance 76/100
Risk 85/100
MOIC
4.1×
Cost: $18M
Value: $74M
IRR: 61%
All portfolio companies
| Company | Sector | Stage | ARR | Growth | Margin | Runway | MOIC | IRR | Risk |
|---|---|---|---|---|---|---|---|---|---|
| NovaPay ↗ | Fintech | Series B | $18.4M | +142% | 74% | 26 mo | 4.1× | 61% | Low |
| AeroLogix | Logistics | Series C | $31M | +88% | 62% | 18 mo | 2.6× | 38% | Low |
| DataForge | SaaS | Series B | $22M | +110% | 81% | 22 mo | 3.4× | 47% | Low |
| Meridian Health | HealthTech | Series A | $8.2M | +42% | 58% | 11 mo | 1.6× | 22% | Medium |
| ClearBridge | PropTech | Series A | $5.1M | +31% | 55% | 14 mo | 1.4× | 18% | Medium |
| GreenStack | Climate | Series A | $2.8M | +12% | 38% | 5 mo | 0.75× | -8% | High |
Deal Pipeline
47 active deals · $820M total pipeline value
All deals (47)
Active (31)
Funded (8)
Passed (8)
Sourced
12
Luminary AI
$15–20M ask
FleetWise
$8M ask
Quantum Hedge
$12M ask
Screening
8
Nexus Health
$25M ask
CarbonVault
$18M ask
First Meeting
6
RetailOS
$14M ask
SkyRoute
$30M ask
Due Diligence
3
BioSync
$40M ask
DD in progress
IC Review
2
TrustLayer
$20M ask
IC: Jan 15
Legal / Funded
2
OceanFreight
$28M · Closing Jan 20
Signing
IC workflow — TrustLayer
Series A · $20M · IC meeting Jan 20, 2025
✓
1. Screening memo approved
Saad Al-Khamis · Jan 5
✓
2. DD commenced
Faisal bin Turki · Jan 8
◷
3. IC memo in draft
✦ AI-generated · Pending review
○
4. IC presentation
Jan 20, 2025 · 3 IC members
○
5. IC vote & approval
Unanimous required
○
6. Term sheet & legal
Al-Tamimi & Co · Cayman counsel
○
7. Funding & closing
Target: Feb 28, 2025
✦ AI Deal Analyst
Powered by HALA deal history & market data
Pipeline metrics
Total pipeline
47
Pipeline value
$820M
IC win rate
73%
Avg deal size
$14.8M
Median DD days
38d
Deals passed YTD
8
Valuation Engine
IPEV Guidelines · IFRS 13 · ASC 820 compliant · Q4 2024 valuation round
NovaPay — Fair Value Assessment
Last round: Series B · $180M pre-money · 18 months ago
Revenue Multiples
Comparable Transactions
DCF
Last Round
METHODOLOGY SELECTION — click to select primary method
ARR Multiple (Primary)
ARR $18.4M × 12.5× = implied EV
$230M
Revenue Multiple (Cross-check)
Revenue $22M × 10× sector median
$220M
Comparable transactions
4 MENA fintech comps · Q3 2024
$215M
Last round (floor)
Series B at $198M post-money
$198M
AI-recommended fair value
$225M
Confidence: High (88%)
Our 24.7% stake
$55.6M
Cost: $18M · MOIC: 3.1×
✦ AI Qualitative Factors
Valuation queue
Q4 2024 · Due Jan 31
NovaPay Approved
AeroLogix In review
DataForge Pending
Meridian Health Pending
AI Portfolio Analyst
Continuous monitoring · 5 active alerts · Last scan: 2 minutes ago
🔒
Data sovereignty protected — CMA compliant
All AI processing runs on private on-premise infrastructure within KSA data residency boundaries. No portfolio data, LP information, valuations, or non-public information is transmitted to any third-party AI provider. All queries and responses are logged in the immutable audit trail per CMA regulatory requirements. View AI data policy →
Portfolio health
67/100
▼ -4 pts QoQ
High risk cos.
2
▼ +1 new
Anomalies detected
8
This quarter
AI actions triggered
23
▲ Resolved: 15
Active alerts
GreenStack — Critical: Runway below 6 months
Current burn rate of $1.6M/month with $7.8M cash gives 4.9 months runway. Revenue growth of +12% YoY is insufficient to offset burn acceleration (+38% QoQ). Bridging required immediately.
GreenStack — Revenue manipulation indicators
Deferred revenue declined 22% while reported revenue grew 12%. Customer counts declined. Potential pull-forward revenue recognition. Recommend forensic accounting review and founder discussion.
Meridian Health — Burn rate accelerating
Burn rate increased from $680K/month to $920K/month (+35% QoQ). Headcount grew 28% while revenue grew 12%. CAC increased 45%. Engineering headcount growing faster than revenue warrants. Runway now 11 months.
ClearBridge — Customer concentration risk
Top 3 customers represent 68% of ARR (up from 52%). Single customer (Dubai Municipality) represents 31% alone. Churn of any top customer would be materially adverse. Diversification plan needed.
NovaPay — Positive: ARR growth acceleration
ARR growth accelerated from 98% to 142% YoY while burn efficiency improved. Net Revenue Retention of 142%. Series C at $350–400M pre-money likely achievable in H1 2025 based on comparable MENA fintech transactions.
✦ AI recommended actions
Urgent — GreenStack
Schedule emergency board call. Evaluate bridge financing or strategic M&A. Reserve $3–5M bridge if warranted.
Priority — Meridian Health
Request revised budget. Hiring freeze recommendation. Operational review on CAC efficiency.
This quarter — ClearBridge
Add customer diversification KPI to board reporting. Review pipeline to reduce concentration.
Opportunity — NovaPay
Initiate Series C process. Recommend $8M follow-on at 10% pro-rata. DPI event expected H2 2025.
Portfolio scores
Q4 2024 · AI-generated
LP Management
HALA VC LP I & LP II · Cayman Islands Exempted LPs · 28 limited partners
Total commitments
$450M
Called
$312M
69.3%
Distributions
$82M
Pending cap calls
$45M
Due Feb 2025
LP Register
PIF
Public Investment Fund
Sovereign Wealth Fund · Saudi Arabia
$120M
26.7% of fund
ADIA
Abu Dhabi Investment Authority
Sovereign Wealth Fund · UAE
$80M
17.8% of fund
GIC
GIC Private Limited
Sovereign Wealth Fund · Singapore
$60M
13.3% of fund
KIA
Kuwait Investment Authority
Sovereign Wealth Fund · Kuwait
$45M
10.0% of fund
H
Harvard Management Company
Endowment · USA
$40M
8.9% of fund
TRS
Texas Teachers Ret. System
Pension Fund · USA
$35M
7.8% of fund
+ 22 more LPs →
Capital call schedule
Call #7 · Feb 2025$45M
Call #8 · Q2 2025$38M est.
Final close est.$25M est.
LP Portal access
Secure portal with MFA · Document vault · Digital signatures
Active LP logins24 / 28
Docs signed digitally100%
Q3 report accessed26 / 28
Compliance & Governance
CMA Saudi Arabia · Cayman CIMA · AML/KYC · Regulatory filings · Audit
🇸🇦
CMA Licensed — Capital Market Authority, Saudi Arabia
HALA Eastern Capital · Investment Management License · Authorized Fund Manager · Riyadh, KSA
Overall status
⚠ 3 items
KYC/AML complete
26/28
Regulatory filings
Current
Audit logs
18,420
Last 90 days
Compliance checklist
CMA registration — HALA Eastern Capital (CMA licensed) ManagersCurrent
CMA Investment Fund Regulations — compliance reviewQ3 2024
AML/CFT policy — annual reviewOct 2024
LP KYC refresh — 2 outstandingDue Jan 31
Conflicts register — Q4 updateOverdue 5 days
Restricted list reviewDue Feb 1
Fund audit — Ernst & YoungScheduled Feb 2025
Valuation policy reviewQ3 2024
Regulatory filings
| Regulator | Filing | Due | Status |
|---|---|---|---|
| CMA KSA | Annual fund report (HALA EC entity) | Mar 31 | On track |
| Cayman CIMA | HALA VC LP I & II annual return | Mar 31 | On track |
| DIFC | Quarterly regulatory return | Jan 31 | In prep |
| ADGM | Annual compliance report | Mar 15 | On track |
| SEC (Form D) | US LP exemption filing | Filed | Complete |
✦ AI Copilot
Trained on your fund documents, IC memos, portfolio data, and LPAs
🔒
Data sovereignty protected — CMA compliant
All AI processing runs on private on-premise infrastructure within KSA data residency boundaries. No portfolio data, LP information, valuations, or non-public information is transmitted to any third-party AI provider. All queries and responses are logged in the immutable audit trail per CMA regulatory requirements. View AI data policy →
Board intervention needed?
Total NAV all vehicles
Summarize HALA LP II LPA terms
Compliance deadlines
NovaPay vs DataForge
Projected carried interest
Quick prompts
Which companies need attention?
Runway below 12 months
Fintech exposure breakdown
Draft IC memo — TrustLayer
Q4 LP report summary
Top performing fund & companies
Knowledge base
✓ HALA VC LP I & II LPAs + side letters
✓ 24 IC memos (2021–2024)
✓ 96 quarterly reports
✓ Valuation policy v3.2
✓ 28 LP subscription docs
✓ Portfolio financial data
✓ 312 portfolio documents
✓ 24 IC memos (2021–2024)
✓ 96 quarterly reports
✓ Valuation policy v3.2
✓ 28 LP subscription docs
✓ Portfolio financial data
✓ 312 portfolio documents
Performance Analytics
HALA VC LP I & II + Direct Investments · IRR, MOIC, PME, benchmarking · As of Q4 2024
Combined
HALA VC LP II
HALA VC LP I
Direct Investments
Gross IRR
31.2%
Before fees & carry
Net IRR
24.3%
▲ Top quartile 2022 vintage
PME vs MSCI EM
1.41×
▲ Outperforming
Alpha
+11.8%
vs Cambridge PE benchmark
Gross MOIC
2.8×
Net MOIC
2.3×
TVPI
1.94×
RVPI
1.53×
J-curve — Net IRR progression
HALA VC LP II vs Cambridge PE Median
Portfolio value bridge
Cost → fair value waterfall
Fund comparison — all HALA vehicles
| Fund | Vintage | Size | Called | NAV | Gross IRR | Net IRR | TVPI | DPI | MOIC | Status |
|---|---|---|---|---|---|---|---|---|---|---|
| HALA VC LP II | 2022 | $150M | $93M | $241M | 31.2% | 24.3% | 1.94× | 0.41× | 2.8× | Active |
| HALA VC LP I | 2020 | $80M | $78M | $196M | 38.4% | 31.8% | 2.61× | 0.68× | 3.2× | Harvesting |
| Direct Investments | — | — | $45M | $89M | 28.1% | — | 1.98× | 0.22× | 2.1× | Off-B/S |
Return by sector
Gross MOIC · HALA VC LP I & II combined
Fintech (34%)
3.8×
SaaS (28%)
3.1×
HealthTech (18%)
1.9×
Climate (12%)
0.9×
Logistics (8%)
2.6×
Geography breakdown
By invested capital
Saudi Arabia
52%
UAE
24%
Egypt
10%
Kuwait / Bahrain
8%
Global / Remote
6%
Quarterly Reporting
Q4 2024 · Automated collection & report generation
Companies reported
19/24
Data validated
16/24
Reports generated
3/4
LP reports sent
0/28
Pending Q4 close
Data collection status
| Company | Submitted | Validated | Issues |
|---|---|---|---|
| NovaPay | ✓ | ✓ | — |
| AeroLogix | ✓ | ✓ | — |
| Meridian Health | ✓ | Review | Burn rate query |
| GreenStack | ✓ | Failed | Revenue discrepancy |
| ClearBridge | Reminder sent | — | — |
| DataForge | ✓ | ✓ | — |
Generate reports
✦ AI-Generated Report Preview
Q4 2024 · HALA VC LP II · Draft — AI-generated, pending review
Export PDF
Send to LPs
Confidential — Limited Partner Report
HALA Eastern Capital
HALA VC LP II · Q4 2024 Quarterly Report
For the period ending December 31, 2024 · Cayman Islands Exempted Limited Partnership
Executive Summary
HALA VC LP II delivered a strong Q4 2024, with Net IRR reaching 24.3% and NAV increasing to $241M, representing a $24M quarter-on-quarter increase. The fund continues to outperform the Cambridge Private Equity benchmark by 8.2 percentage points on a net basis since inception.
Portfolio Highlights
NovaPay — The fund's largest position achieved ARR of $18.4M (+142% YoY) and gross margin expansion to 74%. A Saudi Payments Authority partnership was signed in Q4, materially expanding the addressable market. Series C process expected to commence H1 2025 at a target valuation of $350–400M.
DataForge — Completed their Series B raise at a $280M valuation (Fund II entry at $85M implied valuation), representing a meaningful unrealized gain uplift for the fund.
GreenStack — The GP is actively engaged with the board to address a liquidity concern identified in Q4. Runway stands at 4.9 months. A bridge financing process is underway. The position is fully reserved at the current carrying value.
Key Performance Metrics
Net IRR
24.3%
TVPI
1.94×
DPI
0.41×
NAV
$241M
Capital Activity
Capital Call #6 of $18.0M was funded in October 2024 for the OceanFreight investment. Capital Call #7 of $12.0M has been issued and is due February 15, 2025, to fund the TrustLayer investment and a follow-on reserve. Total called capital stands at $93M (62% of commitments). A partial distribution of $10.9M net to LPs was made in December 2024 from the RetailOS secondary.
This report has been prepared by HALA Eastern Capital (CMA licensed). The information contained herein is confidential and intended solely for the named limited partners of HALA VC LP II. Past performance is not indicative of future results. Valuations are prepared in accordance with IPEV Guidelines (2022 edition).
Document Management
347 documents · OCR · Full-text search · AI summaries · Version control · E-signatures
All (347)
Fund docs (84)
IC memos (38)
Legal (96)
Financials (91)
LP reports (38)
Fund documents
📑
HALA VC LP II — Limited Partnership Agreement
v2.1 · Cayman Islands · Executed Mar 14, 2022 · 127 pages · All 28 LPs signed
LPA
✓ Executed
✦ AI Summary
·
View
·
Download
·
Version history
📑
HALA VC LP I — Limited Partnership Agreement
v1.3 · Cayman Islands · Executed Jan 8, 2020 · 118 pages
✦ AI Summary
·
View
·
Download
📋
PIF — Side Letter (MFN + Co-investment rights)
HALA VC LP II · Executed Feb 28, 2022 · Confidential
✦ AI Summary
·
View (restricted)
Investment committee memos
📝
NovaPay — IC Memo Series B (Lead)
$18M · March 2023 · Approved unanimously · HALA VC LP II
IC Memo
Approved
✦ AI Summary
·
View
·
Compare to thesis
📝
TrustLayer — IC Memo Series A (Draft)
$20M · ✦ AI-generated draft · Pending IC approval · Jan 2025
IC Memo
Draft
Edit draft
·
Submit for IC
·
Regenerate ✦
Portfolio company financials
📊
GreenStack — Q4 2024 Management Accounts
Submitted Jan 12, 2025 · AI anomaly flags: 2 · Validation: failed
Financial
Issues found
⚠ View anomalies
·
✦ AI Analysis
·
Download
📊
NovaPay — Q4 2024 Management Accounts + KPIs
Submitted Jan 8, 2025 · Validated ✓ · No anomalies
Financial
Validated
✦ AI Summary
·
View
LP reports
📈
HALA VC LP II — Q4 2024 LP Report (Draft)
✦ AI-generated · Pending CFO review · 28 LP recipients
LP Report
Pending review
Preview
·
Edit
·
Approve & send
📈
HALA VC LP II — Q3 2024 LP Report
Sent Oct 15, 2024 · 28/28 LPs accessed · Archived
LP Report
Sent
View
·
Download
✦ AI Document Assistant
Summarize HALA VC LP II LPA
Compare all side letters
Risk flags — Q4 financials
✦ Generate IC memo — TrustLayer
Vault statistics
Total documents347
Total size4.8 GB
OCR processed344 / 347
AI summaries289 / 347
E-signed docs142
Pending signature3
Expiring (90d)2
Pending e-signatures
Capital Call #7 — LP notices
12 LPs pending signature · Due Feb 15
TrustLayer term sheet
CEO counter-signature pending
ADIA side letter amendment
Co-investment clause update · LP sign pending
Recent activity
2hr agoGreenStack Q4 financials uploaded by founder portal
5hr agoTrustLayer IC memo draft generated by AI
YesterdayPIF accessed Q3 2024 LP report via portal
2d agoCapital call #7 notices issued to 28 LPs
Users & Permissions
Role-based access control · 16 active users · 28 LP portal accounts · Full audit trail
Internal team
8
LP portal users
24
External (auditors)
3
Pending invites
2
Team members
LP users
Permissions matrix
Roles
HALA Eastern Capital — team
| Name | Role | Fund access | MFA | Last active | Status | |
|---|---|---|---|---|---|---|
SK Saad Al-Khamis s.alkhamis@hala.com |
CIO | LP I · LP II · Direct | ✓ | Just now | Active | Edit |
NA Nora Al-Rashid n.alrashid@hala.com |
CFO | LP I · LP II · Direct | ✓ | 1 hr ago | Active | Edit |
FB Faisal bin Turki f.binturki@hala.com |
Investment Analyst | LP II only | ✓ | 3 hr ago | Active | Edit |
LM Layla Al-Mutairi l.almutairi@hala.com |
Portfolio Ops | LP I · LP II | ✓ | Yesterday | Active | Edit |
OH Omar Hassan o.hassan@hala.com |
Fund Accountant | LP I · LP II | ✓ | 2 days ago | Active | Edit |
EY Ernst & Young — Audit audit@ey.com |
Auditor | Read-only scope | ✓ | 5 days ago | Temp access | Revoke |
Permissions matrix
Module-level access by role
| Module | CIO | CFO | Investment | Port. Ops | Accountant | Auditor | LP User |
|---|---|---|---|---|---|---|---|
| Fund Dashboard | ● | ● | ● | ● | ● | ○ | ✕ |
| Portfolio companies | ● | ● | ● | ● | ○ | ○ | ✕ |
| Deal pipeline | ● | ○ | ● | ✕ | ✕ | ✕ | ✕ |
| Valuation engine | ● | ● | ○ | ✕ | ● | ○ | ✕ |
| LP management | ● | ● | ○ | ✕ | ● | ○ | ✕ |
| Cap table | ● | ● | ● | ○ | ○ | ○ | ✕ |
| Waterfall / carry | ● | ● | ✕ | ✕ | ● | ○ | ✕ |
| Compliance | ● | ● | ○ | ✕ | ○ | ● | ✕ |
| AI Copilot | ● | ● | ● | ● | ○ | ✕ | ✕ |
| Audit log | ● | ● | ✕ | ✕ | ✕ | ● | ✕ |
| User management | ● | ○ | ✕ | ✕ | ✕ | ✕ | ✕ |
● Full access
○ Read only
✕ No access
Security settings
MFA enforcementAll users
SSO providerMicrosoft ADFS
Session timeout30 minutes
IP allowlistNot set
Failed login lockout5 attempts
Audit log retention7 years
Pending invitations
Texas TRS — LP Portal
Sent Jan 10 · Not accepted · Resend?
Resend
·
Cancel
New Compliance Officer
Role: Compliance · Sent Jan 13
Active sessions
Saad Al-KhamisChrome · Riyadh
Nora Al-RashidSafari · Riyadh
PIF PortalChrome · Riyadh
Fund Settings
Fund configuration — HALA VC LP II
Fund parameters
Fund nameHALA VC LP II
TypeVenture Capital
Vintage year2022
Target size$450M
Fund life10 years + 2 extensions
Management fee2.0% on committed
Carried interest20%
Hurdle rate8% preferred return
WaterfallEuropean / whole fund
JurisdictionCayman Islands (HALA VC LP I & II) · Direct Investments (off-balance sheet, HALA EC)
Base currencyUSD
Platform settings
Language
Valuation standard
Reporting currency
SSO provider
MFA requiredEnabled
Audit logs retention
Cap Table Management
Ownership tracking · Round history · Dilution analysis
Export to PDF
Dilution Model
N
NovaPay
Series B · Post-money: $198M · Fully diluted shares: 24,800,000
HALA VC LP II stake
24.7%
Our shares
6,125,600
Cost basis
$18.0M
Fair value
$74.0M
Shareholding register
Fully diluted basis
| Shareholder | Type | Shares | %FD | Series | Price/Share | Investment |
|---|---|---|---|---|---|---|
| HALA VC LP II | Lead investor | 6,125,600 | 24.7% | Series B | $2.94 | $18.0M |
| Ahmed Al-Mansouri | Founder | 7,440,000 | 30.0% | Common | $0.001 | Founder |
| Sara Al-Zahrani | Founder | 4,960,000 | 20.0% | Common | $0.001 | Founder |
| Sequoia Capital | Investor | 2,480,000 | 10.0% | Series A | $1.41 | $3.5M |
| STV | Investor | 1,984,000 | 8.0% | Series B | $2.94 | $5.8M |
| ESOP Pool | Option pool | 1,810,400 | 7.3% | Options | — | — |
Ownership breakdown
Founders
50%
HALA VC LP II
24.7%
Other investors
18%
ESOP pool
7.3%
Round history
Series B$23.8M raised
Mar 2023 · Post-money $198M · Lead: HALA VC LP II
Series A$7.2M raised
Jan 2021 · Post-money $35M · Lead: Sequoia
Seed$1.5M raised
Jun 2019 · Post-money $6M · Founders + angels
Due Diligence
Structured DD workrooms · AI-assisted checklists · Team collaboration
DD In Progress
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DD Checklist — TrustLayer
InsurTech · Series A · $20M
14 / 22 complete
Business & Market
✓Market size validation (GCC insurance market $25B)Done
✓Competitive landscape analysisDone
✓Regulatory pathway confirmed (SAMA)Done
◷Customer reference calls (3 of 5 done)In progress
Financial
✓3-year financial model reviewedDone
✓Management accounts FY2022 & FY2023Done
◷Unit economics deep dive (CAC/LTV)In progress
○Bank statements 12-month verificationPending
Legal & Compliance
✓Corporate structure & cap table verifiedDone
✓IP ownership confirmedDone
○Employment agreements & ESOP reviewPending
○Data privacy & PDPL compliancePending
Team & Founders
✓Founder background checksDone
✓Key person risk assessmentDone
◷Technical team interviewsScheduled
DD documents received
📄Pitch deck v7✓
📊Financial model (Excel)✓
📋Management accounts FY23✓
⚖️Articles of Association✓
📋Bank statements (6mo)Requested
📋Cap table (updated)Pending
AI DD summary
Strengths: Strong regulatory relationships, $4.2M ARR at 22% MoM growth, first-mover in parametric insurance in GCC.
Watch items: SAMA parametric product approval pending, 6-9 month enterprise sales cycles, 2 of 5 customer refs outstanding.
Open items: Bank statement verification, PDPL compliance assessment.
Watch items: SAMA parametric product approval pending, 6-9 month enterprise sales cycles, 2 of 5 customer refs outstanding.
Open items: Bank statement verification, PDPL compliance assessment.
Deal team
SK
Saad Al-Khamis
CIO · Deal lead
FB
Faisal bin Turki
Investment Team · Analysis
EY
External Legal (Al-Tamimi)
Legal DD · KSA
Exits & Realizations
Realized returns · Exit tracking · DPI management
Total realized
$82M
Across 3 exits
DPI (HALA VC LP II)
0.41×
▲ Improving
Avg realized MOIC
3.8×
Exit pipeline
2
H1 2025 expected
Realized exits
| Company | Exit type | Exit date | Cost | Proceeds | MOIC | IRR |
|---|---|---|---|---|---|---|
| CloudBridge | Strategic M&A | Aug 2023 | $8M | $38.4M | 4.8× | 72% |
| MedConnect | Secondary | Mar 2023 | $10M | $32M | 3.2× | 48% |
| RetailOS | Partial secondary | Dec 2024 | $4M | $11.6M | 2.9× | 41% |
Exit pipeline (AI forecast)
NovaPay78% exit prob.
Series C raise expected H1 2025 → partial secondary opportunity. Strategic acquirers: Visa, Mastercard, stc Pay.
Expected value: $95–110M (our stake)
AeroLogix52% exit prob.
IPO or trade sale, 18–24 month horizon. Regional logistics consolidation trend in play.
Expected value: $65–80M (our stake)
Capital Calls & Distributions
HALA VC LP I & LP II · Cayman Islands LPs · Full history & LP allocation
Total called (LP II)
$93M
62% of $150M
Total called (LP I)
$78M
97.5% of $80M
Next call (LP II)
$12M
Due Feb 15, 2025
Total distributed
$82M
▲ 3 realizations
Capital Call Notice #7 — HALA VC LP II
Issued: January 14, 2025 · Due: February 15, 2025 · 10 business days
Total call amount
$12,000,000
Purpose
TrustLayer Series A
LPs notified
28
Confirmed received
26 / 28
Capital call history — HALA VC LP II
| Call # | Date | Amount | Purpose | Status | LP notices |
|---|---|---|---|---|---|
| Call #7 | Feb 15, 2025 | $12.0M | TrustLayer + reserves | Pending | Issued |
| Call #6 | Oct 2024 | $18.0M | OceanFreight investment | Funded | Received |
| Call #5 | Jun 2024 | $8.5M | DataForge follow-on | Funded | Received |
| Call #4 | Jan 2024 | $14.2M | NovaPay Series B lead | Funded | Received |
| Call #3 | Aug 2023 | $20.5M | 3 new investments | Funded | Received |
Distribution history
| Date | Source | Gross | Carry | Net to LPs | DPI impact |
|---|---|---|---|---|---|
| Dec 2024 | RetailOS partial | $11.6M | $0.7M | $10.9M | +0.07× |
| Mar 2023 | MedConnect sale | $32.0M | $2.4M | $29.6M | +0.20× |
| Aug 2022 | CloudBridge M&A | $38.4M | $3.0M | $35.4M | +0.24× |
Waterfall & Carried Interest
European waterfall · 8% hurdle · 20% carry · HALA VC LP I & LP II
Carried interest accrued
$12.4M
Unrealized
Carry crystallized
$6.1M
From 3 exits
Hurdle cleared
Yes
8% preferred return met
GP catch-up status
Complete
Waterfall simulator
Adjust exit proceeds to model carry distribution
LP return
$239M
GP carry
$36M
Net MOIC to LPs
1.59×
Hurdle cleared?
✓ Yes
Waterfall model — HALA VC LP II
European (whole-fund) · Step-by-step
1
Return of capital
100% of LP contributed capital returned first
$150M
✓ Met
2
Preferred return (8% p.a.)
LPs receive 8% annualised on committed capital (~7yr)
$84M
✓ Met
3
GP catch-up (100%)
GP receives until holding 20% of all profits paid out
$21M
✓ Complete
4
Profit split (80/20)
Remaining proceeds: 80% to LPs · 20% carried interest to GP
$75M remaining
Active on future exits
Step 1 — Return of capital
LPs receive 100% of contributed capital
$93M
✓ Met on exit proceeds
Step 2 — Preferred return (8%)
LPs receive 8% p.a. on capital
$22.3M
✓ Cleared
Step 3 — GP catch-up (100%)
GP receives until 20% of all profits
$5.6M
✓ Complete
Step 4 — Profit split (80/20)
80% LP · 20% GP (carried interest)
Active
On all remaining exits
Carry split (GP team)
HALA Eastern Capital
60%
Investment team
30%
Advisors / ops
10%
Projected carry at full realization
Bear case (1.5× TVPI)$8.2M
Base case (2.2× TVPI)$18.4M
Bull case (3.0× TVPI)$32.1M