- What
- Commits capital to VC funds; founders reach it through the funds it backs.
- Who
- VC funds investing directly in, or with a strategic interest in, MENA; seed through growth.
- Backs
- 3 funds on the map · 1 more with no GCC base — listed below
Checked · October 2026 · alwahafund.com · How we check ↗
In detail
Al Waha Fund of Funds is a fund of funds (government-backed) in Bahrain. $100M government-led VC fund-of-funds established in 2018, with Bahrain Development Bank as investment manager. Its five-year investment period ended April 2023; the fund now manages its existing book through a term running to 2028. Backed funds include BECO Capital, MEVP and 500 Startups. No successor fund announced.
- Amount
- $100M fund of funds
- Terms
- Via underlying VC funds
- Eligibility
- VC funds that invest directly in — or have a strategic interest in — the MENA region, at seed, early and growth stages
- Sectors
- Technology, FinTech
- Benefits
- LP capital for VCs
- Access to Al Waha’s portfolio of VC managers and limited partners
- Ecosystem support in Bahrain, including partnership opportunities and networks
- Status
- Closed — the fund reached the end of its investment period in April 2023 (checked October 2026)
What the source says
“the $100m Al Waha Fund of Funds is supporting Venture Capital funds”
“The investment period is five years with a fund term of 10 years with two possible extensions of one year each from its close on April 30th, 2018. The fund has reached the end of it’s investment period as of April 30, 2023.”
“The $100m Al Waha Fund of Funds was established in 2018 to address the nascent Venture Capital community in the MENA region.”
“The government-led initiative seeks to invest in Venture Capital funds that will invest directly – or that have a strategic interest – in the MENA region, at seed, early and growth stages of funding.”
“The Bahrain Development Bank has been appointed as the Investment Manager.”
“5 May 2019 Al Waha Fund of Funds celebrates its first anniversary as it invests half of its $100 million fund in BECO, MEVP, 500 Startups”
Closing soon on the map
No published deadline in the next 30 days · All published deadlines →
More funds of funds in the Gulf
Funds it backs — named on its own site
BECO Capital
MEVP
Shorooq Partners
Also backs — not on this map
Named by Al Waha Fund of Funds on its own site. The funds’ own sites show no base in the GCC, so they are not map entries.
Questions founders ask
What does Al Waha Fund of Funds offer?
Commits capital to VC funds; founders reach it through the funds it backs.
Does Al Waha Fund of Funds take equity?
Indirect — invests in funds, not startups.
Is it open now?
No — it is currently closed. The status on this page follows the programme’s own site.
How do I apply?
No application form is published. Its website is the way in.
Sources
Primary source · alwahafund.com · Checked October 2026