Secondary relevance: 17-year journey created multiple liquidity windows for early investors, founders, and employees — exactly the dynamic Key Capital is structured to serve.
A $3.8 billion market with near-zero secondaries infrastructure. The conditions that built the US secondaries market post-2008 are forming in the Gulf today — and no one has moved to capture them.
While 2025 was a year of global volatility — US tariffs, gold surging 60%, Brent crude falling 15% — the GCC emerged as one of the few regions to accelerate. Sustained sovereign capital, policy continuity, and structural reform programmes created a buffer that no other emerging market could match.
Over $10B has been deployed into MENA technology companies since 2021. The exit infrastructure — M&A, IPO, and secondaries — has not kept pace. Median time to exit is 6 years. Only two tech IPOs occurred in 2025. Secondaries are explicitly emerging as the region's primary liquidity mechanism.
The liquidity gap is not a quality problem. MENA has produced category-defining companies across PropTech, FinTech, InsurTech, and food delivery. These are the exits that secondaries investors are positioned behind — at a discount to last reported NAV.
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