Janus Henderson plots deeper Middle East footprint with Shariah private credit

Janus Henderson is committing substantial resources to the Middle East region with a Shariah compliant private credit offering that is expected to support its long-term regional growth plans.

The firm, which manages assets of nearly US$500 billion globally, is not merely seeking mandates; it is building an institutional presence to court sovereign wealth funds, pension houses and prominent family offices across the GCC and the broader MENA territories.

The firm’s head of Middle East, Africa & Central Asia, Meshal AlFaras, affirmed the scale of the strategic drive. The newly-launched US$300 million Shariah compliant private credit fund marks a major milestone in Janus Henderson’s regional expansion, reflecting the firm’s commitment to providing tailored financing solutions for institutional investors across the Middle East. The fund forms part of Janus Henderson’s broader global platform, which manages approximately US$484 billion in AuM as of the 30^th September 2025.

“The launch of our US$300 million Shariah-compliant private credit vehicle underscores Janus Henderson’s long-term commitment to the region,” Meshal shared with IFN Investor. “We’ve been active here since 2012, working closely with sovereign wealth funds and pension funds. In addition to funds registered locally, we’re also introducing feeder funds in the UAE to broaden access to our investment strategies.”

Meshal explained that it was the first time Janus Henderson was moving this way and the funds will be up and running within the next couple of weeks. “The target is to reach and serve all of our clients, all through the Middle East, Africa, and Central Asia. We're traveling next week to Africa. We've got some clients and partners there as well, so we're expanding that relationship and the remit.”

The most visible sign of this commitment is the acquisition of the NBK Capital Partners team, now Janus Henderson’s dedicated private credit franchise. This team is responsible for the launch of the firm’s first Shariah compliant private credit offering, the fourth fund of its kind for the team.

The cornerstone: Private credit and the PIF mandate

Yaser Moustafa, head of private investments at the firm, views this product as directly responding to client demand.

The early, strong investor participation to Janus Henderson – including from entities related to the Public Investment Fund of Saudi Arabia and Mubadala of Abu Dhabi – is driven by a compelling macro story, Yaser adds.

Private credit remains an "underdeveloped asset class" in the region, falling into the gap between established bank lending and the nascent Sukuk market, Yaser points out, adding that the massive capital expenditure programs underway, particularly Saudi Arabia’s Vision 2030, have created a dual opportunity.

“A lot of the banks are fully exposed, I would say, to the large government projects,” Yaser observed. While these commitments – to developments like NEOM and the Red Sea projects – represent high-quality exposure, they effectively constrain bank balance sheets, leaving a void for high-growth, mid-market companies that are not directly tied to government contracts.  

“That’s why they come to us,” Yaser said, noting that the team’s 16-year track record, which spans various economic cycles and includes having never lost money across more than 21 investments, offers significant institutional comfort.

Furthermore, Yaser detailed how the asset class itself is highly attractive in the current climate. Unlike private equity products, the credit strategy is immediately cash-generative, paying investors an attractive cash yield, currently around 9-10%.

Janus Henderson has also developed “innovative solutions” for investors who prefer to wire capital immediately, circumventing the usual commitment drag period associated with private credit.

Filling the void: A cash-generative answer to bank exposure

The Shariah compliance mandate is broadening Meshal's entire sales remit. The acquisition of the private credit team has provided a unique “venue” to network with Shariah compliant entities – including banks, insurance companies, and family offices – that the firm had not previously engaged.

Looking beyond credit, Meshal confirmed the firm is exploring conversion opportunities for its liquid strategies. “We’re looking to launch potentially equity strategies that are Shariah compliant,” he stated, adding that clients have asked if the firm could convert some of its conventional strategies.

In the public equity space, the firm is leveraging its global scale, marketing specialized products like its high-performing Biotechnology Innovation Fund and its US$38 billion Global Research Strategy, which consistently outperforms its benchmarks. The firm is also keen to expand its active ETF suite, including the successful JAAA CLO product, outside of the US.

The confidence in this regional push is amplified by growing global attention. Yaser noted that international investors from the US, Europe and Asia are increasingly drawn by the GCC’s underlying fundamentals: strong rule of law, currencies currently pegged to the US dollar and a favorable demographic profile – with two-thirds of the population below the age of 34.

Beyond credit: The multi-trillion-dollar institutional build-out

The decision to nearly double the size of the new private credit fund, with a hard cap of US$400 million, reflects a strategy where “size attracts size,” enabling the franchise to meet the minimum check sizes required by the largest institutional players globally.

Ultimately, the drive is symptomatic of the region’s growing appeal as a global financial hub. Meshal summarized the transformation: “Who would have thought five years ago that people look to work in Saudi? Or look at and to work in Qatar or elsewhere. Look at them on a weekly basis, at least one or two calls from people in Europe looking to work in the region.”

With Janus Henderson accelerating its build-out alongside financial titans like Goldman Sachs and BlackRock, the commitment signals that the Middle East is no longer an emerging market satellite, but a core axis of global capital deployment, uniquely receptive to sophisticated, Shariah compliant products.