Binghatti Pinnacle Development Fund delivers 194% net IRR and 2.3x net equity multiple to external investors.

Binghatti Capital Limited, regulated by the Dubai Financial Services Authority, said on 27 October that the Binghatti Pinnacle Development Fund had finished its investment strategy. Zawya reported a net internal rate of return of 194% and a net multiple on invested capital of 2.3x for external limited partners, net of fees, expenses and carried interest. An Italian business daily carried the same net return figures as 194 per cent and 2.3 times capital invested.

Both outlets said the fund raised approximately $29 million for one mixed-use development of 178 units. Company figures put gross development value near $115 million. Pre-completion sales covered roughly nine tenths of the stock, and signed contracts passed $90 million, according to the statements carried by Zawya and the Italian daily. Distributions to limited partners are complete and the fund is in formal liquidation, subject to remaining regulatory steps.

Shahzad Janab, chief executive of Binghatti Capital, said the outcome reflected “the value generated by the Pinnacle Fund and the speed at which capital was returned to investors.” The Italian report noted the announcement did not state the fund’s full duration or the timing of capital calls and distributions. The firm stressed that the figures relate only to this fund and are not a guide to future performance.