The short read
Capital here follows conviction, not hype. The cheques go to managers who solve for three things at once: clean structure, strong counterparties, and a story that survives a family office lens. Below is a practical map so you do not guess the market.
What is in favor now
Yielding real assets Core infra adjacencies
- Cash yield with visible contracts or regulated revenue.
- Local operating partners known to the region.
- Clear security and enforcement path.
Private credit Asset backed
- Senior or unitranche with covenants and collateral.
- Repeat borrowers and audited data rooms.
- Shorter duration with quarterly cash flows.
Secondaries Continuation vehicles
- Price discipline and governance improvements at entry.
- Known sponsors and aligned carry.
- Defined path to liquidity within the life of the vehicle.
Healthcare Services and platforms
- Unit economics already positive at the site level.
- Regulatory clarity and payer mix that is not heroic.
- Roll up logic with realistic integration costs.
Venture Category leaders
- Post product market fit with real cohorts, not vanity growth.
- Enterprise AI and B2B infra with paying logos.
- Localisation plan for GCC adoption and support.
Tokenised real assets Institutional wrappers
- Regulated stack, reputable administrator, and custody solved.
- Simple rights and clear redemption or exit mechanics.
- Use token rails for efficiency, not for the pitch.
What is out of favor
- Story equity without controls or cash flow clarity.
- Venture at idea stage with no path to first commercial proof.
- Complex offshore stacks that hide real enforcement.
- Any raise that depends on mass outreach to succeed.
The proofs allocators ask for
- People: who stands behind it, and who will pick up the phone if it drifts.
- Counterparties: lenders, offtakers, operators, and their paper.
- Cash path: how money moves from asset to LP, with timing.
- Downside: security, covenants, step in rights, venues, and counsel.
- Local alignment: onshore presence, KYC, and the ability to execute here.
How to structure so the answer is yes
- Offer protections first. Waterfalls, voting, reporting, and audit cadence up front.
- Right size the cheque. Map ticket bands to named families or institutions.
- Sequence the rooms. Do not burn top rooms before the narrative is tight.
- Give a clean enforcement path. Simpler is faster and safer.
- Make the story repeatable in 60 seconds. Your advocate needs to win a room you will never see.
Sector by sector cheat sheet
Private credit
- Sponsor backed, asset heavy, senior position where possible.
- Floating rates with floors and tested covenants.
- Monthly or quarterly reporting with independent admin.
Real assets
- Revenue visibility over stories. Contracts beat forecasts.
- Operator KPIs and maintenance budgets spelled out.
- Local banks or strategic partners in the stack.
Venture
- Net dollar retention, payback, and margin discipline.
- Enterprise pilots in the Gulf, not just global logos.
- Follow on reserved and board governance clear.
Secondaries
- Price to current, not fantasy. Independent valuations.
- Carry realignment and GP co invest at risk.
- Exit roadmap with named buyers or listings.
Healthcare
- Site level EBITDA and physician retention metrics.
- Licensing, payer contracts, and malpractice coverage.
- Integration plan with cost and timeline that fits reality.
Tokenised structures
- Regulated wrapper, KYC, onchain records plus offchain controls.
- Simple investor rights and predictable liquidity events.
- Clear reason to use token rails beyond marketing.
What to bring to the first real meeting
- One pager with protections and counterparties on page one.
- Short memo on allocator fit: ticket band, timing, and role in their portfolio.
- Two proof exhibits: signed contract or audited KPI. No fluff.
- Names of who will answer the phone when it matters.
The takeaway
You win allocations here by making it easy to say yes. Keep the structure clean, the counterparties strong, and the story simple enough to travel without you. Fit beats reach, and protections beat promises.