One of the largest Middle Eastern private equity investment groups has raised $500m (€340m) for its fifth buyout fund focusing on the region as local firms compete with those from overseas for investors' capital.

Global Investment House, founded in 1998 in Kuwait, said its global buyout fund had received commitments of more than $500m at its initial closing. The fund aims to take controlling equity stakes in established private and public companies in the Middle East and North Africa region, and in Turkey, China, India and Pakistan.