Sovereign example

26 June 2008 By Una Galani Follow @ugalani

Dubai International Capital is set to be the first from the region and the first statebacked entity to sign up to the UK private equity code of conduct. That s a smart move that will help defuse any backlash over its activities. Secretive sovereign funds should follow suit.

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Dubai International Capital is poised to become the first statebacked entity to sign up to the UK private equity code of conduct. The investment group backed by Dubai's ruler Sheikh Mohammed bin Rashid alMakthoum joined the British Venture Capital Association last month. DIC has $12bn assets under management.

The BVCA expects its larger members to adhere to the code which was created last year in response to the controversy surrounding the private equity industry. Apax, Cinven, Candover and Charterhouse are all signed up to voluntary guidelines.

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