Middle East-focused alternative asset manager Gulf Capital has reached a first close for its second credit and mezzanine fund, Gulf Credit Opportunities Fund II, with US$175 million in capital commitments. The fund, which has a target of US$250 million and hard cap of US$300 million, will provide financing to mid-market companies operating in the Middle East, North Africa, Turkey and Sub-Saharan Africa. Gulf Capital will be seeding the fund and will become the largest limited partner. Institutional investors in the fund include sovereign wealth funds, insurance companies, foundations and international financial institutions.