MENA deployed $3.8B into startups in 2025. Exit infrastructure? Almost nonexistent. That is the structural problem SHUAA Capital and Key Capital are now moving to fix with the region's first dedicated VC secondaries partnership. Key Fund I LP targets $50M, has already closed two transactions, and is approaching its first close. The strategy: acquire positions in high-growth tech companies through off-cap-table deals directly with existing shareholders, no new round required, no board approval, no disruption to the company. For founders, this matters because it removes the pressure to sell prematurely. For early investors, it means liquidity without waiting a decade for an IPO that may never come. For the ecosystem, it means capital recycling back into early-stage bets instead of sitting frozen in paper gains. Global secondary volume hit a record $240B in 2025. MENA's market is estimated at $1B+. The gap is the opportunity, and nobody had built the infrastructure to capture it until now. the-sourcecode.com/startups/shuaa… #VentureCapital #MENA #Secondaries #PrivateMarkets #StartupEcosystem