Investcorp Holdings BSC has raised about $1 billion for its first private equity fund focused on North American assets, according to people familiar the matter. The biggest private equity and alternative asset manager in the Middle East is set to complete a first close on the fund soon, and aims to eventually raise about $2 billion, the people said. The fund will focus on investing in areas including technology and data companies, along with supply chain and industrial services.
Bahrain-based Investcorp, which oversees about $34 billion, is raising more funds for specific uses as it looks to boost assets under management. It’s previously tended to book deals on its own balance sheet and sell them on to investors.
Set up in 1982, the money manager is already the Gulf’s largest private investor in U.S. real estate and has said it wants to boost its assets under management to $50 billion in the coming years. Abu Dhabi sovereign fund Mubadala in 2017 acquired a 20% stake in Investcorp, which has backed companies including Tiffany & Co. and Gucci Ltd.
Source: BNN Bloomberg
By Matthew Martin
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