Investcorp swings to profit, N.American PE fund raises $1 bln

Libity

04/08/2021 09:05

DUBAI, Aug 4 (Reuters) - Manama-based Investcorp on
Wednesday posted a net profit of $124 million for its financial
year ending June 30, rebounding from a loss a year earlier,
citing strong activity across its core businesses that helped
boost fee and asset-based income.
    The firm, which focuses on private equity, real estate,
credit management and absolute return investments, said it had
raised $1 billion for its North American private equity fund. 
    It has also raised almost $300 million for its Technology
Fund V so far, out of a target of $500 million.  
    Investcorp, which has a medium-term goal to increase its
assets under management to $50 billion, said its assets grew 17%
in the last financial year to $37.6 billion.
    A total of 11 new private equity investments were made
during the year across India, China and Southeast Asia, it said.
    Assets under management in Asia increased by 17% to $1.1
billion during the fiscal year, it said.
    The Public Investment Fund, Saudi Arabia's sovereign wealth,
 agreed to become an anchor investor in an infrastructure fund
being launched by Investcorp and Aberdeen Standard Investments,
the company said in June.  urn:newsml:reuters.com:*:nL5N2NR5W7

 (Reporting by Saeed Azhar
Editing by Mark Potter)
 ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters
Messaging: saeed.azhar.reuters.com@reuters.net))