Abu Dhabi, UAESaturday 24 August 2019

Investcorp enters India with acquisition of a private equity and property business

Bahrain-based firm has a growing appetite for investment in Asia

Mohammed Alardhi, executive chairman of Investcorp. Courtesy Investcorp
Mohammed Alardhi, executive chairman of Investcorp. Courtesy Investcorp

Investcorp, the Bahraini alternative investment firm that counts Mubadala Investment Company as its biggest shareholder, acquired a private equity and property business in India, its first foray into Asia’s third-largest economy.

The Manama-based company expects to close on Thursday its acquisition of Private Equity and Real Estate investment management businesses of IDFC Alternatives, a unit of India’s IDFC, Investcorp said in a statement on Wedneday. It didn’t disclose the value of the deal.

Our first direct investment into the Indian market is a major milestone for our business, which also marks our focused expansion into Asia,” said Mohammed Alardhi, executive chairman of Investcorp.

Investcorp, in which Mubadala has a 20 per cent stake, has been snapping up assets as it seeks to double its assets under management to $50 billion from $22.6bn as of June 2018.

This month, it acquired US-based Health Plus Management for an undisclosed sum and signed a deal with London-based Coller Capital for some of its European private equity portfolio assets that will help to create a new $1bn buyout fund.

In September last year, the company said it is investing as much as $250m in the Chinese market, its first entry into the world's second-biggest economy as it looks to expand its portfolio of investments globally.

The company has invested across a range of sectors with transaction values exceeding $57bn.

Since its inception in 1982, Investcorp has made over 175 corporate investments in the US, Europe and the broader Middle East and North Africa region, including Turkey.

Updated: January 30, 2019 12:22 PM