Bahrain-based alternative investment manager Investcorp has completed the final close of its North American Private Equity Fund II at USD 1.22 billion, beating its USD 1.1 billion target and exceeding the size of its inaugural 2021 fund.
Institutional investors from North America, Europe, the Middle East and Asia committed capital, with Investcorp also investing on behalf of its long-standing investor base. The fund targets middle-market companies in business and professional services and commercial services, focusing on fragmented sub-sectors with stable, non-cyclical demand and EBITDA of USD 10 million to USD 50 million.
Fund I limited partners invested more than USD 1 billion in fee-free co-investment equity alongside that vehicle. The North American team has completed more than 75 investments worth over USD 25 billion across four decades, while the wider group oversees around USD 62 billion in assets, ranking among the Middle East's largest alternative asset managers.
Gulf Economist Staff Writer