Bahrain’s Investcorp seeks to raise up to $600 million from investment vehicle IPO


Dubai (Reuters) – Middle East alternative asset manager Investcorp Holding is seeking to raise up to $600 million from the listing of an investment vehicle in Abu Dhabi this year, two sources with knowledge of the matter told Reuters.

Bahrain-based Investcorp is making preparations for a potential public share sale of Investcorp Capital, registered in the Abu Dhabi Global Market, the international financial centre in the capital of the United Arab Emirates.

The vehicle, which will operate as an independent company, will hold Investcorp’s private market co-investments across assets including credit, real estate and private equity, said the sources, declining to be named as the matter is not public.

Investcorp is working with Goldman Sachs (GS.N), First Abu Dhabi Bank (FAB) (FAB.AD), Emirates NBD (ENBD.DU) and HSBC (HSBA.L) on the plan, the people said. Moelis & Co (MC.N) is acting as financial adviser, they said.

Bloomberg in March reported Investcorp was putting together a plan to list the vehicle.

Deliberations are at early stages and no final decision has been taken while the company is also evaluating other listing venues and options for growth.

Investcorp , HSBC, Moelis & Co, Emirates NBD and FAB declined to comment. Goldman Sachs did not immediately respond to a request for comment.

With $50 billion of assets under management (AUM), Investcorp is best known for listing luxury goods brands, such as Gucci and Tiffany & Co.

Under the leadership of Mohammed Al Ardhi, Investcorp’s current executive chairman, Investcorp has grown its AUM fivefold over the last seven years by diversifying into sectors including infrastructure, acquiring stakes in other general partners, and insurance.

It has listed two blank check companies on the Nasdaq in the U.S., one with a focus on Europe and the other on India.

The company, which has opened offices in Singapore, Beijing, Mumbai and Delhi in that time, has also diversified its sources of fundraising.

Abu Dhabi state fund Mubadala Investment Company acquired 20% of the firm in 2017.

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