Investcorp eyes $1bn equity fund

Bahrain-based investment bank Investcorp expects to complete its first transaction soon for a $1 billion private equity fund.

The bank is looking to invest in small- and medium-sized businesses in the Gulf Arab region ranging from infrastructure to transport, healthcare and petrochemicals. It has studied more than 120 Gulf Arab firms through the Gulf Opportunity Fund.

"We are very actively looking at potential deals and will announce one shortly," Managing Director Khalid Al-Rumaihi told newswire Reuters on the sidelines of a conference in Dubai. He declined to give more details or be more specific.

The investments would typically range between $20 million and $150 million in size, the fund's co-head Christophe De Mahieu said in November.

"We see opportunities coming up because of growth in the Gulf Arab region and a lot of industry development not related to oil such as healthcare and education," Al-Rumaihi said.

Gulf economies are booming on a seven-fold increase in the price of oil since 2002, and regional governments are taking advantage of the windfall to improve infrastructure and diversify their economy away from oil and gas revenues.

Investcorp expects to raise the full $1 billion for the open-ended fund by July, Al-Rumaihi said. (Reuters)

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