Investcorp looks to invest close to home

by Reuters Thursday, 01 February 2007

Bahrain-based investment bank Investcorp may double to $1 billion its first planned fund dedicated to investment in the Arab world to tap excess liquidity in the region, an executive said on Wednesday.

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Private equity funds tend to be oversubscribed several times in the Gulf, where economies are surging on a tripling of oil prices since 2001.
The company, which manages $10 billion of assets mainly for wealthy Gulf Arabs, has traditionally focused on invested Gulf wealth overseas.

"This is an area with lots of liquidity and there are great potential investment opportunities," Savio Tung, Investcorp managing director and head of technology investments, told Reuters in Dubai.
Investcorp, which posted a 55 percent rise in first half net profits on Wednesday, could as much as double the value of Gulf Growth Fund if subscriptions exceed the $500 million it targets to raise this year, Tung said.
"We would consider increasing the Gulf fund to $1 billion if the demand is there. We certainly have the flexibility to do that," he said.
The fund, to be deployed over three years, will invest in sectors including oil services, building materials, petrochemicals and telecommunications.
Investcorp is in talks with mid-sized companies in Asia, North America and Europe about jointly investing in start-ups or family-owned businesses in the region, he said. "A lot of these companies want a presence in the region," Tung said.



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