Bahrain-based Investcorp has announced the launch of a Saudi focused pre-IPO growth vehicle.
The investment firm said the vehicle will be dedicated to investing in a diversified portfolio of companies at a “pre-IPO” stage of development in Saudi Arabia, providing investors with an opportunity to gain exposure to growing and market-leading businesses in the kingdom.
It aims to raise $500 million, targeting high growth and underserved sub-sectors such as healthcare, consumer, transport and logistics and business services.
Yasser Bajsair, CEO of Investcorp Saudi Arabia, said: “Saudi Arabia’s economy continues to evolve and remains a key market for Investcorp. The kingdom’s Vision 2030 and its strong macroeconomic fundamentals, combined with its favourable regulatory environment and strategic privatization mandate makes it an attractive investment hub for creating new business opportunities that contribute to its economic growth.”
Walid Majdalani, head of private equity MENA and Southeast Asia at Investcorp said: “Through this vehicle, we aim to partner with reputable founders and shareholders across strategic sectors to create value and to seek to generate attractive risk-adjusted returns for our clients and stakeholders.
“We will focus on assisting the companies that we invest in to grow and develop, to become potential candidates for an IPO or some other form of value realisation event.”
Investcorp opened its office in Riyadh in 2008 and to date has made seven investments in Saudi Arabia, operating across healthcare, consumer, manufacturing, transport and logistics, and industrial services.
The firm has publicly listed four Saudi businesses on Tadawul, generating over $40 billion in potential demands from their respective pre-listing marketing exercises at that time including BinDawood Holdings, Theeb Rent A Car, Leejam Sports Company and L’azurde. Its portfolio companies employ over 23,000 employees across the kingdom.
Investcorp has presence in 12 countries across the US, Europe, GCC and Asia, including India, China and Singapore. As of June 30, it had $37.6 billion in total assets under management.
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