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Asset/Investment Management
investcorp.com

Investments

121

Portfolio Exits

85

Funds

23

Partners & Customers

10

Service Providers

3

About Investcorp

Investcorp (BHSE: INVCORP) is a provider and manager of alternative investment products for private and institutional clients. Investcorp has three business areas: corporate investment in the US, Europe, and the Gulf; real estate investment in the US; and global hedge funds. Investcorp has offices in New York, London, and Bahrain.

Headquarters Location

Investcorp House PO Box 5340

Manama,

Bahrain

+973 17532000

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CB Insights Intelligence Analysts have mentioned Investcorp in 1 CB Insights research brief, most recently on Feb 11, 2022.

Latest Investcorp News

Italy, Libya sign $8-billion gas deal as PM Meloni visits Tripoli

Jan 29, 2023

and now with the details Jeddah - Yasmine El Tohamy - RIYADH: Setting the tone for the shape of things to come, 2023 began on a high note for the real estate industry with deals worth more than SR10 billion ($2.66 billion) signed on the opening day of the Real Estate Future Forum, which was held in Riyadh from Jan. 23-25. The strong start to the year comes in the wake of a report published by PwC Middle East in December which noted the Kingdom has made remarkable progress in transforming its housing sector in the past decade. The government’s robust policies and initiatives, including the activation of numerous finance products, is propelling the sector forward, addressing the key challenges faced by the housing market, and making home ownership a possibility for new generations of Saudis, it said. The positivity was echoed by Faisal Durrani, head of Middle East research, at global real estate consultancy Knight Frank. “We are tracking nearly 555,000 residential units that are due to be delivered around the Kingdom by 2030, with Riyadh alone set to see an additional 200,000 homes as the Saudi capital gears up for a 127 percent rise in its population to 17 million by the end of the decade,” he told Arab News. He did, however, add a note of caution, saying: “Despite the volume of new homes planned, we forecast a national deficit of almost 1.5 million units. The caveat, of course, is around building suitable stock to satisfy the exceptional levels of current and future demand.” With such expansion on the horizon, It is hardly surprising then that there is keen interest from investors, who are looking to capitalize on the strong outlook for the real estate sector in the Kingdom. Bahrain-based Investcorp, for instance, announced earlier in January that it would invest as much as $1 billion in Saudi real estate over the next five years. “Saudi Arabia’s real estate market has been undergoing a rapid transformation as the Kingdom’s appetite for megaprojects and economic prosperity grow under the Vision 2030 agenda,” Yusef Al Yusef, head of private wealth in the GCC for Investcorp, told Arab News. Changing face of Saudi Arabia A report from S&P Global published in December last year set out Saudi Arabia’s real estate ambitions as part of its Vision 2030 program for economic diversification. According to the report, the Kingdom has $1 trillion slated for real estate and infrastructure projects, with at least eight new cities planned predominantly along the coast of the Red Sea, with more than 1.3 million new homes by end-2030. Predictably, Saudi Arabia has remained the largest construction market in the Middle East region, with a share of $31 billion out total $87 billion worth of awarded projects during the first 10 months of 2022, according to Rani Majzoub, head of real estate advisory at KPMG Professional Services. “While having undisputed leadership in the region in terms of market size, Saudi Arabia is also becoming one of the leading countries in terms of real estate innovation at a global scale,” he told Arab News. “The Kingdom is set to shape its construction and development at an unprecedented pace – with the share of construction targeted to reach 8.8 percent of nominal gross domestic product as per Vision 2030. Currently, the share of construction is estimated at 6.4 percent of GDP which equates to an annual spend of SR197 billion,” Majzoub added. According to KPMG’s estimates, the share of construction is expected to reach SR382 billion by 2030, owing both to GDP growth and increase in GDP contribution by the construction sector. What differentiates Saudi Arabia, according to Majzoub, is the large number of megaprojects that are set to be developed in the next decade, which will contribute to the digital transformation of the cities with heritage and culture at their core. A few examples include Jeddah Central Development, Makkah Heritage District, Diriyah Gate Development, Qiddiya, King Salman Park, Riyadh Sport Boulevard, NEOM, Red Sea Project and Soudah Development. Most of the megaprojects, which are set to come to fruition in the next decade, will change not only the Kingdom’s landscape but, in many cases, the day-to-day lives of residents, too. “The Iskan program, which aims to increase home ownership for Saudi families to 70 percent by 2030, is tasked with providing the necessary infrastructure for housing and encouraging landlords to develop real estate projects throughout Makkah, Jeddah and Dammam,” said Sapna Jagtiani, director, S&P Global Rating. “Although the white land tax (on undeveloped land) has been in effect for a few years with some success, the government has launched the second phase of its Idle Land Program to ensure fair competition and a balance between supply and demand for modern estates,” added Ilya Tafintsev, associate, S&P Global Ratings. “The Kingdom is currently undergoing a major transformation, with Vision 2030 as an ambitious yet achievable mission,” Mohammed Al-Otaibi, CEO of Ajdan Real Estate Development, told Arab News. “We believe that the development projects will be instrumental in positioning Saudi Arabia as a leading tourism, entertainment, and real estate destination to rival the likes of Dubai . At Ajdan, we are partnering with some of the world’s leading designers, architects, brands and operators to really elevate the offering in Saudi Arabia.” “As Saudi Arabia continues its ongoing economic growth, the demand for residential properties will also increase,” Imad Shahouri, PwC’s Middle East consulting real estate cluster leader, told Arab News. Saudi Arabia has remained the largest construction market in the Middle East region, with a share of $31 billion out of a total $87 billion worth of awarded projects during the first 10 months of 2022. Rani Majzoub, head of real estate advisory at KPMG Professional Services “The Kingdom has put forward large-scale national programs as part of the Saudi Vision 2030, including The Housing Program, which aims to provide housing solutions enabling Saudi nationals to own and benefit from suitable houses. The expanding project has set a mission to improve housing conditions and quantity for current and future generations.” “In alignment with Vision 2030, the Housing Program will provide housing units for Saudi families, with an expected 70 percent homeownership among Saudis by the end of 2030,” Shahouri added. “The residential sector’s demand is driven by Vision 2030’s target of increasing home ownership to 70 percent by end of the decade and, as of mid-2022, the Saudi Real Estate Refinance Co. estimates home ownership to have reached 60 percent,” Junaid Ansari, head of investment strategy and research at Kamco Invest, informed Arab News. “On a broader level, we feel that there is a wait-and-see approach being adopted in some cases, where many potential buyers are waiting the delivery of new major developments,” Pedro Ribeiro, general manager of CBRE Saudi Arabia, told Arab News. “Many of these developments will help provide much-needed supply to market but also, more importantly, the required quality and property configuration at affordable price points. This trend is not limited just to Riyadh but also to the likes of Jeddah, where we have seen a number of notable masterplans being launched.” All eyes on Riyadh While numerous projects are slated for existing main cities the big question is whether the government can meet its ambitious target to make Riyadh one of the 10th largest economies in the world by 2030, with its population projected to exceed 15 million by 2030. “We are optimistic that Riyadh will continue to grow at an impressive rate – the demand is there and there is no shortage of industry professionals well equipped to meet the demand,” said Al-Otaibi. “At Ajdan alone, we are involved in a number of new residential projects in Riyadh that will contribute significantly to the city’s economy, not to mention many other developers both in the private and public sector that will be delivering mega-scale projects in and around Riyadh, so we are confident that the government will reach its goal.”   “As ambitious as it sounds, this aim requires significant effort on the economic, regulatory and development fronts. So far, the government has not only shown determination but has also made the required effort and implemented innovative ideas to accomplish the challenge,” Majzoub said. He added: “The government is focused on increasing the participation of the private sector from 40 percent to 65 percent and raising the contribution of small and medium enterprises to the gross domestic product. “Regulatory steps such as reducing the requirements of bank guarantees for developers, the relocation of international company regional headquarters to Riyadh, and expansion of the industrial areas are some of the key measures taken by the government to drive the requisite growth.” “Megaprojects like the Metro will enhance mobility and allow the city to expand and create more developments on the outskirts like Diriyah,” Majzoub explained. “On the other hand, lifestyle projects like Diriyah, King Salman Park, Qiddiyah, etc. are set to become a reflection of futuristic living which will attract expats and locals from other parts of the country.” “The current growth trajectory, announced mega projects, government plans and regulations, and the response of the private sector all show positive signs and increase the likelihood of achieving the ambitions for Riyadh,” he concluded. “This transformational change in infrastructure and cross-cultural engagement, while focused in Riyadh, is not exclusive to it,” summed up Shahouri. “Other major cities like Jeddah are also getting a makeover in a large-scale redevelopment effort. For instance, the Kingdom will invest $20 billion to revamp and revitalize about 5.7 million sq. m. of picturesque waterfront in the Jeddah Central Project. Similar initiatives are underway in Madinah as well.” These were the details of the news Italy, Libya sign $8-billion gas deal as PM Meloni visits Tripoli for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new. It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

Investcorp Investments

121 Investments

Investcorp has made 121 investments. Their latest investment was in Zift Solutions as part of their Series D on January 1, 2023.

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Investcorp Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

1/23/2023

Series D

Zift Solutions

$70M

Yes

6

1/5/2023

Series A

InsuranceDekho

$36.5M

Yes

6

12/7/2022

Series D

Wakefit

$39.4M

Yes

3

11/9/2022

Series D

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$99M

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10

9/7/2022

Series C

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$99M

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10

Date

1/23/2023

1/5/2023

12/7/2022

11/9/2022

9/7/2022

Round

Series D

Series A

Series D

Series D

Series C

Company

Zift Solutions

InsuranceDekho

Wakefit

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Amount

$70M

$36.5M

$39.4M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

6

6

3

10

10

Investcorp Portfolio Exits

85 Portfolio Exits

Investcorp has 85 portfolio exits. Their latest portfolio exit was ASG Eye Hospitals on September 19, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

9/19/2022

Shareholder Liquidity

$99M

2

6/14/2022

Acquired

$99M

3

3/28/2022

Management Buyout

$99M

Management Buyout (MBO), and Edify Investment Partner

3

3/11/2022

Acq - Fin

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$99M

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10

2/4/2022

Acq - Fin

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$99M

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10

Date

9/19/2022

6/14/2022

3/28/2022

3/11/2022

2/4/2022

Exit

Shareholder Liquidity

Acquired

Management Buyout

Acq - Fin

Acq - Fin

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

Management Buyout (MBO), and Edify Investment Partner

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Sources

2

3

3

10

10

Investcorp Acquisitions

109 Acquisitions

Investcorp acquired 109 companies. Their latest acquisition was Eficode on December 20, 2022.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

12/20/2022

Private Equity

$99M

$7.34M

Corporate Majority

3

12/6/2022

Other

$99M

$1.5M

Corporate Majority

1

12/2/2022

$99M

Acquired

1

10/4/2022

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$99M

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10

10/3/2022

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$99M

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10

Date

12/20/2022

12/6/2022

12/2/2022

10/4/2022

10/3/2022

Investment Stage

Private Equity

Other

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

$7.34M

$1.5M

Note

Corporate Majority

Corporate Majority

Acquired

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Sources

3

1

1

10

10

Investcorp Fund History

23 Fund Histories

Investcorp has 23 funds, including Investcorp Fung GBA Fund.

Closing Date

Fund

Fund Type

Status

Amount

Sources

10/26/2022

Investcorp Fung GBA Fund

$500M

1

9/28/2022

Investcorp GP Stakes Fund

$800M

1

11/17/2020

Investcorp Strategic Capital Partners A

$12.42M

1

11/17/2020

Investcorp Strategic Capital Partners

$99M

10

5/27/2020

Investcorp Italian NPL Fund II

$99M

10

Closing Date

10/26/2022

9/28/2022

11/17/2020

11/17/2020

5/27/2020

Fund

Investcorp Fung GBA Fund

Investcorp GP Stakes Fund

Investcorp Strategic Capital Partners A

Investcorp Strategic Capital Partners

Investcorp Italian NPL Fund II

Fund Type

Status

Amount

$500M

$800M

$12.42M

$99M

$99M

Sources

1

1

1

10

10

Investcorp Partners & Customers

10 Partners and customers

Investcorp has 10 strategic partners and customers. Investcorp recently partnered with Titan on June 6, 2022.

Date

Type

Business Partner

Country

News Snippet

Sources

6/28/2022

Vendor

United States

Investcorp and TitanCorp Establish Scholarship Program for its Workforce Housing Portfolio

Investcorp , a leading global alternative investment firm , today announced a partnership with TitanCorp 's THRIVE program , a scholarship initiative designed to give residents in TitanCorp apartment communities the opportunity to complete certifications at the schools of their choosing .

1

9/23/2021

Partner

United States

Marblegate and Investcorp form strategic partnership

The partnership with ISCG provides Marblegate with long-term capital to strengthen its investment platform and continue to enhance its capabilities in middle market debt .

3

8/19/2021

Partner

United States

Investcorp and ADDX partner to expand use of digital securities in alternative investment space

YC Tang , Vice President , Investor Relationship Management , Asia at Investcorp said : `` We are pleased to have this partnership with ADDX to provide the segment of underserved investors with an array of diversified alternative investment products through a secure and an efficient platform .

3

4/6/2021

Partner

United States

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10

4/6/2021

Partner

United States

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10

Date

6/28/2022

9/23/2021

8/19/2021

4/6/2021

4/6/2021

Type

Vendor

Partner

Partner

Partner

Partner

Business Partner

Country

United States

United States

United States

United States

United States

News Snippet

Investcorp and TitanCorp Establish Scholarship Program for its Workforce Housing Portfolio

Investcorp , a leading global alternative investment firm , today announced a partnership with TitanCorp 's THRIVE program , a scholarship initiative designed to give residents in TitanCorp apartment communities the opportunity to complete certifications at the schools of their choosing .

Marblegate and Investcorp form strategic partnership

The partnership with ISCG provides Marblegate with long-term capital to strengthen its investment platform and continue to enhance its capabilities in middle market debt .

Investcorp and ADDX partner to expand use of digital securities in alternative investment space

YC Tang , Vice President , Investor Relationship Management , Asia at Investcorp said : `` We are pleased to have this partnership with ADDX to provide the segment of underserved investors with an array of diversified alternative investment products through a secure and an efficient platform .

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Sources

1

3

3

10

10

Investcorp Service Providers

9 Service Providers

Investcorp has 9 service provider relationships

Service Provider

Associated Rounds

Provider Type

Service Type

Lincoln International

Corporate Minority, and Acq - Fin

Investment Bank

Financial Advisor

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Service Provider

Lincoln International

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Associated Rounds

Corporate Minority, and Acq - Fin

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Provider Type

Investment Bank

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Service Type

Financial Advisor

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Partnership data by VentureSource

Investcorp Team

31 Team Members

Investcorp has 31 team members, including current Chief Executive Officer, Hazem Ben-Gacem.

Name

Work History

Title

Status

Hazem Ben-Gacem

Chief Executive Officer

Current

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Name

Hazem Ben-Gacem

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Work History

Title

Chief Executive Officer

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Status

Current

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