Monday, Oct 04, 2010
DUBAI (Zawya Dow Jones)--Arcapita Bank B.S.C. said Monday a transaction in which HarbourVest Partners LLC will invest about $300 million in five companies controlled by the Bahrain-based investment firm had been completed.
HarbourVest has acquired minority interests in five Arcapita portfolio companies and has committed follow-on capital in support of growth strategies at these companies, Arcapita said in an emailed statement.
Arcapita and HarbourVest have created a new fund to effect the transaction, the Bahraini investment firm said, adding that it would continue to manage the portfolio.
"This transaction is important to Arcapita for two reasons. It provides liquidity that will allow us to be active in our pursuit of new transactions. It also commences our first relationship with a significant U.S.-based institutional investor," Arcapita Chief Executive Officer Atif Abdulmalik said.
The deal follows Arcapita's recent completion of a $200 million loan facility with Standard Chartered Bank that has boosted its balance sheet, the firm added.
Arcapita has offices in Atlanta, London and Singapore.
-By Dubai Bureau, Dow Jones Newswires; +9714 446-1686; djnews.dubai@dowjones.com
Copyright (c) 2010 Dow Jones & Co.
(END) Dow Jones Newswires
04-10-10 0814GMT
