Global alternative investment firm Investcorp and China Investment Corporation (CIC), one of the world’s largest sovereign wealth funds, have launched a $1 billion platform invest in high-growth companies across GCC countries and China.

The platform has a target size of $1 billion and will be anchored by institutional and private investors from the GCC, as well as CIC, Investcorp said in a statement.

The platform was launched on Wednesday at the Investcorp’s China-GCC Investment and Business Cooperation Summit in Riyadh.

The platform will target companies in high growth potential sectors including consumer, healthcare, logistics and business services.

The Investcorp Saudi Pre-IPO Growth Fund, which is part of the platform, has already announced three investments in the GCC, according to the statement.

Investcorp manages $52 billion in assets, including assets managed by third party managers. 

(Writing by Brinda Darasha; editing by Seban Scaria)