Bahrain-based asset manager Investcorp and Hong Kong’s Fung Investments will deploy $500 million for profitable companies in Asia.
The upcoming $500 million fund will represent the fourth venture between Investcorp and Fung, the private investment arm of the families of Hong Kong’s Victor Fung and William Fung.
It will invest in companies across China’s Greater Bay Area (GBA), encompassing the Guangdong Province and the two Special Administrative Regions of Hong Kong and Macau, according to a statement on Wednesday.
The fund will focus on control buyouts of profitable mid-cap businesses that have “strong growth potential”.
“Our differentiator is that our fund is buy-out focused and we believe there is huge scope for strong returns,” said Investcorp’s Co-CEO Hazem Ben-Gacem.
As of June this year, Investcorp had $42.7 billion in total assets under management, including assets managed by third-party managers. Fung Investments is the sister company of Fung Group in Hong Kong, which has a rich history in import and export trading that dates back to 1906.
(Writing by Cleofe Maceda; editing by Seban Scaria)