Bahrain's Investcorp signs major deal with HarbourVest

MANAMA: Investcorp Group, a Bahrain-based alternative investment manager, has signed a structured secondary transaction with HarbourVest.

The agreement is to provide liquidity for Investcorp’s existing $866 million Mena private equity investment portfolio with up to an additional $70m of new capital for follow-ons and up to a further $60m for new investments.

The transaction is subject to the receipt of requisite investor elections, and relevant regulatory approvals and other customary closing conditions.

Investcorp will maintain an interest in the portfolio and the firm’s Mena private equity team will continue to manage it.

“This milestone deal is a testament to the attractiveness of Investcorp’s Mena portfolio to global institutional investors, our ability to leverage our strong relationship with an existing partner, HarbourVest, and to our innovative approach to creating value for all stakeholder groups,” Investcorp’s co-chief executive Hazem Ben-Gacem said.

In January 2019, Investcorp signed two similar deals for its European private equity assets.

One was the sale of two portfolio companies in Investcorp Technology Partners Fund to a continuation vehicle supported by HarbourVest.

The second was a secondary private equity transaction that included the sale of some of its European private equity portfolio to Coller Capital and the creation of a new buyout fund.

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