ABU DHABI, Nov 10 (Reuters) - Investcorp expects to reach its target of $25 billion for assets under management (AUM) next year, by which time it will have a strategy formulated to take the measure to $100 billion, chairman Mohammed al-Ardhi said late on Wednesday.
The alternative investment firm had set an aim in November 2015 of more than doubling its AUM over a period of seven years from $11 billion, a feat Ardhi believed would put it into the top tier of global investment companies.
The acquisition of the debt-management business of Britain's 3i Group PLC for 222 million pounds ($275.5 million), announced last month, has increased its AUM to $23 billion within the first year of the target.
"This time next year, with these initiatives behind us, we will be at $25 billion," Ardhi told a dinner audience ahead of the firm's investor day.
Apart from 3i, Investcorp has also announced deals in the past 12 months for a 55 percent stake in Italian menswear company Corneliani, a minority stake in Saudi Arabian supermarket group Bindawood Holding, and cybersecurity firms Securelink and Nebulas.
"At that point, we will put a strategy in place - a strategy we will discuss with you - for becoming the first asset manager in the region to reach $100 billion AUM," Ardhi said, adding it would talk more about how the plan will be next year.
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(Reporting by David French; Editing by Sherry Jacob-Phillips) ((email@example.com; +971 4 362 5864; Reuters Messaging: firstname.lastname@example.org))