Investcorp, the Bahrain-based asset manager that counts Mubadala Investment Company as its biggest shareholder, has bought a 50 per cent stake in New York-based private equity firm Corsair Capital’s $4.8 billion infrastructure business.
As part of the deal, a new venture jointly owned by Investcorp and Corsair was set up to pursue a “highly differentiated and scalable investment strategy” in transport, logistics and associated infrastructure subsectors, the two companies said in a joint statement on Monday.
The new group, Investcorp Corsair Infrastructure Partners or Investcorp Corsair, will continue to maintain the infrastructure business’s existing funds, investments and team as it focuses on boosting investment globally, it said.
Corsair’s partner Hari Rajan, who has been serving as its head of infrastructure, will be the new managing partner of Investcorp Corsair.
“This investment enhances our strategic capabilities in the global infrastructure sector,” said Mohammed Alardhi, executive chairman of Investcorp.
Investcorp was founded in 1982 and has grown to become one of the leading alternative asset management companies in the region.
It oversees nearly $50 billion in assets, including those managed by third parties, and has 14 offices in the US, Europe, the Middle East and elsewhere in Asia, including India, China, Japan and Singapore.
The company has been on an expansion spree as it aims to double its assets under management to $100 billion in the coming years.
Last month, it listed its subsidiary Investcorp Capital, which offers capital financing services in the alternative investments space, on the Abu Dhabi Securities Exchange after it raised Dh1.66 billion ($451 million) by selling 720 million ordinary shares or 32.85 per cent of its total issued share capital.
It also launched a $750 million climate-focused investment platform that aims to invest in companies focused on developing innovative products and technology to reduce emissions globally.
“Infrastructure investing is one of the most important private markets for investment asset classes over the coming decades,” said Hazem Ben-Gacem, Investcorp’s co-chief executive.
“I am confident that Investcorp Corsair will evolve to be the leading provider of infrastructure investment opportunities to investors globally.”
