Bahrain-based alternative asset manager Investcorp entered into a partnership with New York's Centre Lane Partners to boost investment in the North American market.
Investcorp’s Strategic Capital Group (ISCG) will become a non-voting partner in Centre Lane, providing long term capital to make private equity and debt deals involving mid-market companies. The terms of the deal were not disclosed. No changes will be made to Centre Lane's strategy, its team or day-to-day operations, the companies said.
“This transaction is a notable milestone for Centre Lane," Quinn Morgan and Ken Lau, co-founders and managing directors of Centre Lane Partners, said. "It will position us to even better serve our investors by further investing in our business as we continue to grow our existing strategies."
Investcorp, which has Abu Dhabi's Mubadala Investment Company as its biggest shareholder, had $32.2 billion of assets under management at its most recent year end of June 30, a 15 per cent year-on-year increase.
“We look forward to supporting the firm as it focuses on continuing to generate superior returns for investors,” Loai Alarayedh, head of Gulf Institutions at Investcorp, said.
Investcorp rolled out its Strategic Capital Group last year to take stakes in mid-sized alternative asset managers. The company's North American private equity arm has been investing in the mid-market sector for nearly 40 years and has completed about 70 transactions, deploying more than $22bn, it said last month.
Centre Lane Partners' investments include educational publisher Infobase and blender maker Nutribullet.
The company is also looking to invest $4bn on property acquisitions in the US and Europe over the next two years, Jon Dracos, head of real estate investment at Investcorp told The National in a recent interview.
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
Off-roading in the UAE: How to checklist
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Closing the loophole on sugary drinks
As The National reported last year, non-fizzy sugared drinks were not covered when the original tax was introduced in 2017. Sports drinks sold in supermarkets were found to contain, on average, 20 grams of sugar per 500ml bottle.
The non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
Not taxed:
Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
TICKETS
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
