Investcorp enters India with acquisition of a private equity and property business

Bahrain-based firm has a growing appetite for investment in Asia

Mohammed Alardhi, executive chairman of Investcorp. Courtesy Investcorp

Investcorp, the Bahraini alternative investment firm that counts Mubadala Investment Company as its biggest shareholder, acquired a private equity and property business in India, its first foray into Asia’s third-largest economy.

The Manama-based company expects to close on Thursday its acquisition of Private Equity and Real Estate investment management businesses of IDFC Alternatives, a unit of India’s IDFC, Investcorp said in a statement on Wedneday. It didn’t disclose the value of the deal.

"Our first direct investment into the Indian market is a major milestone for our business, which also marks our focused expansion into Asia," said Mohammed Alardhi, executive chairman of Investcorp.

Investcorp, in which Mubadala has a 20 per cent stake, has been snapping up assets as it seeks to double its assets under management to $50 billion from $22.6bn as of June 2018.

This month, it acquired US-based Health Plus Management for an undisclosed sum and signed a deal with London-based Coller Capital for some of its European private equity portfolio assets that will help to create a new $1bn buyout fund.

In September last year, the company said it is investing as much as $250m in the Chinese market, its first entry into the world's second-biggest economy as it looks to expand its portfolio of investments globally.

The company has invested across a range of sectors with transaction values exceeding $57bn.

Since its inception in 1982, Investcorp has made over 175 corporate investments in the US, Europe and the broader Middle East and North Africa region, including Turkey.