Mohammed Alardhi, executive Chairman of Investcorp said that the alternative asset manager is planning to increase its investments in India as it joins global firms looking for opportunities in the world’s second most populous country.
He mentioned in an interview that the Middle Eastern firm expects to reach $5 billion in assets in India within the next five years. It currently manages over $600 million in India, accounting for 1.5 per cent of Investcorp’s $42.7 billion in assets.
He said the investor is adding to firms such as Ontario Teachers’ Pension Plan Board and Apollo Global Management Inc. that are looking to expand their presence in India.
According to the sources the Middle East company is currently raising another India-focused fund with a target of $500 million, which is more than double its predecessor, which closed with $142 million in 2019.
Given its India ambitions, Investcorp’s latest fund could be even larger, according to the people, who asked not to be identified because they were discussing confidential information. Investcorp did not respond to requests for comment on the fundraiser.
The asset manager has been expanding its holdings from the United States to Asia in order to reach assets of around $100 billion. The fund delisted from the Bahrain stock exchange last year after nearly four decades, claiming that the move would allow it to expand more quickly. Mubadala bought a 20 per cent stake in the company in 2017.
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