Egypt's stocks mixed on Tuesday as main gauge EGX 30 falls 0.63%    IMF upgrades Egypt's real GDP growth 2022 forecasts to 5.6%    Al Khair River starts trading on Egypt's stock exchange today    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    BRICS development bank admits Egypt as new member    Nermien Ismail Schools opens a new campus in O'West    Netherlands Embassy, E7kky Magazine celebrate success of 21 Egyptian women    Women make up 45% of Egyptian Atomic Energy Authority staff    Yas Island hosts travel partners at Formula 1 Etihad Airways Abu Dhabi Grand Prix 2021    Olaf Scholz becomes Germany's new leader, ending Merkel 16-year historic era    Egypt's trade with Nile basin countries climbs 26% y-o-y in 9 months    The unvaccinated prohibited from entry to Egypt state institutions starting December 1    Egypt's iron and steel exports jump 197% in 8 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    Brazil calls up 8 EPL players for World Cup qualifying    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Sisi calls on House, Senate to commence second legislative sessions on 3, 5 October    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    Qa'a play showing at Lycee El Horreya Theatre, Alexandria is a must go    On International Museum Day, Egypt opens two new museums at Cairo Airport    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Investcorp eyes $500 mln PE deals in 2 yrs

DUBAI: Asset management firm Investcorp's $1 billion private equity fund expects to make five to six transactions in the next two years as it seeks to deploy remaining part of its commitments and is mulling the launch of another fund, a top executive said.
The fund, named Gulf Opportunity Fund I, has already completed five transactions worth about $500 million since its inception in 2007, in sectors ranging from consumer goods and services to logistics, distribution in the infrastructure space and energy-related businesses.
"We have a strong pipeline. Based on broader base of deal flow, I believe we'll invest $400 million to $500 million in the next 24 months," said Azmat Taufique, a managing director and co-head of its Gulf Growth Capital business, the firm's private equity arm in the region.
Investcorp may also launch another fund in the next 18 to 24 months though there are no immediate plans, Taufique said. "$1 billion was the minimum for first fund, and we'd like to grow. It's (a new fund) unlikely to be under $1 billion but whether more than that is difficult to tell," he said.
The global financial crisis dealt a big blow to Middle East private equity as deals dwindled and investors shied away but signs of a revival are increasing hopes that the half billion dollar industry will bounce back.
Private equity investments in the region plunged 80 percent to $561 million in 2009, Gulf Venture Capital Association data showed recently.
"Yes, there was a significant slowdown in PE deals in 2009 compared to say 2008. But in the last two years, we have completed five transactions which from any perspective is not a bad track record for us to be setting," he said.
The Bahrain-based firm, which once floated luxury brands Gucci and Tiffany,invested about $98 million in October 2008 in Redington Gulf, a distributor and service provider of IT and telecom products in the region.
Some of the firm's other investments include a stake in Middle East gold and jewellery manufacturer L'azurde and a 20 percent stake in Gulf Cryo, a manufacturer of industrial, medical and specialty gases in the Middle East.
The fund may begin to look at exit options for some of its investments in the next 12 months, Taufique said, adding that he was looking at a range of options, including initial public offerings (IPOs) as a mode of exit.
Investcorp suffered its first full-year loss in 2008/2009 as the financial crisis hit its hedge funds business and portfolio companies.
Like a number of Bahrain-based investment houses, it had to rise over $500 million in new capital in August 2009.


Clic here to read the story from its source.