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Investcorp

Investcorp is a Bahrain-headquartered global manager founded in 1982 by Nemir A. Kirdar, specializing in private equity, , , investments, and strategic capital, with over $60 billion in as of June 30, 2025. Established initially to connect Gulf investors with international opportunities, Investcorp pioneered investments for the region, starting with early deals in the United States such as the acquisition of in 1984. Under the leadership of Executive Chairman Mohammed Alardhi since 2015, the firm has diversified its portfolio and expanded globally, achieving significant growth in from $10 billion to over $60 billion in a decade. Today, Investcorp operates from 13 offices across the , , the (GCC), , and , employing over 500 professionals from more than 40 nationalities. Its arm focuses on mid-market investments in and , having completed more than 79 platform deals in since inception. The real assets division manages $16 billion in global and , with a strong emphasis on U.S. properties. Additionally, through joint ventures like Investcorp-Tages, it oversees $7 billion in strategies, while its credit management business handles $20.4 billion in regulatory assets as of December 2024.

Company profile

Founding and mission

Investcorp was founded in 1982 in by Nemir A. Kirdar, an Iraqi-born banker and financier, as a aimed at managing funds for clients in the Gulf region. The firm was established in to serve as an intermediary channeling the wealth of Arabian clients into international opportunities, initially focusing on and . The original mission of Investcorp centered on providing opportunities for Middle Eastern investors in global markets, with a strong emphasis on long-term value creation through diversified such as , and credit. This approach was designed to bridge the gap between Gulf capital and Western investment prospects, prioritizing exceptional client service, deal-by-deal flexibility, and responsible investing practices. Over time, Investcorp evolved from a regional player into a global manager, expanding its scope to serve institutional investors and ultra-high-net-worth individuals worldwide while upholding core principles of integrity, collaboration, and entrepreneurial spirit. During the , the firm began its global expansion by establishing a presence to facilitate access to international markets.

Global presence

Investcorp is headquartered in , , and maintains a global footprint with 14 offices spanning three continents to facilitate cross-border investment activities. In , the firm operates primary offices in and , serving as key hubs for sourcing and management in the region's mature markets. These locations underscore the ' role as Investcorp's largest market for investments, where the firm has built a substantial track record over decades. In Europe, Investcorp's presence is anchored in , which coordinates European operations, and , supporting regulatory and fund management needs. This setup enables targeted engagements in mid-market opportunities across the continent. Meanwhile, the firm's operations in the Middle East, (GCC), and are centered in , , , and for MENA-focused funds, alongside Asian offices in , , , , , and to tap into high-growth emerging markets and regional investment flows. , in particular, functions as a strategic hub for the firm's credit business expansion in , leveraging its position as a financial gateway. Supporting this international network, Investcorp employs approximately professionals from over 40 nationalities, fostering diverse expertise in deal sourcing, due diligence, and portfolio management across borders. This multicultural workforce enhances the firm's ability to navigate complex global transactions and cultural nuances in key markets. The expansion of this office network has paralleled historical growth phases, enabling broader access to investment opportunities worldwide.

Scale and operations

Investcorp manages approximately $60 billion in (AUM) as of June 30, 2025, with these assets diversified across multiple asset classes including , , , investments, and strategic capital, as well as spanning three continents and various regions. The firm's revenue is derived primarily from recurring management fees on AUM, performance fees tied to successful investment outcomes in and , and transaction fees from deal exits and advisory services. In recent years, Investcorp has demonstrated financial resilience, achieving a net profit of $81 million for the ending June 30, 2025, compared to $105 million the prior year, amid broader trends supported by and deployment activities; its Investcorp Capital reported a net profit of $12 million for the first quarter of 2026 (ended September 30, 2025). It was ranked as the second-largest asset manager in the by Middle East in its 2025 list based on 2024 performance, overseeing $53 billion in AUM at that time. Operatively, Investcorp functions as Investcorp Holdings B.S.C. (c), a closed shareholding domiciled and regulated in the Kingdom of by the Central Bank of Bahrain. It delisted from the Bahrain Bourse in 2021 to streamline its structure as a , while subsidiaries such as Investcorp Capital provide avenues for public market exposure through its listing on the following an in 2023. Investcorp's client base comprises institutional investors such as sovereign wealth funds, pension funds, endowments, foundations, and family offices, primarily from the region but extending to and . Since the early 2020s, the firm has integrated (ESG) principles into its core operations, including in investment processes, , and support for net-zero transitions across its portfolio and internal activities.

History

Establishment and early growth (1982–1990)

Investcorp was established in 1982 in by Nemir A. Kirdar, a former Chase Manhattan Bank executive, with the aim of creating a global investment firm that would connect clients in the Gulf region with high-quality opportunities in Western markets, particularly in the United States. The firm initially concentrated on and investments, serving as an intermediary to channel surplus capital from Gulf institutions and high-net-worth individuals into undervalued assets abroad. This founding vision emphasized deal-by-deal flexibility, rigorous , and long-term value creation, setting the stage for Investcorp's role in pioneering cross-border alternative investments. The company's early activities centered on the U.S. market, where it identified attractive entry points in consumer goods and property sectors. In 1983, Investcorp completed its inaugural investments: a 10% equity stake in A&W Brands Inc., a prominent American soft drink manufacturer, and an acquisition in the ManuLife Plaza office building in Los Angeles, marking its entry into both private equity and real estate. These moves were followed by the high-profile 1984 acquisition of Tiffany & Co. for $135 million, which Investcorp later took public in 1987, generating significant returns. Additional deals in the mid-1980s included Bertram-Trojan Yachts in 1985 and Mueller Co., a fire protection equipment maker, in 1986, demonstrating the firm's strategy of targeting niche, established businesses with turnaround potential. To support its growing U.S. operations, Investcorp opened a office in in 1984, acting as a European bridge for Gulf capital, and established its office in 1987, which enhanced direct access to American deal flow and institutional partners. The firm forged early collaborations with major U.S. financial institutions, such as investment banks, to structure and syndicate transactions, while also venturing into trading of U.S. securities to offer clients diversified exposure and liquidity. By 1990, Investcorp had executed over a dozen notable acquisitions, including , solidifying its reputation as a key player in transatlantic investments with cumulative deal values exceeding $1 billion. Regulatory developments underpinned this expansion, as Investcorp operated under the supervision of the Central Bank of from its inception, ensuring compliance with local financial standards. These foundational efforts positioned Investcorp for sustained growth while maintaining a focus on ethical and regionally sensitive practices.

Expansion and diversification (1990s–2000s)

During the 1990s, Investcorp broadened its portfolio by launching dedicated businesses in and absolute return s, including a group in 1996 that was opened to external investors in 1997. This expansion built on the firm's foundational s in the United States, diversifying beyond corporate into new asset classes to serve a growing global client base. Concurrently, Investcorp strengthened its European footprint, with operations centered in London since the establishment of a Mayfair office in 1984 and further development throughout the decade to facilitate transatlantic deal flow. A notable milestone was the firm's initial public offering on the Bahrain Bourse in June 1989, enhancing its access to capital markets. In the early 2000s, Investcorp ventured into investments with the launch of its first technology fund in , focusing on profitable lower middle-market firms with scalable growth potential in sectors like software and IT services. The decade also saw substantial growth in , with acquisitions of over 200 properties since 1995 accumulating to more than $10 billion in value by the mid-2000s, primarily in U.S. commercial and residential assets. Key corporate deals included a high-profile stake in , where Investcorp acquired a significant stake in 1988, increasing to 50% in 1989, gained full control in 1993, and partially exited via Gucci's 1995 IPO, realizing significant returns. By the mid-2000s, these efforts propelled past $10 billion, reflecting robust diversification and scale. As the unfolded, Investcorp recorded its first annual loss in fiscal year 2009 amid market turmoil but responded strategically by exploring opportunities in distressed assets, including a new . This approach complemented the firm's entry into credit investments, with initial forays into structured credit in late 2006 to capitalize on market dislocations. Overall, the period marked Investcorp's transition from a regional player to a multifaceted global alternative asset manager, emphasizing resilience through product innovation and opportunistic positioning.

Recent developments (2010–2025)

Following the global , Investcorp initiated a recovery phase in the by expanding its portfolio to include investments, starting with a $1 billion GCC-focused fund launched in 2019 in with an asset manager. This move diversified the firm's offerings into stable, long-term assets amid economic uncertainty. By 2020, Investcorp's (AUM) had grown to $32.2 billion, reflecting organic expansion across , , and strategies despite market volatility. In the 2020s, Investcorp introduced its Strategic Capital group in 2019, focusing on (GP) stakes in mid-market private investment firms to foster long-term partnerships and value creation across diverse and geographies. Complementing this, the firm evolved its Investments through a 2020 with Tages Capital, forming Investcorp-Tages Limited—a global managing over $7 billion in revenue-generating assets and emphasizing hedge-like strategies for institutional clients. These innovations positioned Investcorp to capitalize on evolving dynamics, with Strategic Capital completing 12 investments by 2024. Key events in the mid-2020s included a 2024 restructuring of the executive leadership to enhance cross-strategy coordination and global alignment, effective September 1, which streamlined operations across investment teams. In 2025, Investcorp achieved the final close of its Golden Horizon Cooperation Fund at $750 million, backed by , to drive investments in the region via Saudi pre-IPO opportunities and broader bilateral ties. Amid a 2025 economic outlook marked by moderate GDP growth projections of around 3.4% in , the firm emphasized add-on acquisitions in resilient sectors like commercial services and to support portfolio growth. By early 2025, AUM exceeded $55 billion, underscoring sustained expansion. As of June 30, 2025, AUM reached over $60 billion. Investcorp received recognition on Magazine's 2025 Founder-Friendly Investors list for its collaborative approach with entrepreneurs, highlighting over 40 years of supporting mid-sized companies through strategic partnerships rather than control-oriented takeovers.

Leadership and governance

Executive team

Mohammed Alardhi serves as Executive Chairman of Investcorp, a position he has held since 2015. With a background in banking, including prior roles as Chairman of Bank Sohar and the of Oman, Alardhi joined Investcorp in 2008 and has overseen significant growth in assets under management from approximately $10 billion to $53 billion as of 2024. In September 2024, Investcorp announced an evolution and deepening of its leadership team to enhance coordination across strategies and geographies, with Alardhi assuming additional responsibilities previously held by co-CEOs. This expanded the and organized activities into key verticals, supporting the firm's global operations. Sana Khater was appointed Chief Executive Officer of Investcorp Capital, effective September 1, 2025, succeeding Mohamed Aamer who served as interim CEO since March 2025. Khater brings over 35 years of financial and strategic leadership experience, including C-suite roles at as executive director and chief financial officer, with expertise in managing complex portfolios in alternative investments and real assets. In private equity, Daniel Lopez-Cruz rejoined as Global Head in March 2025, leading investments across , , the /, and after previously serving at the firm from 2005 to 2019. Nicky McGrane and Steve Miller were appointed Co-Heads of North American Private Equity in September 2024, focusing on mid-market buyouts and value creation in the region. For credit strategies, new leadership took effect in April 2025 following the retirements of Jeremy Ghose as Global Head of and Tom Shandell as Head of US CLO and Broadly Syndicated Loans. Neil Rickard was named Co-Head for , leveraging his role as Head of since joining in 2011, while Corey Geis became Co-Head for the , drawing on nearly 30 years of experience in trading and capital markets from prior positions at and .

Board of directors

Investcorp's operates under the regulatory framework of Bahrain's Module on for Closed Shareholding Companies Issued by the of , which mandates a minimum of five and a maximum of 15 members, with the current board comprising 11 directors elected for three-year terms by shareholder . The board includes a mix of executive, non-executive, and directors, with more than half required to be to ensure objective oversight, and the Chairman and Vice Chairman serving as non-executive roles. Independence is assessed annually based on criteria from the Bahrain Code, including conflict-of-interest disclosures and avoidance of material relationships that could impair judgment. The board establishes standing committees to support its oversight functions, including the Audit and Risk Committee, which is composed of at least three members with a majority independent and chaired by an to monitor financial reporting, internal controls, , and ; the Nomination and Remuneration Committee, similarly structured with a majority independent and focused on director nominations, , and performance evaluations; and the Committee, requiring at least two independent members to oversee governance policies, board evaluations, and director training. These committees report directly to the board, ensuring delegated responsibilities align with overall strategic direction. Key board members include H.E. Mohammed Bin Mahfoodh Bin Saad Alardhi as Executive Chairman, with non-executive ties to regional institutions; Dr. Yousef Hamad Al-Ebraheem as Chairman; Khalid Rashid Al Zayani as Deputy Chairman and independent director; and prominent figures such as Sh. Abdulrahman Bin Saud Al-Thani (representing Qatari interests), Abdullah Mohammed Mazrui (UAE business leader), and H.E. Eng. Abdulatif Ahmed Al Othman (Saudi executive), alongside international experts like Dr. Joachim Faber and Frances Townsend. The board emphasizes diversity, with initiatives overseen by the Chief Operating Officer to promote diversity, equity, and inclusion (DEI) across gender, nationality, and expertise, achieving 22% female representation in related entities and drawing on collective experience in alternative investments from finance, sovereign funds, and regional business sectors. The board provides strategic oversight, including approval of major capital expenditures and investment initiatives, such as the 2025 final close of the $750 million Cooperation Fund in partnership with , targeting growth-oriented companies in MENA sectors like consumer goods and healthcare. To enhance governance, Investcorp launched a tailored leadership training program in fiscal year 2025 in partnership with MindGym, focusing on inclusive , emotional intelligence, and for 32 participants across cohorts, including women leaders, with ongoing director induction and education facilitated by the Corporate Governance Committee.

Investment areas

Private equity

Investcorp's strategy emphasizes control-oriented investments in mid-market companies, primarily through buyouts, majority stakes, and substantial minority positions. The firm targets sectors such as consumer goods, industrials, and , and tech-enabled services, focusing on businesses with strong growth potential driven by demographic trends, technological advancements, and operational efficiencies. Typical investments range from $50 million to $500 million, aligning with mid-market opportunities that allow for active value creation post-acquisition. In , Investcorp pursues majority stakes and add-on acquisitions in established mid-market companies, leveraging over 40 years of experience to execute more than 79 platform investments with a total transaction value exceeding $25 billion. The approach centers on strategic to enhance portfolio company scale and market position, particularly in business services and commercial sectors. In , the firm has conducted buyouts since the 1990s, deploying over €6 billion across 59 investments in 14 countries, targeting companies with €10-40 million in EBITDA and providing equity commitments of €100-200 million. Investments here emphasize tech-led services and specialized industries, with a focus on and international expansion. For the MENA region, Investcorp provides to mid-cap companies in fragmented markets, partnering with family-owned businesses to deploy $2.3 billion across 29 investments since 2008, in areas like healthcare, retail, logistics, and transportation. The firm's active ownership model drives post-acquisition value creation through operational improvements, including governance enhancements, cost optimization, add-on acquisitions, and initiatives, supported by Investcorp's global network and sector expertise. With more than 40 years of overall experience and over four decades specifically in the MENA region, Investcorp has built a track record of partnering with management teams to unlock long-term potential in resilient sectors. In its 2025 year-in-review across regions, the firm highlighted continued activity in add-on transactions within stable industries, reflecting a disciplined approach amid evolving market dynamics. constitutes a significant portion of Investcorp's overall , with total AUM of $11.7 billion as of June 30, 2025 (regulatory AUM of $2.5 billion as of December 31, 2024).

Real assets

Investcorp's real assets division manages over $16 billion in as of 2025, focusing on and to deliver stable income and long-term value through tangible, income-generating assets. The firm's strategy emphasizes core-plus and value-add investments, primarily in the United States, where it has been active since the 1980s with its first acquisition in in 1982. Since 1996, Investcorp has acquired more than 1,400 properties across the U.S. for a total value exceeding $26 billion, with the current portfolio totaling $9.4 billion in , of which 98% is concentrated in industrial and residential sectors including multifamily and facilities. Investcorp entered the infrastructure asset class in the 2010s through strategic joint ventures, targeting sectors such as via utilities, transportation including roads and rail, and digital in the (MENA) region, particularly () countries, as well as select opportunities in . The strategy prioritizes stable, long-term, USD-linked cash flows from and brownfield projects that are resilient and income-generating, often supported by government-backed public-private partnerships. Key partnerships include the joint venture with (formerly Aberdeen Standard Investments) for social and core in the , such as healthcare, , and social housing, and the Investcorp Partners platform, which focuses on and assets like investments. Overall, Investcorp's approach involves opportunistic acquisitions that integrate (ESG) principles, including alignment with and avoidance of high-risk sectors, to enhance and risk-adjusted returns. The firm employs partnership models with institutional investors and sovereign wealth funds for co-investments, enabling scaled access to high-quality deals while diversifying investor exposure. Looking to 2025, Investcorp plans to maintain its focus on U.S. multifamily and properties amid market stabilization, with ongoing acquisitions and dispositions reflecting resilience in these sectors despite broader economic uncertainties.

Credit

Investcorp Credit Management, the firm's dedicated credit platform, focuses on and liquid credit strategies, managing (AUM) exceeding $22.3 billion as of late 2025. Based primarily in and , the platform provides secured corporate solutions to institutional investors, emphasizing downside and in volatile markets. Direct lending forms a core component, targeting middle-market loans in the United States and Europe through structures like the Investcorp Credit Management BDC, Inc., a publicly traded company. The strategy invests in unitranche and senior secured loans to companies with revenues over $50 million and EBITDA exceeding $15 million, prioritizing those with leading market positions, strong , and experienced management teams. Investcorp expanded its capabilities in 2019 via the acquisition of CMIP, a specialist in middle-market lending, enhancing its origination and portfolio management expertise. This approach, which traces roots to the firm's initial forays into structured credit during the era, delivers yields typically in the 8-12% range for senior secured debt, balancing return potential with collateral-backed security. Liquid credit strategies complement by offering funds that invest in broadly syndicated and collateralized obligations (CLOs), providing and diversification for investors. In January 2025, Investcorp announced a generational transition for these strategies, with internal promotions to global head and co-head roles effective April 1, 2025, succeeding retiring executives Jeremy Ghose and Tom Shandell to drive further growth. The platform manages over 50 CLOs and focuses on high-quality, floating-rate instruments from mid- and large-cap issuers. To support global expansion, Investcorp opened its Singapore office in 2017, establishing a hub for Asian opportunities and enhancing access to regional borrowers and investors. The overall portfolio, now surpassing $22 billion in AUM, emphasizes resilient borrowers with robust balance sheets, particularly in the post-2025 environment where elevated rates have underscored the value of secured lending amid economic uncertainty.

Absolute return investments

Investcorp's Absolute Return Investments (ARI) business was established in 1996 as a dedicated group, marking the firm's entry into alternative strategies aimed at generating positive returns regardless of market conditions. This initiative evolved through strategic expansions, including seeding programs for emerging managers starting in the early , and culminated in a pivotal 2020 merger with Capital to form Investcorp-Tages Limited, a 50/50 that broadened the platform's capabilities in multi-manager and single-strategy offerings. The ARI team focuses on delivering uncorrelated returns with an emphasis on preservation and low to broader markets, leveraging a diversified approach across hedge fund styles. The product suite includes multi-manager portfolios encompassing long/short , event-driven, and strategies, designed to capture alpha from stock selection, corporate events, and macroeconomic trends. Long/short strategies prioritize dispersion-driven opportunities in ex-U.S. markets, while event-driven approaches target merger and value rotations for attractive risk-adjusted outcomes. strategies, both discretionary and systematic, exploit divergences and trending markets. Since 1997, certain products have been accessible to public investors through structures like UCITS funds, enhancing retail participation alongside institutional mandates. Global allocation emphasizes developed markets in the United States and , with selective exposure to emerging regions including for reflation themes, complemented by Investcorp's broader MENA expertise for regional overlays. In the 2020s, the platform integrated quantitative tools through partnerships, such as the collaboration with HC Technologies to support new quant-driven strategies on advanced trading . As of June 30, 2025, the investments segment manages approximately $7 billion in via the Investcorp-Tages , reflecting stable growth in a volatile environment. Recent enhancements include expanded private market monitoring and tools for institutional clients, providing greater and in hedge fund allocations.

Strategic capital

Investcorp's Strategic Capital Group (SCG), launched in 2019, focuses on acquiring minority stakes in the general partners (GPs) of , , and firms to foster strategic alignment and long-term growth. This approach involves non-controlling investments that enable Investcorp to co-invest alongside these GPs, providing capital for expansion while maintaining operational independence for the target managers. By targeting high-growth, mid-sized alternative asset managers—typically those with $1 billion to $10 billion in —SCG emphasizes firms in the United States and that demonstrate strong track records, exceptional teams, and scalable strategies across private markets. As of 2025, SCG manages approximately $2 billion in and has completed 12 such investments since inception. In August 2025, SCG expanded its team with four senior hires based in to enhance post-acquisition value creation, including expertise in , investor engagement, and distribution strategies. These additions—such as a Head of Coverage, Head of Coverage, for product design, and for institutional coordination—aim to support portfolio GPs in scaling operations and accessing new investor channels, particularly in and the region. A key differentiator of SCG's strategy is its partnership with , initiated in November 2024, to promote shared models that extend employee equity to workers in GPs' portfolio companies. This initiative addresses wealth inequality while driving performance improvements, such as higher valuation multiples and reduced turnover, as outlined in the jointly published "The Ownership Advantage: Bringing Shared Ownership to the Middle Market" released on November 3, 2025. The , drawing from over 160 programs across 15 industries and 20 countries, argues that embedding shared enhances alignment between management teams and stakeholders, positioning middle-market GPs for competitive advantages in fundraising and deal execution.

Notable deals and performance

Key investments

Investcorp's portfolio includes a majority stake in Miebach Consulting , acquired in April 2025, which provides specialized and consultancy services globally with over 500 consultants across 20 offices. This marks Investcorp's fifth platform deal in and targets growth in a sector benefiting from and resilience demands. In the middle-market, Investcorp maintains ongoing holdings through its North America Private Equity team, focusing on and companies with enterprise values between $200 million and $800 million, including sectors like consumer products where consolidation through targeted add-ons has accelerated in 2025. Recent additions include the acquisition of Kanawha Scales & Systems, a provider of , , and repair services for industrial weighing systems, from American Equipment Holdings on November 13, 2025. The firm's strategy encompasses a substantial portfolio valued at $9.4 billion in as of 2025, with 98% allocated to and residential properties, including logistics-focused assets acquired throughout the that support and distribution networks. Notable recent activity includes the acquisition of a Philadelphia-area portfolio for $120.7 million from Link Logistics on October 28, 2025. In the MENA region, Investcorp has pursued projects such as a $550 million commitment to the expansion of Oman's Port of announced in May 2025, which includes marine and low-carbon developments to enhance regional trade and . Through its credit management arm, Investcorp Credit Management BDC, Inc. (ICMB), the firm provides middle-market solutions, including unitranche and first-lien loans to companies for growth, acquisitions, and refinancings, with a portfolio emphasizing diversified sectors that may include technology firms seeking flexible financing. In investments, Investcorp deploys capital into strategies such as event-driven trades, leveraging its $60 billion overall to capture opportunities in market dislocations and special situations as of June 2025. Investcorp's strategic capital initiatives include stakes in general partners of middle-market firms via its GP staking platform, enabling co-investments and fund-of-funds approaches. A notable 2025 development is the final close of the Cooperation Fund at $750 million in October 2025, which targets high-growth investments in consumer, healthcare, transportation, logistics, and business services sectors across the and . These holdings reflect Investcorp's emphasis on stable sectors like healthcare and industrials through add-on acquisitions in 2025.

Significant exits

One of Investcorp's most iconic exits occurred in the with its investment in Group. Investcorp acquired a near-50% stake in the luxury brand in 1988 for approximately $300 million and spearheaded its operational turnaround, including management changes and product revitalization. The company went public via an IPO on the in 1995, allowing partial monetization, followed by the sale of Investcorp's remaining 51% stake in 1997 for about $1.45 billion, yielding a tenfold return on the original investment. In the , Investcorp achieved an early through its in A&W Brands Inc., acquiring a 10% interest in 1983 as part of its initial U.S. foray. The beverage and consumer goods company went public in 1987, enabling Investcorp to realize value from the listing. During the and , Investcorp generated substantial realizations from its -focused funds, including the 2001-vintage Investcorp Technology Ventures Fund I, a $230 million vehicle that reached full harvest mode by the early with multiple portfolio company sales. In , the firm executed dispositions exceeding $5 billion cumulatively, highlighted by $2.3 billion in sales during 2020—outpacing acquisitions at $1 billion—and $1.3 billion in 2021 across U.S. and European properties. In recent years, Investcorp has continued strong exit activity, particularly in private equity and . In 2025, the firm sold its stake in RESA Power, a U.S. electrical services provider, to Kohlberg & Co. for an undisclosed sum, achieving a 4x multiple after quadrupling the company's revenue through add-on acquisitions during its three-year hold period; this marked the inaugural exit from Investcorp's $1.2 billion Private Equity Fund I. Also in 2025, Investcorp exited Citykart, an value fashion retailer, via a secondary sale in a $63 million Series B round led by TPG NewQuest and A91 Partners, delivering over a 3.75x return on its 2019 of ₹75 (approximately $9 million). In , dispositions included a $550 million sale of 12 multifamily assets across five U.S. states, executed at a premium starting in 2024, alongside a $365 million of a Midwest industrial portfolio. Credit realizations have included refinancing transactions that unlocked value for investors. A 2025 review highlighted robust performance from add-on-driven portfolios, with these exits contributing to overall realizations. Legal disputes related to past investments have been resolved without ongoing liability. In 2019, a U.S. federal court dismissed the remaining negligent misrepresentation claim in a 2016 lawsuit filed by hedge fund Kortright Capital Partners against Investcorp, entering judgment in Investcorp's favor. In 2024, a U.K. Commercial Court dismissed a professional negligence claim against solicitors stemming from a prior failed investment dispute involving Investcorp.

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