Investcorp plans major increase of India assets

Bahrain-based asset manager Investcorp will ramp up its investments in India to $5 billion in the next five years from just over $600 million at present, according to a Bloomberg report.

The firm, which currently has $42.7bn assets under management globally, is one of a number of investors currently seeking a foothold in the country.

Its plans include a new credit strategy, stronger emphasis on infrastructure deals and finding a target for its Investcorp India Acquisition Corp, which raised $259m in a US IPO earlier this year, executive chairman Mohammed Alardhi told Bloomberg.

Investcorp, which began operations in India in 2019, has investments in the country in consumer, healthcare, wellness, financial services with an overlay of technology, has made investments in India across consumer, healthcare, wellness and financial services, with an overlay of technology, according to Rishi Kapoor, the company’s co-chief executive.

The asset manager has been expanding holdings from the US to Asia as it seeks to reach assets of about $100bn but delisted from the Bahrain Bourse last year in a bid to be able to expand faster.


Mr Kapoor said that the company’s “sweet spot” for investments is between $75m and $100m, including for co-investments.

Meanwhile, in a separate announcement, Investcorp announced the acquisition of a majority stake in Sunrise Produce, a specialty distributor of fresh produce and gourmet products in the United States.

Founded in 1991, and headquartered in Fullerton, California, Sunrise sources a wide range of produce and gourmet products from over 400 suppliers and distributes to around 2,000 customers across a variety of sectors, such as food services, education, healthcare and retail.

It is led by president and chief executive David Sapia, an industry veteran with over 35 years of food distribution industry experience, who remains a significant shareholder in the company.

Following the transaction, Investcorp will partner with Sunrise to further accelerate the company’s growth potential both organically and inorganically through add-on acquisitions.

“Fresh produce distribution in the US is a highly fragmented, $70bn market that has consistently shown resilience throughout economic cycles,” said Ali Alrahma, private equity specialist for Investcorp Private Wealth.




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