Investcorp, the Bahrain-based alternative investment management firm, swung to a net loss in its 2020 fiscal year as fee income dropped amid the coronavirus-induced economic slowdown, but the company remains focused on reaching its $50 billion (Dh183.5bn) target in assets under management, its executive chairman said. “The unprecedented global impact of the Covid-19 pandemic negatively affected our results,” Mohammed Alardhi said. “We continue to remain confident in our growth strategy, having entered this crisis and approaching our 2021 fiscal year in a position of strength with now $1.2bn in accessible liquidity and $32.2bn in AUM (Assets Under Management).” The company reported a net loss of $165 million for the 12 months ending June 30, compared to a profit of $131m recorded during the same period in the previous year, it said in a statement on Thursday. Fee income dropped 23 per cent to $288m. The coronavirus pandemic has disrupted global trade and tipped the world economy into the deepest recession since the Great Depression. The International Monetary Fund is projecting a 4.9 per cent contraction this year and a sluggish recovery in 2021. Most financial institutions have taken steep provisions or had their profits dented by the impact of the pandemic. Investcorp, proposed a $0.10 per share dividend for the fiscal year. Its total assets declined 10 per cent to $2.1bn at the end of the fiscal year. Net debt of the firm increased 35 per cent to $672m due to the adotion of IFRS 16 accounting standards and the completion of some strategic corporate investments. “While the short-term economic outlook remains uncertain due to the ongoing pandemic, we are committed to advancing our growth strategy and reaching $50bn in AUM over the medium term,” Mr Alardhi said. The company's assets under management rose 14.6 per cent to $32.2bn during the financial year on the back of “continuing diversification across geographies, clients and products”. Last month, Investcorp sold a portfolio of industrial properties in the US for more than $200m with the transaction generating “strong returns”. The industrial properties in Boston and Chicago were acquired by Investcorp in 2017. The company is also planning to invest heavily in technology, with plans to allocate "a significant proportion" of its $1bn-$2bn of annual private equity investments over the next two years into technology assets.