Investcorp, the Bahrain-based alternative investment management firm, signed a deal with London-headquartered Coller Capital for some of its European private equity portfolio assets that will help to create a new $1 billion (Dh3.67bn) buyout fund.
Coller Capital, which invests in private equity secondary market, will use its current fund, Coller International Partners VII, to underwrite the new investment vehicle, Investcorp said in a statement on Monday. Investcorp didn't say which of the assets are included in the deal or what they are worth.
The signing of the deal "is the latest step in our global growth strategy," Mohammed Alardhi, executive chairman of Investcorp, said. “It demonstrates the continued desire by institutional investors to back Investcorp’s investment platform.”
The deal is part of the company’s goal to more than double its assets under management to $50bn from $22bn as of June 2018. It follows the 2017 acquisition of a credit business with $12 billion in assets under management and a minority investment in Banque Paris Bertrand in Geneva last year.
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Bahrain's Investcorp buys $311m worth of US property
Bahrain's Investcorp makes debut investment in China of up to $250m
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The Coller Capital deal also includes fresh capital for any follow-on investments, future investments and co-investments, the Bahraini company said.
Investcorp’s European Private Equity team will manage both the assets acquired through the transaction and the fund’s new capital, as it continues to invest in mid-market buyout deals across Europe.
Investcorp, in which Abu-Dhabi-based Mubadala Investment Company is the largest shareholder with a 20 per cent stake, has been on an acquisition spree in the last few months.
Investcorp last week said its technology unit transferred two of its portfolio companies with enterprise value of $185 million to an investment fund.
The company joined hands with of HarbourVest, a private markets investment specialist that supports the Investcorp Secondary Fund 2018, it said in a January 7 statement. Investcorp Technology Partners recently announced the close of its fourth Technology Fund, ITP Fund IV, a $400m pool. It closed in excess of its target and received strong support from a diverse group of global blue-chip institutional investors.
In September last year, the company said it is investing as much as $250m in the Chinese market, its first foray into the world's second-biggest economy as it looks to expand its portfolio of investments globally.
The company has invested across a range of sectors including more than 600 commercial and residential real estate investments in the US, with transaction values exceeding $57bn.
Since its inception in 1982, Investcorp has made over 175 corporate investments in the United States, Europe and the broader Middle East and North Africa region, including Turkey.
Investcorp reported a 4 per cent year-on-year rise in its full-year 2018 profit boosted by realisation of investments in the United States and Europe, and a rise in fee income from assets under management.
Aggregate net income for the 12-month period ending June 30, climbed to $125m. Net income for the second half of financial year 2018 came in at $70m, slightly lower than $72m reported for the same period a year earlier, it said.
Investment activity during the financial year 2018 climbed 36 per cent to $2.8bn, while total placement and fundraising activities rose by 77 per cent $7.3bn as distributions to clients more than doubled to $7bn.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
ENGLAND TEAM
England (15-1)
George Furbank; Jonny May, Manu Tuilagi, Owen Farrell (capt), Elliot Daly; George Ford, Ben Youngs; Tom Curry, Sam Underhill, Courtney Lawes; Charlie Ewels, Maro Itoje; Kyle Sinckler, Jamie George, Joe Marler
Replacements: Luke Cowan-Dickie, Ellis Genge, Will Stuart, George Kruis, Lewis Ludlam, Willi Heinz, Ollie Devoto, Jonathan Joseph
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Day 3, Abu Dhabi Test: At a glance
Moment of the day Just three balls remained in an exhausting day for Sri Lanka’s bowlers when they were afforded some belated cheer. Nuwan Pradeep, unrewarded in 15 overs to that point, let slip a seemingly innocuous delivery down the legside. Babar Azam feathered it behind, and Niroshan Dickwella dived to make a fine catch.
Stat of the day - 2.56 Shan Masood and Sami Aslam are the 16th opening partnership Pakistan have had in Tests in the past five years. That turnover at the top of the order – a new pair every 2.56 Test matches on average – is by far the fastest rate among the leading Test sides. Masood and Aslam put on 114 in their first alliance in Abu Dhabi.
The verdict Even by the normal standards of Test cricket in the UAE, this has been slow going. Pakistan’s run-rate of 2.38 per over is the lowest they have managed in a Test match in this country. With just 14 wickets having fallen in three days so far, it is difficult to see 26 dropping to bring about a result over the next two.
Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
AGL AWARDS
Golden Ball - best Emirati player: Khalfan Mubarak (Al Jazira)
Golden Ball - best foreign player: Igor Coronado (Sharjah)
Golden Glove - best goalkeeper: Adel Al Hosani (Sharjah)
Best Coach - the leader: Abdulaziz Al Anbari (Sharjah)
Fans' Player of the Year: Driss Fetouhi (Dibba)
Golden Boy - best young player: Ali Saleh (Al Wasl)
Best Fans of the Year: Sharjah
Goal of the Year: Michael Ortega (Baniyas)
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
The biog
From: Ras Al Khaimah
Age: 50
Profession: Electronic engineer, worked with Etisalat for the past 20 years
Hobbies: 'Anything that involves exploration, hunting, fishing, mountaineering, the sea, hiking, scuba diving, and adventure sports'
Favourite quote: 'Life is so simple, enjoy it'
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
