Bahrain-based alternative asset manager Investcorp is set to deploy the remaining $350 million from its Golden Horizon Partnership fund, targeting three to four companies across the Gulf states. The firm will sharpen its focus on regional family businesses aiming to scale, pursue acquisitions, and prepare for public listings.
Quick Facts
- Fund: $750M Golden Horizon Partnership fund
- Remaining Capital: $350 million to be deployed
- Target: 3-4 companies across the GCC
- Deployment Timeline: By June 2028
Beyond Capital: Institutionalizing Family Businesses
With $62 billion in assets under management, Investcorp has carved out a niche as a key partner for the region’s family-owned businesses. The firm has already invested approximately $1.2 billion across 15 companies in the GCC, often becoming the first institutional investor on their boards.
According to Walid Majdalani, Head of Emerging Markets Private Equity at Investcorp, these businesses are typically not capital constrained. Instead, they seek out partners to help professionalize their operations and governance structures.
“More than 60% of our investments in the region have been made alongside family businesses, and we’ve continued investing through the region’s economic cycles,” Majdalani said. “We will continue to ramp up our focus on family businesses in the region who want to transform into professionally managed companies that can scale across geographies, execute M&A and, if they choose, eventually list.”
Through its Saudi Pre-IPO Growth Fund, part of the Golden Horizon platform, Investcorp has backed notable companies including NourNet, TruKKer, and Salla.
Tapping Corporate Carve-Outs and Growth-Stage Gaps
Investcorp is also identifying significant opportunities in two other key areas: corporate carve-outs and companies that have outgrown venture capital.
The firm sees potential in non-core divisions of regional conglomerates, which are increasingly being spun off. Investcorp expects these spin-offs to contribute more than 20% of its deal pipeline going forward.
Another 20% of its pipeline consists of homegrown companies caught in a financing gap—too large for VC funds but not yet mature enough for traditional buyout funds.
“Investcorp positions itself as a growth equity investor, providing capital to help these companies scale to the next stage,” Majdalani explained. “The value proposition extends beyond funding, supporting expansion until businesses are large enough for a strategic sale or IPO.”
Saudi Arabia and Healthcare Emerge as Key Themes
While Investcorp will consider investments across the GCC, it expects its portfolio companies to have significant exposure to Saudi Arabia, the region’s largest economy. The firm’s track record underscores this focus, having taken four companies public on the Saudi Tadawul in the last seven years: L’azurde, Theeb Rent a Car Co, Leejam Sports Company, and Bin Dawood Holding.
Looking ahead, healthcare is slated to become a major investment theme. Though the Golden Horizon fund has yet to close a healthcare deal, Majdalani noted that specialized services, such as diagnostics and labs, offer substantial opportunities for a buy-and-build strategy.
“It is certainly one area we are focusing on going forward,” he stated, highlighting the potential to acquire, scale, and eventually list these specialized healthcare providers or sell them to a strategic buyer.
About Investcorp
Investcorp is a global alternative asset manager with a significant presence in the Middle East. Headquartered in Bahrain, the firm manages $62 billion in assets under management and focuses on private equity, real estate, and other alternative investments. It has a long history of investing in family-owned businesses and growth-stage companies across the GCC.
Source: Zawya
