Manama-based private equity firm Investcorp posts net profit of $124 M

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DUBAI, Aug 4 : Manama-based Investcorp on Wednesday posted a net profit of $124 million for its financial year ending June 30, rebounding from a loss a year earlier, citing strong activity across its core businesses that helped boost fee and asset-based income.

The firm, which focuses on private equity, real estate, credit management and absolute return investments, announced it raised $1 billion for its North American private equity fund.

It has raised even more than $300 million for its Technology Fund V so far, out of a target of 500 million.

Investcorp, which has a medium-term goal to increase its assets under management to $50 billion, said its assets grew 17% in the last financial year to $37.6 billion.

Another 11 new private equity investments were made throughout the same year across India, China and Southeast Asia, it said.

Capital Management in Asia declined during the 2011 fiscal year by 17% to $1.1 billion, it said.

The Saudi Arabia's sovereign wealth, Investcorp and Aberdeen Standard Investments, in June, agreed to become an anchor investor in an infrastructure fund which will be launched by Saudi Arabia.