Bahrain-based alternative asset manager Investcorp is preparing to invest another $350 million across three to four companies in the Gulf Cooperation Council (GCC) through its $750 million Golden Horizon Partnership fund, reinforcing its long-term strategy of backing established family-owned enterprises with regional growth ambitions.
The fund, launched in partnership with China Investment Corporation, has already deployed roughly half of its capital. It focuses on sectors including consumer businesses, healthcare, transport and logistics across the GCC and China, though current investments are concentrated exclusively in the Gulf. The remaining capital is expected to be invested by June 2028.
Walid Majdalani, Head of Emerging Markets Private Equity at Investcorp, said the firm remains committed to identifying businesses that are ready to evolve beyond founder-led operations into professionally managed companies capable of expanding internationally, pursuing acquisitions and, where appropriate, entering public markets.
Building Institutions, Not Just Portfolios
Managing around $62 billion in assets, Investcorp has invested approximately $1.2 billion across 15 regional companies, with more than 60% of those investments involving family-owned businesses. Rather than acting solely as a financial backer, the firm frequently becomes the first institutional investor to join a company’s board, helping strengthen governance structures and strategic decision-making.
According to Majdalani, many family-owned enterprises in the Gulf are well-capitalised and do not seek funding out of necessity. Instead, they partner with Investcorp to professionalise operations, accelerate acquisitions, expand into new markets and prepare for potential stock market listings.
The firm’s Saudi-focused investments through its broader Golden Horizon platform include companies such as NourNet, TruKKer, and Salla, while its latest regional investment is Metra, an IT distribution company headquartered in the UAE.
Corporate Carve-Outs Emerging as a Key Opportunity
Investcorp also sees increasing potential in corporate carve-outs as large regional conglomerates streamline their businesses by divesting non-core divisions. The investment firm expects these transactions to represent more than 20% of its future deal pipeline, particularly within sectors it already targets.
Majdalani highlighted the firm’s leadership in Salla’s $130 million pre-IPO funding round as an example of this strategy. Drawing on its global experience of acquiring and exiting more than 250 private businesses, Investcorp believes carve-outs will become an increasingly significant source of opportunities across the region.
Filling the Growth Capital Gap
Another major area of focus is supporting fast-growing regional companies that have outgrown venture capital funding but remain below the size typically targeted by traditional buyout funds.
Investcorp estimates these businesses account for around 20% of its current investment pipeline. The firm positions itself as a growth equity investor, providing not only capital but also operational expertise to help companies reach a scale where they become attractive candidates for strategic acquisitions or initial public offerings.
Although investments will span the GCC, Majdalani said companies with strong exposure to Saudi Arabia will remain a priority given the kingdom’s dominant economic position and continuing growth prospects.
Strong Track Record in Saudi Listings
Over the past seven years, Investcorp has successfully taken four portfolio companies public, all on the Saudi Tadawul exchange. These include L’azurde, Theeb Rent a Car, Leejam Sports Company, and BinDawood Holding, underscoring the firm’s focus on preparing businesses for public markets.
Healthcare Set to Drive Future Deals
Healthcare is expected to become one of Investcorp’s most active investment themes in the coming years. While the Golden Horizon fund has yet to complete a healthcare acquisition, the sector remains a priority, particularly in specialised areas such as diagnostics, laboratory services and niche healthcare providers.
Majdalani said the industry presents attractive opportunities for private equity investors to consolidate businesses, expand their operations and ultimately exit through public listings or strategic sales, as demand for specialised healthcare services continues to grow across the Gulf.
