Bahrain-based alternative asset manager Investcorp posted a US$124 million profit for the year ending June 30, rebounding from the $165 million loss posted a year earlier.
Investcorp attributed the turnaround to strong activity across its core business that boosted fee and asset-based income.
Assets grew by 17% during the 12 month period, reaching a record $37.6 billion.
Other highlights during the financial year included $300 million raised for its Technology V fund and $1 billion raised for its North American private equity fund.
The firm also continued its expansion in Asia making 11 private equity investments across India, China and southeast Asia while increasing assets under management in the region by 17% to $1.1 billion.
“Whilst the coronavirus pandemic continues to present significant headwinds for many, we are making good progress on our growth journey and diversifying our investor, product and geographic base, which has not only helped us weather the pandemic but emerge from it in a robust position, well placed for our future long-term plan,” said Mohammed Alardhi, executive chairman at Investcorp.
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