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In first, Bahrain asset manager targets up to $550 million in China yuan fund

Gulf buyers have announced 13 acquisitions of public and private Chinese companies so far in 2023, compared to just one in the same period of last year, according to data compiled by LSEG.
A general view shows the headquarters of Bahrain-domiciled asset manager Investcorp in the capital Manama on April 18, 2022. (Photo by Mazen Mahdi / AFP) (Photo by MAZEN MAHDI/AFP via Getty Images)

Investcorp, a Bahrain-based alternative asset manager, is aiming to raise between 2 billion and 4 billion yuan ($270-$550 million) for its first private equity fund in the Chinese currency as more Middle Eastern money flows into the world’s second largest economy.

"I hope over time, we will be more than just a Middle East investor in China. I want us to be perceived also as a local Chinese investor," Investcorp Co-CEO Hazem Ben-Gacem told Reuters in an interview published Tuesday.

He said the final amount of funds raised will depend on market conditions.

Ben-Gacem said his company plans to apply for a license with Chinese regulatory bodies in the coming months that will allow it to start raising capital from domestic institutions starting in 2024.

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