Investcorp has raised $1.22bn for its latest North American private equity fund, slightly exceeding its target despite a challenging fundraising environment, according to a report by Bloomberg.
The Bahrain-based alternative asset manager attracted commitments from both existing and new institutional investors globally for the strategy, which targets middle-market companies across business, professional and commercial services.
The fund typically invests in businesses generating between $10m and $50m of earnings.
Steve Miller, co-head of North American private equity at Investcorp, reportedly said the firm secured the commitments despite difficult conditions for alternative asset managers seeking fresh capital. Investcorp raised a similar amount for its previous fund.
The firm manages around $62bn in assets, including capital overseen by third-party managers, and has built a significant presence in the US, its largest market.
Investcorp’s North American private equity team has completed more than 75 investments in middle-market businesses, representing over $25bn in transaction value since inception.
