Investcorp, the largest private equity firm based in the Gulf region, is undergoing a significant leadership reorganisation that will see one of its long-standing Co-Chief Executives, Hazem Ben-Gacem, step down from his role.
Ben-Gacem, who has been with Investcorp since 1994 and served as Co-CEO since 2018, will leave the firm on 1 November, but will continue as Vice-Chairman of Investcorp Capital, the firm’s listed alternatives unit. The firm has not disclosed whether Ben-Gacem’s departure will activate any key person clauses in its funds, citing confidentiality.
Executive Chairman Mohammed Alardhi will now assume the responsibilities previously managed by both Ben-Gacem and fellow-Co-CEO Rishi Kapoor, who will transition to the roles of Vice-Chairman and Chief Investment Officer.
Additionally, the firm has restructured its investment activities into three groups, with Dave Tayeh, Head of North American Private Equity, stepping up to lead the private equity and private equity-like division.
Ben-Gacem, originally from Tunisia, began his career with Credit Suisse First Boston’s mergers and acquisitions team in New York before joining Investcorp’s London private equity group in 1994. He was appointed Co-CEO in 2018, succeeding Mohammed Al-Shroogi. During his tenure, assets under management grew from $22bn to over $52bn, while he also oversaw the firm’s return to raising blind-pool funds within its private equity division and spearheaded several acquisitions, including Corsair Infrastructure Partners and Mercury Capital Advisors.
