DUBAI, Nov 30 (Reuters) – Bahrain-based alternative asset manager Investcorp is launching a $750 million climate change fund backed by sovereign wealth fund Mumtalakat.
Investcorp said Thursday that its fund, Climate Solutions Partners, will invest in “commercially proven climate solutions with transformative potential” in carbon management, architecture, transportation, and food and agriculture.
Mumtalakat, also based in Bahrain, did not disclose the amount invested in the fund.
The announcement was made as the United Nations climate summit COP28 opened in the United Arab Emirates on Thursday.
Investcorp was founded in 1982 and has $50 billion in assets under management. Although it is best known for listing luxury goods brands such as Gucci and Tiffany & Co., it is increasingly expanding into other areas.
Earlier this month, the company listed its subsidiary Investcorp Capital (ICAP.AD), giving investors access to co-investing in private markets across assets such as credit, real estate and private equity.
Under the leadership of Mohammed Al Ardi, Investcorp’s current executive chairman, Investcorp has grown its assets under management over the past seven years by diversifying into sectors such as infrastructure, acquiring stakes in other general partners, and insurance. was expanded five times.
The company has two blank check companies listed on the US Nasdaq, one focused on Europe and the other focused on India.
During that time, the company opened offices in Singapore, Beijing, Mumbai and Delhi, and diversified its funding sources.
Abu Dhabi state fund Mubadala Investment Company acquired a 20% stake in the company in 2017.
Report by Hadeel Al Sayegh.Editing: Lisa Shoemaker
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