HarbourVest invests $300 milllion in five Arcapita companies
HarbourVest Partners has bought minority stakes in five of Bahraini investment bank Arcapita Inc.’s non-MENA portfolio companies for $300 million, and further inked a follow-on capital commitment to aid the companies’ future growth.
According to reports, three of the portfolio companies are based in the US, while the other two are in France and the UK. Arcapita and HarbourVest have launched a fund to facilitate the transaction, and Arcapita will continue to manage the portfolio. According to Arcapita, the move provides needed liquidity to jumpstart the firm's pursuit of new transactions.
Earlier this year, HarbourVest also moved strengthen its ties to Middle Eastern institutions. In May. HarbourVest Partners purchased Saudi conglomerate Saad Group's stake in up to 30 private equity funds, which was bought at around 70% of book value.
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