Investcorp closes second North America private equity fund above target at $1.22B

MANAMA — Investcorp has closed its second North American private equity fund at $1.22 billion, beating its $1.1 billion target.

The Bahrain-headquartered alternative asset manager raised the vehicle from institutional limited partners across North America, Europe, the Middle East and Asia. North American Private Equity Fund II targets US middle-market companies in business, professional and commercial services, typically those with $10 million to $50 million of EBITDA.

The fund is already at work. It has deployed into Guardian Fire Services and Berger Financial Group, two platform investments in its target segments.

The close extends a pattern of Gulf-based managers running global strategies from regional headquarters. Investcorp has built its North American buyout franchise over four decades, and the oversubscribed raise suggests institutional appetite for US middle-market exposure held firm through 2026. For the Gulf ecosystem the news matters less for deployment, which stays in the United States, and more for what it confirms about Bahrain's position as a base for global private markets firms.

Watch whether the fund's pace of platform deals in US business services accelerates now that the full $1.22 billion is committed, and whether Middle East LPs raise their share of the manager's next vehicles.

Investcorp announced the close.