Investcorp, a Bahrain-based alternative asset manager, has announced the launch of a substantial $750 million climate-focused fund, christened Climate Solutions Partners.
The fund – announced at COP28 — aims to invest in climate solutions that can revolutionize carbon management across sectors such as building, transportation, and food and agriculture, revealed Investcorp on Thursday.
The sovereign wealth fund Mumtalakat, also headquartered in Bahrain, will serve as the anchor investor for this transformative initiative. However, specific details regarding Mumtalakat’s investment in the fund remain undisclosed.
This significant announcement coincided with the commencement of the United Nations climate summit, COP28, in the United Arab Emirates.
Investcorp currently manages assets worth $50 billion. Renowned for its association with luxury brands like Gucci and Tiffany & Co, Investcorp has steadily diversified its portfolio into various sectors over the years.
Recently, the company listed its subsidiary, Investcorp Capital, providing investors access to private market co-investments encompassing credit, real estate, and private equity.
Under the stewardship of Mohammed Al Ardhi, Chair of Investcorp, the company has experienced a remarkable fivefold growth in assets under management over the last seven years. This expansion has been driven by diversification into infrastructure, acquiring stakes in other general partners, and venturing into the insurance sector.
Investcorp’s strategic endeavors include listing two blank check companies on the Nasdaq, focusing on Europe and India respectively. Additionally, the company has expanded its footprint by establishing offices in Singapore, Beijing, Mumbai, and Delhi. It has also diversified its fundraising sources, with the Abu Dhabi state fund Mubadala Investment Company acquiring a 20 percent stake in 2017.
Investcorp’s foray into the climate fund arena reflects a concerted effort towards driving impactful investments in sustainable solutions, aligning with the global agenda set forth by COP28 to combat climate change and promote environmentally conscious practices, Reuters news report said.