Gulf assets firm launches billion-dollar fund for US
Bahrain-based Investcorp announced the launch of a one-billion-dollar credit fund to acquire real estate loans in the United States hit by the sub-prime mortgage crisis.
By Agencies |
MANAMA: Bahrain-based Investcorp on Monday announced the launch of a one-billion-dollar credit fund to acquire real estate loans in the United States hit by the sub-prime mortgage crisis.
"Investcorp Real Estate Credit Fund... has been formed to acquire whole loans, mezzanine loans, and commercial mortgage-backed securities collateralised by commercial and residential real estate assets throughout the United States," the asset management firm said in a statement.
A sovereign wealth fund from the Gulf region committed 850 million dollars to the credit fund and Investcorp has committed the rest, it said without identifying the Gulf fund.
"Investcorp and its partners will evaluate opportunities to leverage their total equity investment to create some two to three billion dollars of total investment capital," the statement said.
Founded in 1982, Investcorp is a leading provider and manager of alternative investment products. On June 30, it had 17 billion dollars of assets under management.
Mezzanine financing is a form of funding which has a claim on a company's assets below holders of senior debt but above ordinary shareholders.
"Investcorp Real Estate Credit Fund... has been formed to acquire whole loans, mezzanine loans, and commercial mortgage-backed securities collateralised by commercial and residential real estate assets throughout the United States," the asset management firm said in a statement.
A sovereign wealth fund from the Gulf region committed 850 million dollars to the credit fund and Investcorp has committed the rest, it said without identifying the Gulf fund.
"Investcorp and its partners will evaluate opportunities to leverage their total equity investment to create some two to three billion dollars of total investment capital," the statement said.
Founded in 1982, Investcorp is a leading provider and manager of alternative investment products. On June 30, it had 17 billion dollars of assets under management.
Mezzanine financing is a form of funding which has a claim on a company's assets below holders of senior debt but above ordinary shareholders.
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