Investcorp transfers companies worth $185m to secondary fund

According to a statement, ITP will be able to maximise the value of these two companies, providing them with active support and fresh capital over an additional holding period under continued management.

ITP Fund III was launched in March 2007 with a $400m target and held a final close on its $500m hard-cap in January 2008. The vehicle focused on three types of transactions: buyouts, corporate carve-outs and take-privates, in four areas of the technology market: mobile data applications, enterprise software, communications infrastructure and digital content enablement. It deployed equity tickets of $25-50m and targeted companies with an enterprise value of $50-250m. 

According to Investcorp, this transaction results in ITP Fund III's performance since inception being in the upper quartile for similar vintage and type of funds.

Investcorp recently announced the closing of a new technology fund, ITP Fund IV, on $400m. The vehicle exceeded its initial target and received strong support from a diverse group of global blue-chip institutional, individual and family-trust investors in addition to a significant financial commitment from Investcorp.

People
Investcorp Technology Partners – Hazem Ben-Gacem (co-CEO).
HarbourVest Partners – Greg Ciesielski (principal).

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