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The largest alternative asset manager in the Middle East is undergoing a significant leadership transition. Hazem Ben-Gacem, who has been with Investcorp Holdings for 30 years, is stepping down from his role as co-chief executive officer. The change is part of a broader organizational reshuffle that will see Chairman Mohammed Alardhi taking over as the new CEO.
Effective November 1, Ben-Gacem will leave his position, with Rishi Kapoor, the other co-CEO, transitioning to the role of vice chairman and chief investment officer. This executive shift marks a pivotal moment for Investcorp, which manages approximately $52 billion in assets.
Ben-Gacem’s Legacy and Contributions
Ben-Gacem, a Harvard graduate, joined Investcorp in 1994 and was appointed co-CEO in 2018. During his tenure, he played a crucial role in driving the firm’s expansion into Asia, aiming to double its assets under management in the coming years. His leadership extended beyond Asia, involving significant oversight in the firm’s investments and capital raising efforts with sovereign and institutional investors in the Middle East. Ben-Gacem’s previous roles included leading Investcorp’s private equity business in Europe and overseeing global technology investments.
Under his guidance, Investcorp established a $1 billion investment fund backed by China Investment Corp earlier this year, leveraging the growing trade and financial ties between the Middle East and Asia. Additionally, the firm embarked on an ambitious plan to expand its infrastructure assets to over $10 billion within the next five years.
Alardhi’s New Role and Organizational Changes
Mohammed Alardhi, who has been serving as executive chairman since 2015, will assume the role of CEO as part of the reshuffle. Alardhi’s appointment represents a generational shift in leadership at Investcorp, following founder Nemir Kirdar’s gradual step back from the firm he established in 1982.
Investcorp, originally focused on investments in the US and Europe, is now diversified across private equity, real estate, private credit, and infrastructure investing. The firm is renowned for its early investments in high-profile companies such as Tiffany & Co. and Gucci Ltd.
Reorganization and New Leadership Structure
In addition to the executive changes, Investcorp is restructuring its business into three main units:
- Private Equity and Private Equity-like Investments: To be led by David Tayeh.
- Real Assets: Managed by Herb Myers and Mike O’Brien.
- Credit: Overseen by Jeremy Ghose.
- Global Distribution Platform: Managed by Yusef Al-Yusef.
This reorganization aims to streamline the firm’s operations and enhance its strategic focus across various investment sectors.
Future Prospects and Continued Involvement
Investcorp remains a significant player in the alternative asset management space, counting some of the Middle East’s wealthiest royals and business moguls among its investors. Recently, the firm’s investment vehicle raised $451 million in an Abu Dhabi initial public offering.
Ben-Gacem will continue to contribute to the firm as a vice chairman of Investcorp Capital Plc, ensuring his ongoing involvement in the company’s strategic initiatives. The leadership transition and reorganization are expected to position Investcorp for continued growth and adaptation in the evolving investment landscape.
