The Middle East’s largest alternative asset manager, Investcorp Holdings, is undergoing a significant leadership transition, with Hazem Ben-Gacem stepping down as co-chief executive officer. The sweeping reshuffle will see the role of co-CEO eliminated, and Chairman Mohammed Alardhi will assume expanded responsibilities.
Leadership Changes at Investcorp
Hazem Ben-Gacem, who has been with Investcorp since 1994 and co-CEO since 2018, will leave the Bahrain-based firm on November 1. Until then, he will continue to serve as a senior advisor. Rishi Kapoor, also a co-CEO, will transition to the role of vice chairman and chief investment officer.
Chairman Takes on Expanded Role
According to a statement from Investcorp, Chairman Mohammed Alardhi will take on the responsibilities previously held by the co-CEOs. Alardhi, who became executive chairman in 2015, will oversee the firm’s operations and strategic direction during this period of transition.
Ben-Gacem’s Legacy and Contributions
Ben-Gacem, a Harvard-educated executive, has been instrumental in driving Investcorp’s expansion into Asia as part of its strategy to double its assets under management. His tenure also saw him overseeing investments and capital raising with sovereign and institutional investors in the Middle East, as well as leading the firm’s European private equity and global technology investments.
Strategic Moves and Future Plans
Under Ben-Gacem’s leadership, Investcorp launched a $1 billion investment fund backed by China Investment Corp. earlier this year, leveraging the growing trade and financial connections between the Middle East and Asia. The firm has also announced plans to double its infrastructure assets to over $10 billion within the next five years.
Organizational Restructuring
As part of the leadership reshuffle, Investcorp has restructured its business into three main units: private equity and private equity-like investments, led by David Tayeh; real assets, managed by Herb Myers and Mike O’Brien; and credit, overseen by Jeremy Ghose. Yusef Al-Yusef will head the global distribution platform.
Conclusion
The departure of Hazem Ben-Gacem and the elimination of the co-CEO role mark a pivotal moment for Investcorp Holdings. With Chairman Mohammed Alardhi taking on greater responsibilities and a restructured organizational framework in place, the firm is poised to navigate its next phase of growth and development amidst evolving market conditions.
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