Hazem Ben-Gacem Steps Down as Co-CEO of Investcorp Amid Major Leadership Restructuring

Middle East’s Largest Alternative Asset Manager Reshuffles Executive Team as Chairman Mohammed Alardhi Expands Role

Investcorp Holdings, the leading alternative asset manager in the Middle East, is undergoing a significant leadership transition with the departure of Hazem Ben-Gacem, who is stepping down from his role as co-Chief Executive Officer. This move is part of a broader restructuring within the firm, which will see the co-CEO position abolished and Chairman Mohammed Alardhi assume additional responsibilities.

Ben-Gacem, who has been with Investcorp since 1994 and was appointed co-CEO in 2018, will officially depart from the Bahrain-based firm on November 1. Until then, he will continue to serve as a senior advisor. His departure marks the end of an era for Investcorp, which manages approximately $52 billion in assets. During his tenure, Ben-Gacem played a pivotal role in the firm’s expansion into Asia and was instrumental in the strategic plan to double its assets under management in the coming years. His responsibilities also included overseeing investment activities, capital-raising efforts, and managing the firm’s Europe private equity business and global technology investments.

Rishi Kapoor, Ben-Gacem’s co-CEO, will transition to the role of vice chairman and chief investment officer, focusing on the firm’s investment strategies. This shift reflects a reorganization aimed at streamlining leadership and enhancing operational efficiency.

In a statement released on Monday, Investcorp confirmed that Chairman Mohammed Alardhi will take on the additional duties previously managed by the co-CEOs. Alardhi, who has been executive chairman since 2015, will now oversee the expanded role as part of a generational leadership transition. This move aligns with the gradual withdrawal of founder Nemir Kirdar, who established the firm in 1982 and initially focused on investments in the US and Europe.

Under Alardhi’s expanded leadership, Investcorp has realigned its operations into three distinct units: private equity and similar investments, led by David Tayeh; real assets, headed by Herb Myers and Mike O’Brien; and credit, overseen by Jeremy Ghose. Yusef Al-Yusef will manage the global distribution platform.

Investcorp’s recent initiatives include launching a $1 billion investment fund backed by China Investment Corp., capitalizing on the growing trade and financial ties between the Middle East and Asia. The firm has also set a goal to double its infrastructure assets to over $10 billion within the next five years. Additionally, Investcorp recently raised $451 million through an initial public offering in Abu Dhabi, further solidifying its position in the market.

Ben-Gacem will continue to serve as vice chairman of Investcorp Capital Plc, a vehicle launched by Investcorp that raised significant capital earlier this year. As Investcorp navigates this leadership transition, the firm remains committed to leveraging its extensive network and expertise to drive growth and deliver value to its investors, which include some of the Middle East’s wealthiest royals and business leaders.