Investcorp Bank BSC, the Bahrain-based investment firm managing about $11.5 billion, is targeting
average annual profit growth of 15 to 20 percent in the next
five years after fiscal first-half net income gained.

The company is looking at investments in the retail,
healthcare, education, and downstream energy industries in the
Gulf Cooperation Council region and Turkey, Chief Financial
Officer Rishi Kapoor told reporters today in Dubai. It’s also
looking at investments in U.S. real estate assets and in Europe.

Investcorp invested $445 million in three companies in the
U.S., U.K. and Turkey in the second half. The company also
completed the sale of online payment company Skrill Group for a
total enterprise value of $800 million and insulation firm
Armacell to Charterhouse for more than 500 million euros ($674
million). The firm has reduced its exposure to hedge funds from
$2 billion at the end of 2008, to about $450 million at the end
of last year.

Net income for the six months through December gained 53
percent to $60.1 million, the company said today.

“We don’t focus on six-monthly results, we focus on a
long-term horizon.” Kapoor said, “Over a five year period our
growth expectations are around 15 to 20 percent a year.”

To contact the reporter on this story:
Matthew Martin in Dubai at
mmartin128@bloomberg.net

To contact the editor responsible for this story:
Dale Crofts at
dcrofts@bloomberg.net