Mubasher: Bahrain-based Investcorp and asset manager Aberdeen Standard Investments (ASI) on Wednesday announced launching their joint venture (JV) which will invest in infrastructure projects in the GCC region. 

The new JV will benefit from the strong track record of Standard Life Aberdeen’s unit in 120 social infrastructure projects over the previous 20 years, Investcorp said in a statement.

The Bahrain-based private equity firm and Standard Life Aberdeen Plc plan to raise $800 million to $1 billion for the fund, Bloomberg News reported on Wednesday.

In addition, Investcorp’s wide experience in private equity and market reach in the 57 million populated Gulf region will also support the new partnership which targets greenfield and brownfield social and core essential infrastructure assets.

As part of efforts to diversify GCC economies away from oil, several initiatives have been launched for investing in critical social and core infrastructure.

“Infrastructure is a unique and highly sought-after investment, especially in times of global economic uncertainty, because it is typically characterised by stable and predictable long-term cash flow,” Investcorp’s Co-CEO Hazem Ben-Gacem said.

With the growing infrastructure projects and deals in the GCC region, “there is a potential to generate real value for those types of investment,” Ben-Gacem noted.

“The partnership brings together ASI’s strong track record of over 20 years in concession and social infrastructure fund management with Investcorp’s excellent relationships and reputation in the Gulf as well as wider asset management expertise,” Aberdeen Standard Invest’s Co-CEO Martin Gilbert noted.