I-CAP Reports Gross Operating Income of $124 Million

Investcorp Capital, the Bahrain-headquartered alternative investment company and global manager of alternative investment products for private and institutional clients, on Wednesday said that Company delivered $124 million in gross operating income and $81 million in net profit, with continued cost discipline and operational efficiency.

Underpinned by its capital-efficient model and scalable structure based on two complementary business segments – Capital Deployment and Capital Financing Services (CFS) – Investcorp Capital said that it continued to provide differentiated access to global private market opportunities.

In its integrated report, which was filed with Abu Dhabi Securities Exchange (ADX) this morning, the company said that it was operating across four core asset classes, corporate investments, real assets, global credit and strategic capital.

“We have significantly expanded our asset base, with total assets rising to $1.91 billion from just over $1.7 billion in FY24. This growth was driven by over $1 billion in acquisitions and over $1.3 billion in realisations, including a notable $257 million investment in structured products,” company’s CEO Sana Khater said.

The investment growth was supported by $349 million drawdown on financing facilities, which led to higher interest expense, a deliberate strategy to drive long-term value. The earnings profile remained robust, and we ended the year with a resilient balance sheet.

Delivering shareholder value, the company’s strong financial performance also enabled us to pay dividends totalling $112 million and in February 2025, the Board approved an interim dividend of $56 million in line with its commitment to consistently deliver for the shareholders.

The FY25 results include a proposed dividend of $56 million which is expected to be paid in October 2025.

Achievements and Milestones

Over the past financial year, Investcorp Capital maintained a high level of activity, deploying over 90% of its capital and further diversifying across asset classes and geographies, while both its ‘Capital Deployment’ and ‘Capital Financing Services’ business segments continued to deliver consistent performance.

Investcorp’s teams executed several transactions, including successful exits like RESA Power, Citykart, and several real estate portfolios, and strategic acquisitions including Epipoli, PKF O’Connor Davies, Miebach Consulting, Student Housing V, and Industrial Fund II, Sana said.

The company also saw strong activity in Global Credit. Capital Deployment generated $62 million in realizations across the US and the EU Collateralised Loan Obligations (CLOs). In Capital Financing Services, it has invested $137 million in Global Credit through various CLOs and European Loan Company III and recorded $70 million in realisations from Global Credit investments.

Capital Deployment

Sana said that in FY2025, capital deployment rose to $1.31 billion from $971 million in FY24, reflecting the firm’s strategic expansion, across key asset classes.

This growth was driven by major allocations, with corporate investments closing the year at $630 million, global credit reaching $198 million, with realizations exceeding new acquisitions, and real assets totalling $187 million.

A notable highlight was the inaugural $257 million investment in a structured product, adding a new dimension to the portfolio. The diversified deployment underscores our proactive approach to scaling the company’s investment platform and capturing value.

Capital Financing Services

CFS delivered strong operational performance in FY2025, with revenue increasing to $54 million from $49 million in the prior year, reflecting higher origination activity and demand across key markets.

According to Sana, the company has achieved total new underwriting volume of $928 million in FY2025, compared with $883 million in FY2024, while syndication volumes reached $960 million, up from $867 million the prior year, reflecting stronger activity and deeper market participation.

Gross income rose to $60 million. However, profit fell to $23 million as interest expenses increased from $19 million to $33 million to fund strategic investments. The CFS asset base remained resilient at $371 million, with continued focus on underwriting across diverse geographies and sectors. Despite the higher financing costs, the segment maintained healthy margins and continues to be a key contributor to income.