Investcorp, Fung Capital to Start $500 Million Greater Bay Fund

(Bloomberg) — Investcorp, the Middle East’s largest alternative asset management firm, and the private equity arm of the Fung brothers’ family office are setting up a $500 million fund to invest in mid-cap companies across China’s Greater Bay Area.

The fund will mainly focus on buyouts of businesses in or close to the region, which spans the Chinese cities of Hong Kong and Macau. Although it won’t be sector-specific, the fund will invest in companies “with proven profitability and strong growth potential,” Bahrain-based Investcorp said in a statement.