Bahrain’s Investcorp co-chief executive officer Hazem Ben-Gacem leaves after 30 years

Investcorp Holdings, the Middle East’s largest alternative asset manager, is set to lose one of its most senior executives amid a broad leadership restructuring that will see the co-chief executive officer position abolished. Chairman Mohammed Alardhi will assume greater responsibilities as part of this shift.

Hazem Ben-Gacem, who has been serving as co-CEO, is stepping down and will leave the Bahrain-based firm, which manages approximately $52 billion in assets. His counterpart, Rishi Kapoor, who also held the co-CEO role, will transition to a new position as vice chairman and chief investment officer.

In a statement released on Monday, Investcorp confirmed that Alardhi would take on the additional duties previously managed by the co-CEOs. Ben-Gacem will continue as a senior advisor until the end of October and officially depart from the company on November 1.

Ben-Gacem, a Harvard graduate, joined Investcorp in 1994 and was appointed co-CEO in 2018. During his tenure, he played a key role in expanding the firm’s presence in Asia, aligning with a strategic plan to double its assets under management over the coming years. He was also responsible for overseeing investment activities and capital-raising efforts with sovereign and institutional investors in the Middle East, as well as managing Investcorp’s Europe private equity business and global technology investments.

Earlier this year, Investcorp launched a $1 billion investment fund backed by China Investment Corp., capitalizing on the strengthening 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.

Alardhi, who became executive chairman in 2015, took on this role as part of a generational leadership transition, coinciding with founder Nemir Kirdar’s gradual withdrawal from the company he established in 1982 to attract capital from the Middle East. Originally focused on investments in the US and Europe, Investcorp gained early recognition through investments in companies such as Tiffany & Co. and Gucci Ltd. Today, the firm’s portfolio spans private equity, real estate, private credit, and infrastructure investing.

As part of the restructuring, 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, which will be overseen by Jeremy Ghose. Yusef Al-Yusef will manage the global distribution platform.

The firm counts some of the Middle East’s wealthiest royals and business leaders among its investors. In November, an investment vehicle launched by Investcorp raised $451 million through an initial public offering in Abu Dhabi. Ben-Gacem will continue to serve as vice chairman of this entity, Investcorp Capital Plc.

Have you read?
Impact of Titles on Your Executive Career – Negotiating Job Titles and more!
5 Reasons being dog friendly is very good for business.
Do you want to change things in your organization? Perhaps it begins with changing how you think.
Would Your Team Win Olympic Gold in Paris?
Mastering Leadership- How Clear Expectations Drive Success.