Investcorp, an alternative investment firm, has acquired a 50% stake in the infrastructure business of Corsair Capital.
The transaction was accomplished through the formation of Investcorp Corsair Infrastructure Partners, a new entity jointly owned by Investcorp and Corsair, said an Investcorp news release Dec. 11.
Terms of the deal are not being disclosed, a spokesperson for Corsair said.
The new entity, which comprises the existing funds, investments and team of the infrastructure business, will "continue to pursue a highly differentiated and scalable investment strategy in transportation, logistics and associated infrastructure subsectors," the news release said.
Investcorp Corsair Infrastructure Partners has $4.8 billion in assets under management, the Corsair spokesperson confirmed.
The spokesperson for Corsair also confirmed that Investcorp Corsair serves as the principal financial sponsor of JFK International Airport Terminal 6 development and the lead equity investor for the redevelopment of LaGuardia Airport Terminal B.
Hari Rajan, who has been serving as Corsair's head of infrastructure, will continue to lead the infrastructure business as the new managing partner of Investcorp Corsair.
Investcorp Corsair seeks to maintain the infrastructure unit's existing platform companies, portfolio assets and operating structure for the benefit of its current stakeholders, while further developing the business globally, the release added.
Based in Manama, Bahrain, Investcorp had $50 billion in AUM as of June 30, 2022, the most recent data available, according to its website.
Corsair had $9.6 billion in total AUM as of Sept. 30.