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for 2015
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nt er the past sa potent tailw
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rs. In contraMF projects
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six months wwind for advThe Interna5 at 3.5% vey, and desp
2014 and in the Euro areafrom its 0.4%.1% over the
ast, growth init will decline
rapid declinigher acrossin January
deceleratingand Sharpe n picks up p in asset m
010 2011
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with large movanced econtional Monet
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Q1 2015, na is expected% average oe next two yn emerging me further to 4
es in oil prics developed
before mov
g inflation haratios acrosand central
markets. As a
2012 2013
erging econom
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oves in oil pnomies spentary Fund (In 2014, driveof momentu
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uro area Eudditional moonsistent withe region waourse follow
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Feb-02
s, while still
rt of the year. However, s prolonged using conditiand so globade in Q2, allo
uropean gronetary stimuth our expecs held back ing the Euro Review res
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b-05
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the governmcenario of a backstops arhas radicalltherefore nost 2017, andnext few mon
licy developear plan to nthe final Fearch 2015 mMC statemeconfident inxpect the FedUS labor marlly, we expeenerate incrhroughout th
te with the markets to inExacerbatinged-income m
ulatory requih is more f
er 2016, andclearly largeedium-term rrative for thfrom now thsulting sharpate real expo
sentiment wm resumed a28th to extendistance limit ment. While
sovereign dre now in ply reduced t
ot surprising d expect furthnths.
pments In 2normalize poderal Open
meeting, it weent and replanflation will cd to start raisrket continueect ongoingreased uncee remainder
increased uncrease for tg this heighmarkets as brements. Thfragile than
d possibly beer than most inflation exp
he euro areahrough 2017p depreciatiort growth thr
was briefly safter the govd its bailout
to 3.3 billdeposit outf
default shoulace, in conthe risk of that marketsher extraord
014, the Felicy by endinMarket Com
ent one stepacing it withconverge basing the fedees to improve divergence
ertainty withof 2015.
uncertainty inhe remaindetened uncer
broker-dealehese two dy
in previous
eyond. The smarket partiectations. Th
as growth ou7, considerabon of the curough at leas
stalled by Sernment reaprogram for ion - notablyflows from Gld have little
ntrast to 201contagion a
s have pusheinary market
ederal Reserng QE purchmmittee (FO
p further by rh the observack to 2% eral funds rate and wagese in monetain global m
n global maer of 2015 asrtainty is thers shrink inv
ynamics resus years, as
ize, pace, ancipants expehe ECB has utlook, with rbly higher thrrency, the trst the second
Syrizas victoached an ag
four monthsy less than
Greece have e effect outs11-2012, andacross the ed back the t intervention
rve System (ases and revOMC) meetremoving thevation that tover the mete target in th
s firm. Outsidary policy acarkets and
rkets, we exs we move cle decrease
ventories to ult in a glob
illustrated
nd duration oected, spurrealso telegrareal GDP grhan Bloombrue target ofd half of the y
ory in the Greement withs and to raisthe 8-10 baccelerated
side Greece.d the ECBsregions banECBs rate lns, like addit
(Fed) embavising its forting of the ye word patiethe Fed remedium term.he second hde of the UScross developroduce mo
xpect volatilioser to the Fin liquidity
comply with bal fixed incin rapidly r
of the ed by phed rowth ergs f QE, year.
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s QE nking ift-off tional
arked rward year. ence mains . We alf of , and oped odest
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While the iniationale behredibility andstimates $16ext 12 montxternal finanagility in inve
Gulf economievision of itsownward revrowth in 201
owest level save tightenehe impact of annot continlearer over t
GDP growth
Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
United Arab Em
Turkey
World
Source: IMF W
dexes (cros
ey has beenonomies, ands. Despite thhs following ependence idissatisfactio
tial surpriseind the sub
d resulting in66 billion of ths. Combin
ncing demanestor sentime
ies have bees 2015-16 grvisions were5 versus thesince mid-20d. Thus far, recent oil pri
nue indefinitehe second h
of GCC cou
mirates
World Economi
s-sectional
n one of the d the IMF prohis improved rising concen light of Pr
on with the re
cut of the bsequent cutn a sharp wnon-local deed with a c
nd of ~25% ent.
en hit by the rowth forecae in Saudi Are 4.5% projec006, largely Gulf economce shocks oely. The prohalf of 2015 b
untries and T
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drop in oil psts (with therabia and UAction as of ladriven by fo
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20144.7
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tabase April 2
of market vo
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ected in the of Oman). Tojected to reInflation hasts, while fin
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l risks relats proximity tty in the regi2% of the wbetween the
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ppearance ashow at Ba
ail redeploymhigh-end, in of its globalMunich. Twol will be co
al vision.
Creativity Awent. Leejam,Seasons Houests, includ.
Properties stments acqour propertieuare feet wit
have high ot.
ted in Orlans located in cst university
as one of thear Award ins one of Euro
tly opened snvested in T
after a five aselworld. Gment to unveline with a f strategy, Go new renowontributing to
ard for achie, which manotel in Riyadding some of
Portfolio, quired duringes, acquiredth approximoccupancy r
do, Florida.close proximy in the US
e ten n the ope's
even heeb
year Georg eil its fresh
Georg wned o re-
eving ages
dh to f our
was g Q3 d for ately
rates,
This ity to with
Pg. 10
R
S
approenroll
WateCalifonorthepropecenteadditio
ArcadMarylwhich
FairwThis agardeBaltimare mprope
Realizations
everal real e
Copp(CoppTexas
CottaproximPark,multi-Apart
NorthConnerealizaPortfo
MarriFund
The rsquarPortfo
oximately 60,ed students.
rleaf Apartornia. Waterlern suburb o
erty providesrs and is situonal recreati
dian Silver and. This ga
h is part of th
ways at Towsapartment p
en style buildmore-Columbmore than 1erty.
estate proper
perfield Porperfield, Covs. One propeages of Chamity to Geor a 168-unit mfamily propement II Portf
h Haven Cecticut and ation of Norolio.
ott Pittsburwas also rea
remaining 11re feet of offiolio is fully re
,000 students. tment Comleaf is a 45of San Diego convenient uated on a 1ional areas.
Spring, acarden style toe Washingto
son, also acroperty featu
dings. Fairwabia-Towson, 5 million sq
rties were so
rtfolio compventry Squarerty remains mpion Forerge Bush Intmultifamily prerty, both lofolio.
enter, a 83part of th
rth Haven C
rgh Hotel, paalized. Five o1 assets in Nice and flex
ealized.
s, and Valen
mplex, acqu56-unit multio, the 17th laaccess to m9.9 acre site
cquired inownhome pr
on D.C. metro
cquired in Feures a 15-stoays at Towsothe 20th larg
quare feet o
old in the qua
prised of 1re, Easton Vin this Texas
est, a 300-untercontinentaroperty in Dacated in Ho
38,384 squahe ConnectCenter, two
art of an invother investmNorthern Cabuildings wa
ncia College,
ired in Janifamily apartargest metro
most major Ne that include
February, isroperty is locopolitan area
ebruary, is locory high riseon is locatedgest metropoof office spa
arter:
,076-units iVillage and Ps Apartment nit apartmenal Airport anallas; and Vilouston, Texa
are feet indicut Industrproperties r
vestment in Iments remainalifornia Poras sold in Ma
which has m
nuary, is lotment compopolitan areaNorth San Dies swimming
s located incated in Mona.
cated in Balte building and in an upscolitan area iace within f
in four adjaPeppermill Pl
I Portfolio. t community
nd Willowbrolas at Edgew
as were real
dustrial proprial Portfolioremain in US
nvestcorp Rn in the fund.rtfolio, consarch. The No
more than 42
ocated in Vlex located a in the US.ego employ
g pools, spas
n Silver Spntgomery Co
timore, Marynd 35 three-ale submarkn the US. Tfive miles of
acent propeace) in Hou
y located in cook Mall; Wawater, a 414ized from T
perty locateo. FollowingS Diversified
eal Estate C isting of 568orthern Califo
2,000
Vista, in a The ment s and
pring, unty,
land. story
ket of There f the
erties ston,
close aters 4-unit Texas
ed in the d VII
Credit
8,722 ornia
Pg. 11
HOveC
O(e
In
Hedge fuOur hedge funery strong p
Composite Ind
Our hedge funevent driven
We reregionpolicythe Eperiphwell aFund
We apredicexcesnear sustaand re
We mthat tdivergforma
We relow de
nvestcorp hed
Credit24%
Macr13%
nds nds co-invesperformancedex, which re
nds portfolio and hedged
emain positn with the my coupled witEuro area whery. Japaneas the pickus commitme
also remaincated on stross of $2 trillio10%. We bined period ecapitalizatio
maintain our he macro ogence acrossation of time-emain modeefault-rate en
dge funds co
Hedge Equities
18%
FIRV1%
ro%
stment portfoe compared eturned 2.1%
is positionedequities).
tive on Hedmost macro th the contin
with reduced ese equities p in domest
ent to allocate
n positive ong corporateon. Average believe that of significan
ons.
positive viepportunity ses the globe series trends
estly positivenvironment a
o-investment a
Convert. Arb3%
EMN6%
Event Driv36%
olio deliveredto the indu
% for the qua
d with a posit
dge Equitymomentum
ued Euro dedownside rshould ben
tic inflows we into equitie
on Speciale balance shcorporate pshareholde
t event-drive
ew on Macret will remaimanifest itses. e on Corpoand strong co
allocations
b.
ven
unlevered reustry benchmarter.
tive tilt towar
strategies. Wm in 2014, eepreciation shrisks from defit from the
with the Govees.
l Situationsheets in the Uprofits for cor pressure
en activities
ro Discretioin attractive elf in reduce
rate Credit, orporate bala
eturns of 4.3mark, HFRI
rds equity-or
While the Uexpansionaryhould suppodeflationary e depreciatioernment Pen
s / Event US that are fmpanies in t(or activismincluding bu
onary strategas we see
ed asset corr
as valuationance sheets
3% in Q3 FYFund of F
riented strate
US had beeny ECB monert profit growdynamics in
on of the Yension Invest
Driven equflush with cathe S&P 500
m) will lead uybacks, mer
gies. We becontinued prelations and
ns fully reflecin the US.
15, a unds
egies
n the etary
wth in n the en as ment
uities sh in 0 are to a
rgers
elieve policy d the
ct the
Pg. 12
Into
We acontindevelparts
We re2014 but th
We aoutpeby thvolatil
We hastructbehin
We hArbitrrelatemode
We mdistrean oufavorasupply
nvestcorps So clients in th
are modestlnue to see oped marketof the world,
emain modesyear for tren
he return streare neutral erform the USe ECB, butlity in the stru
ave upgradeturally like Rd by the exit
have also urage in resp
ed sell-off. Oestly positive
maintain a mssed ratio ofutsized systable view ony of debt from
Special Oppohe quarter.
y positive commoditize
ts. However,, especially t
stly positivend-following eam remains
on StructuS on the bact are in genuctured cred
ed our outlooRelative Valut of bank pro
upgraded ouponse to moOur outlook because of t
modestly nf just 3% in bematic risk n European m deleverag
ortunities Po
on Equity ed factor m, returns to nhe Asia-Pac
e on Systemstrategies is in play, if a b
ured Creditck of the proneral concerit markets.
ok to positivue strategiesprietary tradi
ur outlook tore attractive
for convertheir overwe
negative ratbonds currenpremium frodistressed
ing Europea
ortfolio (SOP
Market Neumodels delivenon-market fific region.
matic Macro unlikely to b
bit more modt as a stratoposed purchrned about
ve for Fixed s as hedge ing desks.
to modestlye valuations rtible bonds ight to the en
ting on Contly provides om this straversus US n banks.
P) made dis
utral strategering sub-opfactors are a
strategies. Tbe repeated dest than beftegy. We exhases of assthe risk of
Income Refunds step
y positive following theas an equ
nergy sector
orporate Disvery little op
ategy. We ddistressed g
stributions of
gies even asptimal alphaattractive in o
The extraordin the near tfore. xpect Europset-backed p
liquidity-ind
lative Valueinto the void
for Convere recent eneuity substitutr.
stressed. Apportunity to do have a mgiven the st
f over $50 m
s we as in other
inary term,
pe to paper uced
e. We d left
rtible ergy-te is
A low earn more teady
million
Pg. 13
CP
Wplinpoin
A
Aou
Tinbi
1 Athm
T
Client Placemen
We placed thlacement of
nvestment inortion has b
nvestment, N
Assets un
As of 31st Maur proprietary
otal client asnvestment clillion and clie
Assets under hird party mamanagement.
Total assets u
Affiliate0.4
Balance sheeco-investmen
1.4
activitnt activit
e residual aDainese and Arvento w
been placed Nobel Learni
nder man
rch 2015, ouy co-investm
ssets under mient AUM w
ent monies h
managementanagers where
nder manage
s
et nt4
By AUM t
ties ty
amount in Prd the 2015 Ras launchedwith clientsng Commun
nagemen
ur total assements, was $
managemenwas $3.6 bill
eld in trust w
t include approe Investcorp
ement ($b)
Clien8.8
type
ro UnlimitedResidential Pd for placem. We will conities in earl
nt
ts under ma10.6 billion.
nt, as at 31st
ion, hedge was $248 mil
oximately $2.5receives fee
nt
d in Q3 FY1Properties Pent during t
ommence thely April.
anagement1 a
March, 2015funds $3.8lion.
5 billion of sins calculated
CI4.7
4
Cash 0.2
By as
5 together wPortfolio. Thhe quarter ae placement
across all pr
5, was $8.8 billion, real
ngle manager on the basis
HF4.3
sset class
with a bulk oe newly acq
and a substat of another
roducts, inclu
billion. Corpoestate was
funds manages of assets u
RE1.5
of the uired antial
new
uding
orate $1.2
ed by under
Pg. 14
K
Acore
Cfa
2 C3 C4 C5 C6 7 Jeq
Key fin
Total assets
Total acces
Total debt (
Leverage ra
Net leverag
Co-investm
Capital ade
As at 31st Maromfortably inequirement o
Co-investmenacility, remain
Cash, placemCall accountsCalculated in Calculated in Excludes undeJPY 37 billionquity
nancia
s ($b)
ssible liquidity
$b)3
atio4
ge ratio5
ents6/(total e
quacy ratio (
rch 2015, Invn excess of of 12%.
nt assets, nen fully covere
ments with finan, term & instituaccordance waccordance werwriting and
n debt maturin
al metr
y ($b)2
equity + long
(Basel III)
vestcorps caCentral Ban
et of the $1ed by perma
ncial institutioutional borrow
with bond covewith bank loan is net of revolv
ng in 2030 and
rics
term capital
apital adequank of Bahrai
175 million nent and lon
ns and undrawwings, mediumenants
covenants whving facilities sd $50 million d
7)
acy ratio (CAns current B
bi-lateral revng-term sourc
wn revolversm & long term d
hich is net of lisecured againdebt maturing
Mar15
$2.2
$0.8
$1.1
1.3x
0.7x
0.8x
28%
AR) under BBasel III reg
volving secuces of capita
debt
iquidity and unnst hedge fund
in 2032, defe
Dec
$
$
$
1
0
0
2
Basel III was ulatory mini
ured hedge al.
nderwriting d co-investmeerred fees and
c14
$2.1
$0.8
$1.0
.3x
0.8x
0.9x
27%
28% mum
fund
nts d total
Pg. 15
Fcune
C
L
*Jin
A
M
F
ollowing an urrent level oext four year
Credit rat
Liquidity cover
JPY 37 billion ($n 2032
Accessibleliquidity
Fundedunderw riting
(CI / RE)
Agency
Moody's Investo
Fitch Ratings
active perioof accessiblers.
tings
r ($m)
$309 million at cu
847
91
Totalliquidity
$938m
or Service
od of realize liquidity now
urrent exchange
HFY
Rating grad
Ba2 / Stable o
BB / Stable ou
ations we hw fully cover
e rates) debt ma
175 2
425
H1Y17
H2FY17 F
de Co
outlook-Ra-Cr
utlook -Ra-Ra-Ra
hold comfortrs all medium
aturing in 2030
250
425
H1FY18
H2FY18
omment
ating affirmed iredit opinion pu
atings Navigatoating and outloating report pub
table levels m term debt m
and $50 million
400
139
825
964
H1FY19
H2FY19
n Jan 2015ublished in Ma
or published inok confirmed iblished in Mar
of liquidity. maturing ove
maturing
359
PostFY30*
r 2015
n Jan 2015n Mar 20152015
The er the
Pg. 16
O2
MTIspa
In
Athat
G
TInfrB
AdiCInM
Other c2015 Turk
Mohammed Aurkish and A
stanbul. A narticipated a
H.E. M H.E. S
Qatar
H.E. A H.E. A H.E. N Mazin
nvestcor
An Investcorhe GCC regiot Cambridge
GCC Boa
he GCC Boanvestcorp, a om Allen & ODI's content
Attending the istinguished
Contracting nvestcorp, M
Management,
corpokish Arab
Al-Shroogi, PArab economnumber of ps panelists:
Mehmet Sim
Sheikh Ahmr
Abdeslam Bo
Ali Hassan K
Nasser Al-Es
n Saad Al-Na
rp Leade
p Leadershion. The threUniversity.
ard Direc
ard Directorfounding meOvery, Heidrpartners, as
BDI workshcompanies: Company, inistry of De SABIC, SAL
rate ub Econo
President of mic partnershprominent ke
sek (Ministe
ed Bin Jass
ouchouareb (
Khalil (Ministe
sawi (Ministe
ahedh (Group
ership Pr
ip Programme-day event
tors Inst
rs Institute (ember of BDIrick & Struggs well as a Se
hop were seAl Fozan H
American Ufense, NatioLIC, Saudi A
pdatemic Foru
Gulf Busineip' at the 20ey figures f
r of Finance
sim Al Thani
(Minister of I
er of Finance
er of Industry
p CEO, KFH
rogramm
me was orgatook place a
titute
("BDI") held aI. Faculty pregles, McKinsenior Advise
nior executivHolding ComUniversity, nal Industria
Arabian Minin
s um
ess, spoke a15 Turkish Afrom Turkey
- Turkey)
(Minister of
ndustry and
e - Lebanon)
and Mineral
- Kuwait)
me at Cam
anized for 30at the prestig
a workshop esenters inclsey Companyr from the Ce
ves and boampany, Alkifa
Automak, Falization Comng Com.
about the 'NeArab Economy and MENA
f Economy a
Mining - Alg
ls - Iraq)
mbridge
0 young busingious Judge
in Bahrain inuded global y, Pricewateentral Bank o
ard membersah Holding CFOSAM Co
mpany, Ma'ad
ext phase omic Forum heA countries
and Comme
eria)
ness peopleBusiness Sc
n partnershipbusiness learhouseCoopof Bahrain.
s of the folloCompany, Alompany, Kaden, Osool A
of the eld in
also
rce -
from chool
p with aders pers -
owing kifah
anoo, Asset
Pg. 17
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CorporOur offices ar
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Bahrain Investcorp BInvestcorp HManama Tel +973 17Email invest
United KingInvestcorp IInvestcorp HLondon W1KTel +44 20 7Email invest
United StateInvestcorp I280 Park AvNew York Tel +1 212 5Email invest
Saudi ArabiInvestcorp SAl Faisaliah Riyadh 1157Tel +966 11 Email invest
United ArabInvestcorp BAl Sila TowePO Box 3696Tel +971 2 5Email invest
t inforondon, New Y
Bank B.S.C.House, PO BO
532000 tcorp.bahrain
gdom Internationa
House, 48 GrK 3HW 7629 6600 tcorp.london
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venue, NY 10
5994700 tcorp.newyor
ia Saudi ArabiTower, 29th F
75 4847600
tcorp.riyadh@
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