Investcorp has completed the sale of US-based Resa Power to Kohlberg & Company, marking the first exit from its $1.2bn North America Private Equity Fund I.

Financial terms were not disclosed, but the Bahrain-based firm noted that Resa’s revenue has grown more than fourfold since it was acquired in 2021.

The transaction underscores Investcorp’s continued momentum in North American private equity, where it has deployed over $23bn since 1982. The firm has shifted from a deal-by-deal model to a more institutional fund-based approach in recent years, reflecting its evolving investment strategy.

The exit comes during a period of leadership transition. Daniel Lopez-Cruz has been appointed Global Head of Private Equity, taking over from Dave Tayeh, who will step down in June. This follows the departure of Hazem Ben-Gacem as co-CEO and Rishi Kapoor’s move to Vice Chairman and Chief Investment Officer.

Kohlberg & Company, a middle-market private equity firm based in New York, manages approximately $17bn in AUM and will now support Resa Power’s next stage of growth.

Source: Investcorp