Investcorp has raised $1.25bn for its second GP-stakes fund, underscoring sustained investor appetite for minority investments in private capital firms.

The fund attracted commitments from existing investors as well as new limited partners from Asia, Europe, Latin America, and the Gulf Cooperation Council. Investcorp also broadened participation from private wealth channels, including family offices, registered investment advisers, and high-net-worth individuals.

GP-stakes transactions, which involve taking minority ownership positions in alternative asset managers, have grown rapidly as the private capital industry expands and firms look to strengthen their operational capabilities and long-term succession planning.

Investcorp’s strategy focuses on backing mid-market private capital firms managing between $1bn and $10bn in assets, supporting their fundraising, infrastructure, and growth initiatives.

Since launching the strategy in 2019, the unit has invested in more than a dozen managers across private equity, credit, and infrastructure, including Monomoy Capital Partners, MML Capital, Banner Ridge Partners, and Vauban Infrastructure Partners.

The fundraising highlights continued momentum in the GP-stakes market as investors seek exposure to the long-term growth of private markets platforms.

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