Bahrain-based Investcorp expects to complete its first private equity purchase shortly for its $1 billion Gulf Opportunity Fund.

The bank is looking to invest in small- and medium-sized businesses in the Gulf region ranging from infrastructure to transport, healthcare and petrochemicals. It has studied more than 120 Gulf firms through the fund.

"We are looking at potential deals and will announce one shortly," managing director Khalid Al Rumaihi said on the sidelines of a conference in here.

The investments would typically range between $20 million and $150 million, the fund's co-head Christophe De Mahieu said.

"We see opportunities coming up because of growth in the Gulf region and a lot of industry development not related to oil such as healthcare and education," Al Rumaihi said.

Investcorp expects to raise the full $1 billion for the 10-year fund by July, Al Rumaihi said.

The company has offices in Bahrain, London and New York, and has over $15 billion in total assets under management.

Investcorp confirmed that an issue that arose with the Bahrain Stock Exchange (BSE), relating to the requirement under a new rule to provide advance notice of the date of the meeting at which the Investcorp board will approve Investcorp's full-year financial statements, has been resolved.

Investcorp clarified to the BSE that its usual practice is for its board to approve its financial statements by resolution, rather than at a meeting.

The board is expected to approve the full-year financial statements on July 23, with the publication of the statements on July 24.-TradeArabia News Service