(Bloomberg) -- Investcorp, the Middle East’s biggest alternative asset manager, acquired a 50% stake in New York-based private equity firm Corsair Capital’s $4.8 billion infrastructure business.

As part of the deal a new entity jointly owned by Bahrain-based Investcorp and Corsair Capital was set up, the firms said in a statement on Monday.

Investcorp Corsair Infrastructure Partners will include the infrastructure business’ existing funds, investments and team. With $4.8 billion under management, it invests in transportation, logistics and other infrastructure sub-sectors.

Corsair Partner Hari Rajan will continue to lead the infrastructure business as the new managing partner of Investcorp Corsair. 

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