Global alternative investment firm (North American mid-market private equity)

Investcorp

  • HeadquartersNew York, NY S1
  • Founded1982 S1
  • Websiteinvestcorp.com
  • Last verifiedOctober 26, 2026

At a glance

Assets under management$64B (as of Jun 2026) S1
Latest fundInvestcorp North American Private Equity Fund II, $1.2B (Oct 2026) S3
EBITDA range$10M to $50M S3
Deal typesPlatform, Add-on, Minority S2
GeographyNorth America S2
SectorsAccounting & Professional Services, Wealth Management, HVAC, Plumbing & Electrical, Distribution, IT Services & MSP

What Investcorp buys

Investcorp is a global alternative investment firm founded in 1982 that manages about $64 billion across private equity, real assets, credit and liquid strategies, with teams in Europe, the Middle East, India and Asia. This profile covers only its North American private equity team, which buys mid-sized US services companies in two areas: business and professional services, such as accounting, consulting and wealth management, and commercial services, such as HVAC, fire protection and industrial maintenance. It has made more than 79 platform investments in North America.

The team targets companies with $10 million to $50 million of EBITDA and invests from its second North American fund, which closed at $1.22 billion in October 2026. It takes control or substantial minority stakes, often in founder-led or family-owned businesses, and aims to double EBITDA through organic growth and acquisitions. Smaller companies usually join as add-ons: Guardian Fire Services bought fire protection firms in Omaha and Houston in 2026, and PKF O'Connor Davies has added several local accounting practices.

Recent deals

Announced in the 24 months before October 26, 2026.

DateCompanyTypeSectorSource
Oct 2026Investcorp North American Private Equity Fund IIFinal close at $1.22 billion, above its $1.1 billion targetFund closeSource
Aug 2026Houston Fire & SecurityHouston fire alarm, sprinkler and kitchen hood services provider added to Guardian Fire ServicesAdd-onSource
Jul 2026Berger Financial GroupMinnesota fee-only wealth manager with more than $3 billion of client assets; management and advisors stay significant ownersPlatformWealth ManagementSource
Jul 2026Midwest Protection ServicesOmaha fire and life safety firm added to Guardian Fire Services, keeping its name and leadershipAdd-onSource
Jan 2026Topping Kessler & CompanyHollywood, Florida accounting firm joined PKF O'Connor DaviesAdd-onAccounting & Professional ServicesSource
Jan 2026Bowman & CompanySouthern New Jersey accounting firm with three offices joined PKF O'Connor DaviesAdd-onAccounting & Professional ServicesSource
Dec 2025Guardian Fire ServicesNashville fire protection and life safety services platform bought from Northern Lakes Capital; first Fund II dealPlatformSource
Dec 2025Wolf Maryles & AssociatesNew York private client tax firm joining PKF O'Connor Davies on January 1, 2026Add-onAccounting & Professional ServicesSource
Nov 2025Kanawha Scales & SystemsIndustrial scale calibration and repair services provider bought from American Equipment Holdings; all employees get sharesPlatformIndustrial & ManufacturingSource
Jun 2025Rainer & CompanyPhiladelphia-area accounting firm joined PKF O'Connor DaviesAdd-onAccounting & Professional ServicesSource
Apr 2025RESA PowerElectrical testing and transformer services provider sold to Kohlberg after revenue and EBITDA grew more than fourfoldExitHVAC, Plumbing & ElectricalSource
Nov 2024PKF O'Connor DaviesStrategic growth investment with PSP Investments in the Northeast accounting, tax and advisory firmGrowthAccounting & Professional ServicesSource

Portfolio by sector

From the firm's portfolio page S4.

North America Private Equity

  • AlixPartners
  • Berger Financial Group
  • Best in Class Technology Services
  • CrossCountry Consulting
  • Fortune International
  • Guardian Fire Services
  • Health Plus Management
  • ICR
  • Kanawha Scales & Systems
  • KS Group
  • PKF O'Connor Davies
  • Resultant
  • RoadSafe Traffic Systems
  • S&S Truck Parts
  • Shearer Supply
  • Sunrise Produce

Greymont’s take

How Investcorp fits a seller

Investcorp's North American team suits owners of growing services businesses, especially accounting and advisory firms, wealth managers and technician-based commercial services companies, once they reach about $10 million of EBITDA. Below that size, the likely route is an add-on to one of its platforms. When Guardian Fire Services bought Midwest Protection Services in July 2026, the Omaha firm kept its name and leadership, and PKF O'Connor Davies has taken in the partners and staff of firms such as Rainer & Company and Topping Kessler.

In its platform deals, management often keeps a stake: Berger's managers and advisors remain significant owners, and Kanawha Scales & Systems is setting up a plan that gives shares to every employee with a year of service. An owner should ask how much equity can be rolled, and how the team plans to meet its goal of doubling EBITDA within four to five years.

Questions owners ask

What size companies does Investcorp's North American team buy?

Its second North American fund targets companies with $10 million to $50 million of EBITDA in business and professional services and commercial services. Smaller businesses usually join as add-ons to its platforms, such as Guardian Fire Services or PKF O'Connor Davies.

Does Investcorp invest in accounting firms?

Yes. In November 2024 it made a growth investment in PKF O'Connor Davies alongside PSP Investments. Since then PKF has added Rainer & Company near Philadelphia, Wolf Maryles & Associates in New York, Bowman & Company in southern New Jersey and Topping Kessler in Florida.

Do owners and employees keep equity after an Investcorp deal?

Often. Berger Financial Group's management and advisors stayed significant owners after the July 2026 investment, Guardian's management kept meaningful stakes, and Kanawha Scales & Systems is setting up a plan that gives shares to all employees with a year of service.

Does Investcorp take minority stakes?

Yes. Its North American team says it does buyouts and corporate carve-outs and takes both controlling stakes and substantial minority positions. The 2024 PKF O'Connor Davies deal was described as a strategic growth investment.

Sources

  1. S1Investcorp home page (founding, AUM as of June 30, 2026, offices) Accessed October 26, 2026
  2. S2Investcorp: Private Equity North America Accessed October 26, 2026
  3. S3Investcorp Raises $1.22 Billion for Second North American Private Equity Fund (October 1, 2026) Accessed October 26, 2026
  4. S4Investcorp portfolio: North America Accessed October 26, 2026
  5. S5Investcorp North America Private Equity 2025 Year in Review (January 2026) Accessed October 26, 2026
  6. S6Investcorp Acquires Guardian Fire Services (December 3, 2025) Accessed October 26, 2026
  7. S7Investcorp Invests in Berger Financial Group (July 29, 2026) Accessed October 26, 2026
  8. S8Investcorp Acquires Kanawha Scales & Systems (November 13, 2025) Accessed October 26, 2026
  9. S9Investcorp and PSP Investments Make Strategic Growth Investment in PKF O'Connor Davies (November 18, 2024) Accessed October 26, 2026
  10. S10Guardian Fire Services Completes Acquisition of Midwest Protection Services (July 2026) Accessed October 26, 2026
  11. S11PKF O'Connor Davies Welcomes Rainer & Company (June 2, 2025) Accessed October 26, 2026
  12. S12PKF O'Connor Davies Welcomes Topping Kessler & Company (January 13, 2026) Accessed October 26, 2026
  13. S13Investcorp News Accessed October 26, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Investcorp. Figures are as reported on the dates shown and may have changed. Request a correction

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