His firm served as a bridge to connect Arab investors to attractive international private investment opportunities.
Private equity and asset management group Investcorp has announced the death of its founder Nemir Kirdar.
Nemir founded Investcorp in 1982 and led it for over three decades. He stepped down from his executive role in 2015 and continued to serve as the chairman until his retirement in 2017.
He was one of the pioneers in creating a successful international private equity business which served as a bridge for Middle Eastern capital being deployed into investment opportunities in the developed markets of US and Europe, at the time of unprecedented wealth creation in the region resulting from the oil price boom.
He chose to make London his home and enjoyed close personal links with many of the world’s political and business leaders.
Nemir grew up in Kirkuk, Iraq into a family with close ties to the Iraqi monarchy that ruled until 1958. He emigrated shortly afterwards to the United States.
Subsequently, he earned a bachelor’s degree and got a job as a bank teller in Arizona.
He embarked upon a career in international banking in New York and joined Chase Manhattan Bank. It was at Chase that the seeds for Investcorp were sown.
After the first oil price shock in 1973, Nemir recommended that Chase establish a merchant bank in the Middle East. David Rockefeller, Chase’s chairman, endorsed the plan, and Nemir moved to the Middle East. In 1982, inspired by the vast wealth created by the oil boom, Nemir established Investcorp to serve as a bridge to connect Arabian Gulf investors to attractive international private investment opportunities. High profile transactions in those early years have included Saks Fifth Avenue, Tiffany and Gucci and Investcorp has been involved in many other transactions since.
Mohammed Alardhi, Executive Chairman of Investcorp said: “We, the board of directors and employees of Investcorp, are deeply saddened by the death of Investcorp’s highly respected founder, Nemir Kirdar, who leaves behind a significant legacy. Nemir was a true visionary who founded Investcorp 38 years ago and dedicated his career to building and leading a business focused on core values of trust, integrity and respect.
The fruits of his efforts are seen today as the business is globally recognized as a leading and pioneering financial institution. We shall continue to build on his legacy of success, and our thoughts and prayers go out to his family and loved ones.”
Nemir is survived by his wife Nada and his daughters Rena and Serra and his grandchildren.
