CHICAGO (HedgeWorld.com)–Two managers of hedge funds are taking separate steps to raise capital for expansion.

Global alternatives specialist Investcorp SA, Bahrain, is looking to raise about US$700 million, while iPerformance Fund Inc. earlier in the month proposed to issue 1.25 million to 2 million shares at C$0.60 per share.

According to Middle East press reports, Investcorp intends to fund growth amid the increasing globalization of markets and investors with the issuance of share rights. Rights first will be offered to existing shareholders, then to an unidentified underwriting group, according to Gulf News. Investcorp manages US$5 billion in alternatives, including hedge funds, private equity and real estate. Investcorp in March became probably the first firm to issue a publicly rated collateralized hedge fund obligation. Previous HedgeWorld Story

One of iPerform’s recent undertakings was entering into a joint venture with Man Group plc*, to distribute Man’s fund of hedge funds to investors in Canada, which was announced in September. Previous HedgeWorld Story iPerform manages C$280 million (US$178 million), and is a unit of Integrated Asset Management Corp.

*Man Group plc is a minority investor in HedgeWorld.

PBarr@HedgeWorld.com