Bahrain-based private equity fund Investcorp is looking to spend around $400m investing in companies in Turkey and the Middle East by the end of 2013, a spokesman for the company told Dow Jones Newswires Monday.

Investcorp, which also invests across the US and Western Europe, launched a fifth line of business in 2007 specifically to invest in businesses in the Arabian Gulf and broader Middle East region. The $1bn Gulf Opportunities Fund I is already 50% invested in four deals and is currently in advanced talks with several target companies.