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The company diversified in 1997 into hedge funds.<ref>{{cite news|url=http://www.economist.com/node/10716029 |title=Jam today, jam tomorrow |publisher=The Economist |date=2008-02-28 |access-date=2013-10-04}}</ref> Kirdar stepped down as CEO and executive chairman in 2015.<ref>{{Cite news |title=Nemir Kirdar, a father of private equity in the Persian Gulf, dies at 83 |language=en-US |work=Washington Post |url=https://www.washingtonpost.com/local/obituaries/nemir-kirdar-a-father-of-private-equity-in-the-persian-gulf-dies-at-83/2020/06/10/e7dab612-ab23-11ea-a9d9-a81c1a491c52_story.html |access-date=2022-10-20 |issn=0190-8286}}</ref><ref name=":1" /> With Kirdar resigning, [[Mohammed Mahfoodh Al Ardhi|Mohammad Alardhi]] became the Executive Chairman of the company.<ref>{{Cite news |last=Hill |first=Andrew |date=2023-04-16 |title=Mohammed Alardhi: the fighter pilot on taking the controls at Investcorp |work=Financial Times |url=https://www.ft.com/content/1d0a66ae-1196-45a4-8713-e6d996b5890e |access-date=2023-06-26}}</ref> The changes also involved an update to the business model, which is now focused on raising funds, raising institutional capital, and diversifying strategies further.<ref>{{Cite news |last=Thompson |first=Jennifer |date=2019-09-07 |title=Mohammed Alardhi: ‘We want to be a diversified business’ |work=Financial Times |url=https://www.ft.com/content/d8282ed0-a1c3-3b6c-9768-77cac4f5a837 |access-date=2023-06-26}}</ref>
Investcorp made several acquisitions between 2016 and 2019, pushing into China with investments into tech and the food sector.<ref>{{Cite web|url=https://www.arabianbusiness.com/banking-finance/432573-bahrains-investcorp-inks-deal-to-target-chinese-tech-investments|title=Bahrain's Investcorp inks deal to target Chinese tech investments|website=ArabianBusiness.com|language=en|access-date=2019-12-04}}</ref><ref>{{Cite web|url=https://www.globalaginvesting.com/investcorp-chinese-partners-launch-500m-pe-fund-invest-asian-food-sector/|title=Investcorp, Chinese Partners Launch $500M PE Fund to Invest in Asian Food Sector|date=2019-11-12|website=Global AgInvesting|language=en-US|access-date=2019-12-04}}</ref> In 2019, the company also pushed into the US market with the acquisition of Mercury Capital.<ref>{{Cite web|url=https://www.thenational.ae/business/economy/bahrain-s-investcorp-acquires-mercury-capital-as-it-expands-financial-portfolio-1.866336|title=Bahrain's Investcorp acquires Mercury Capital as it expands financial portfolio|website=The National|date=26 May 2019 |language=en|access-date=2019-12-04}}</ref> Investcorp's portfolio company, Moneybookers, ended its relationship with [[WikiLeaks]] in August 2010.<ref>[https://www.theguardian.com/media/2010/oct/14/wikileaks-says-funding-is-blocked WikiLeaks says funding has been blocked after government blacklisting | Media | The Guardian<!-- Bot generated title -->]</ref>
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