There’s a new asset management firm on the regional block: Abu Dhabi Sovereign Wealth Fund (ADQ) is set to launch MENA’s largest independent multi-asset investment manager with Abu Dhabi-based conglomerate International Holding Company (IHC), according to a statement. The partnership would bring in leading global equity investor General Atlantic to join in as a strategic investor and partner, it added.

What’s the plan? The investment manager will manage a portfolio of assets from ADQ’s alternative investments platform, Abu Dhabi Growth Fund (ADG) and IHC upon launch. It will also manage fresh capital from founding shareholders and future investors. “Through a series of new funds, the investment manager will make investments in alternative assets, including private equity, venture capital, private credit and public equities,” the statement read. The investments would be made through a combination of limited partner commitments to top tier global funds (fund of funds strategy), direct investments (including PE and VC), credit and co-investments.

The parties have been on a renewables investment spree: ADQ recently added Abu Dhabi Waste Management (Tadweer) to its portfolio, while ADX-listed Multiply Group acquired a majority stake in IHC’s subsidiary International Energy Holding Company last year in a bid to up its investments in clean energy globally. General Atlantic has maintained a presence in the region since 2015, pouring over USD 400 mn to date across its investment portfolio. India’s Tata Motors is reportedly in talks with General Atlantic and other private equity investors and Gulf sovereign wealth funds to raise up to USD 1 bn through the sale of a “significant” minority stake in its EV business.

The story got ink from Bloomberg | Reuters | The Financial Times | The National

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