US asset managers set up shop here ahead of Trump’s visit: US-based alternative asset manager Fortress Investment Group and energy-focused PE firm Kimmeridge Energy Management opened regional bases in ADGM yesterday, in a bid to scale their presence in the Gulf, and deepen ties with Abu Dhabi sovereign wealth giant Mubadala.

Mubadala is a backer of both firms: The wealth fund acquired a majority stake in Fortress last May in a USD 3 bn transaction, and last month Mubadala Energy bought a 24.1% stake into Kimmeridge’s natural gas unit SoTex Holdco.

The game plan: Fortress says it’s looking to ramp up transactions in corporate credit, real estate, and asset-backed investments, the firm said in a statement. The company received a financial services permit from ADGM’s Financial Services Authority, and will use its new office as a “regional gateway to Fortress’s global investment capabilities,” the statement said.

REMEMBER- Mubadala is also committing USD 1 bn to a new strategic partnership with Fortress, with the funds set to be deployed across Fortress’ credit and special situation strategies.

MEANWHILE- Kimmeridge is sticking to US plays, but has its eyes on Asia’s energy sector, Bloomberg quotes Kimmeridge co-founder Ben Dell as saying. The PE firm wants to develop LNG trading by 2027, and will start hiring traders in Abu Dhabi.

Kimmerdige also inked an MoU with Mubadala Energy yesterday to pave the way for future collaboration, state news agency Wam reports. The Middle East office will be headed by Fayçal Benjelloun (LinkedIn), who was formerly at Mubadala Capital.

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