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BlueFive folds Neo Capital into new private wealth arm: Abu Dhabi’s BlueFive Capital has acquired and absorbed the operations of DIFC-headquartered private wealth manager Neo Capital, rebranding the unit as BlueFive Private Wealth, it said in a press release (pdf). There’s no publicly available information about the value of the transaction.
The move brings in USD 650 mn in AUM under Mumtalakat-backed BlueFive’s umbrella, which it says currently stands at USD 2.65 mn. It also marks the second acquisition for BlueFive after its recent takeover of Wusoom, where it installed a new board chaired by CEO Hazem Ben-Gacem.
The pitch: The new entity will focus on real estate and infrastructure investments across Europe, the US, and Asia, while giving BlueFive deeper access to GCC ultra-high-net-worth investors.
Neo Capital’s teams in Jeddah, Riyadh, and Dubai have been absorbed into BlueFive, while founder Hani Obaid moves into a senior role as co-founder and partner. The move is designed to preserve Neo’s client base while giving it the heft to chase larger transactions.
What they said: “Under BlueFive, Neo’s platform is ready to accomplish the next phase of growth enabling larger transactions, attracting more clients, and driving greater liquidity across the region,” said Obaid.
IN CONTEXT- The acquisition is part of a broader expansion drive that has seen BlueFive close a USD 2bn debut fund in July and, just last week, unveil a USD 500 mn China-focused PE fund with CICC Capital, marking the first GCC-originated platform to be raised in CNY. Together, these moves signal an aggressive bid to position Abu Dhabi as a hub for both private equity and private wealth, and to grow BlueFive into a USD 25 bn platform within five years.
