Abu Dhabi-based private equity firm BlueFive Capital is deepening its Asia push after being tapped as general partner for a new RMB 32 bn (USD 4.6 bn) China-focused fund-of-funds backed by Beijing-based CICC Capital and Chinese steelmaker HBIS Group, according to a statement (pdf).

The vehicle will invest both directly and through other funds in sectors that align with HBIS Group’s industrial priorities, ranging from advanced materials and new energy to next-gen tech. Investments will be made over a 15-year term.

This is BlueFive’s third major China-linked move in six months. It partnered with CICC Capital before to launch a USD 500 mn private equity fund targeting China’s new economy sectors including tech, green energy and advanced manufacturing, and its CEO Hazem Ben-Gacem said they plan to launch a USD 1 bn Asia-focused fund in 4Q 2025, targeting sectors from Indonesian aviation and mining to China-linked transport infrastructure. It was also said to be in talks to acquire some USD 500 mn worth of Chinese real estate assets, including the Four Seasons Beijing.

Why this matters

Capital flowing between the Gulf and Asia has been strategic — mostly focused on sectors like green energy, tech, and financial services, which align with the priorities of investors across both regions. Tapping BlueFive — whose CEO Ben-Gacem comes from a long, storied career at Investcorp — as general partner to a massive fund like this one is another signal that Asia is looking towards the Gulf not just for liquidity, but for strategic expertise.

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