BlueFive buys into Sidra Capital as Saudi partner takes stake in BlueFive786

GCC investment platform BlueFive Capital and Saudi Arabia’s Al Murjan Group have closed the cross-border ownership swap that formalizes their shariah-compliant investment partnership — and are rebranding the combined entity as BlueFiveSidra, according to a press release (pdf).

The tie-up, which we first noted last September, saw BlueFive take a substantial stake in Sidra Capital, Al Murjan’s Jeddah-based Islamic asset manager specializing in private assets, while Al Murjan took a substantial stake in BlueFive786, BlueFive’s Singapore-based shariah-compliant investment arm.

The combined platform will target shariah-compliant investment products — including retirement and savings schemes — across the GCC and Southeast Asia, with a particular focus on Indonesia, Malaysia, Bangladesh, Brunei, and Singapore.

The platform has real scale behind it: BlueFive Capital manages around USD 15 bn, while BlueFiveSidra’s wider portfolio comes in at USD 3.8 bn.

On governance: BlueFive Capital founder and CEO Hazem Ben-Gacem (LinkedIn) will chair both the investment and executive committees of BlueFiveSidra following completion of the transaction. BlueFive will establish an office in Riyadh to work alongside Sidra Capital in managing and executing investments in Saudi Arabia.

It’s been a busy year already for BlueFive Capital. The firm has deployed funds at pace, taking stakes in the vehicle leasing business, backing autonomous delivery startup CargoX, providing the largest investment ticket for the consortium acquiring Porsche’s stake in Bugatti, closing a multi-bn-USD fund for US and European tech plays, and taking stakes in Tadawul-listed Gulf General Ins. and mobility firm Massar Solutions.