Abu Dhabi Investment Council backs Deem Global with USD 1 bn allocation

The Abu Dhabi Investment Council (ADIC) has committed around USD 1 bn to Deem Global, the London-based macro hedge fund run by Asfandyar Nadeem — the latest sign of Abu Dhabi's push to become one of the industry's biggest backers, Bloomberg reports, citing people familiar with the matter who declined to be named because the details are private.

A diversification play: ADIC is an independently-run unit of Mubadala Investment Co. Deem and a representative for ADIC both declined to comment beyond a previous statement saying the fund continues to see value in hedge fund strategies that offer “diversification, downside protection, and attractive risk-adjusted returns across market cycles.”

Why it matters: Macro funds — which wager on broad economic trends — have thrived on the past two years of geopolitical shocks, and allocators are chasing the returns. A net 27% of investors surveyed by Bank of America said they planned to raise macro allocations this year, after discretionary macro pulled in some of 2025's strongest inflows.

Abu Dhabi is positioning itself to capture that flow. ADIC is weighing a USD 15 bn hedge fund portfolio, and also backed Michael Gelband's ExodusPoint Capital Management's USD 2 bn raise in June. The USD 1 tn Abu Dhabi Investment Authority has also been building out its own hedge fund exposure via managed accounts, and alternatives manager Lunate took a stake in Brevan Howard Asset Management last year alongside a USD 2 bn commitment to a new Abu Dhabi platform.

The capital came in before Deem closed to new money earlier this year. The firm, which manages USD 3.8 bn in assets, is expected to reopen to new investors early next year. It was founded by former Brevan Howard executive Asfandyar Nadeem, and has grown rapidly since launching in 2022, increasing assets under management from USD 300 mn to USD 3.8 bn. The firm expects to reopen to new investors early next year.