General Atlantic is partnering with Abu Dhabi wealth fund ADQ and International Holding Co., the biggest listed company in the emirate, on a new venture that will invest in alternative assets.
(Bloomberg) —
General Atlantic is partnering with Abu Dhabi wealth fund ADQ and International Holding Co., the biggest listed company in the emirate, on a new venture that will invest in alternative assets.
The entity will manage a portfolio of assets from ADQ’s alternative investments platform — Abu Dhabi Growth Fund — and IHC, as well as fresh capital from founding shareholders and future investors to deploy globally. The firm will be based in Abu Dhabi, and plans to add offices in North America, Europe and Asia.
At launch, the venture will manage funds on behalf of its founding shareholders, ADQ and IHC. It will be structured to enable it to raise and manage third-party capital.
New York-based General Atlantic will join as an anchor investor and partner. The firm has been investing in the Middle East since 2015 and has so far deployed about $400 million in firms such as online real estate search platform Property Finder and Network International, the credit card processing firm.
- Read more: General Atlantic Joins Push for Middle East Sovereign Wealth
Last month, it named Samir Assaf — who joined in 2021 as a senior adviser — to the newly created role of chairman of its Middle East and North Africa business. The firm joins peers such as TPG Capital, Ardian SAS and CVC Capital Partners in either opening new offices or boosting headcount in the United Arab Emirates, of which Abu Dhabi is the capital.
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