Eight private equity, private credit and other financial services firms representing close to $635 billion in assets under management and administration committed to setting up shop in Abu Dhabi, joining a raft of global firms flocking to the region.
The moves were announced at this year's Abu Dhabi Finance Week, Dec. 9-12, according to Abu Dhabi Global Market, the capital's international financial center.
The total AUM and AUA of the recently announced firms surpass the $450 billion represented by firms that said at last year’s finance week event that they would set up in the city.
Among alternatives firms announcing their intention to open offices in ADGM were private equity firms Lone Star Funds, which has total capital commitments of about $95 billion, and Investindustrial, a roughly $14 billion European midmarket manager, ADGM said in a news release. General Atlantic, with $100 billion, also confirmed its plans for an Abu Dhabi office.
New asset and insurance manager Eldridge, which will have $74 billion in assets under management, said it will have an Abu Dhabi office.
Those firms add to private credit firms Golub Capital, with about $70 billion, and the roughly $63 billion Polen Capital; and $69 billion hedge fund manager Marshall Wace, which announced their plans last week.
Also setting up in the capital is private capital equity management platform Carta, which ADGM said administers more $150 billion for clients.
Abu Dhabi has been a target for money managers of late, with giants BlackRock, PGIM and Nuveen planning to set up in the United Arab Emirates’ capital city. The $11.48 trillion BlackRock was granted its commercial license to operate in Abu Dhabi — with plans to seek regulatory approval to operate in ADGM, according to Bloomberg. In April, BlackRock said it was establishing a Riyadh-based multiasset-class platform investing across public and private markets, with an initial up to $5 billion anchor investment from Saudi Arabia's sovereign wealth fund, Public Investment Fund, which has about $925 billion in assets.
“These milestones reflect the heart of what makes Abu Dhabi so special — a shared vision of progress, partnership and possibility,” said Ahmed Jasim Al Zaabi, member of Abu Dhabi’s executive council and chair of the Abu Dhabi Department of Economic Development and ADGM, in the news release. “The growing number of global financial leaders and innovators choosing ADGM is a testament to the trust they place in our infrastructure, robust regulations, commitment to excellence and Abu Dhabi’s reputation as the world’s safest and most dynamic jurisdiction for asset and wealth management.”
