Bain Capital Opens Abu Dhabi Office, Indicating Gulf’s Allure - Bloomberg
Bain Capital is opening an office in Abu Dhabi, one of the first new regional outposts announced by a major financial firm since the war began.
The firm will initially start with five to ten people in Abu Dhabi’s ADGM, though this number could rise over time, Managing Partner David Gross told Bloomberg News. Bain Capital anticipates opening additional offices in the region, he said.
“While the unfolding war is obviously tragic in many ways, it doesn’t change Bain Capital’s long-term outlook or impact plans to deepen our investment in the region,” Gross said in an interview. “We view staying the course as a way to reinforce our long-term commitment to the region.”
Iran’s attacks on major cities across the Gulf have raised questions about the pace of Wall Street’s expansion, firms have been in unanimous in voicing support for the Middle East. Names ranging from from Brookfield Corp. to Goldman Sachs Group Inc. have vied to establish themselves as loyal partners.
The oil-rich region, long a lucrative source of funding, has grown assertive in recent years. Foreign companies are increasingly expected to invest in local economies, and external observers have cautioned that walking away now could impact firms’ ability to partner with state-backed entities.
Bain Capital plans to deploy capital through its global flagship funds and portfolio companies, with talks underway on deals including a new platform for aircraft leasing and maintenance services. It will also look at sectors including healthcare, digital infrastructure, and financial technology, Gross said.
“The situation heightens the spotlight on the economic importance of the region,” he added. “It may actually lead to further investment, to support redundancy or to fund defense-related and government-level initiatives that may trickle down into the private sector,” he said.
Even amid the war, regional investors have continued to deploy billions in transactions spanning alternative asset managers, private credit and technology platforms. Meanwhile, Blackstone Inc. has announced two inbound deals since Iran started attacking Middle Eastern hubs on Feb. 28.
The UAE, a global economic hub and magnet for capital and talent, has contended with being a prominent target of Iran’s projectiles. In the war’s early days, some professionals relocated, unnerved by shelter-in-place warnings and frequent interceptions of missiles and drones.
Despite potential disruption to business — as well as to the flow of wealthy individuals and businesses to the UAE — some investors have said the country’s infrastructure and governance will help it recover. Registrations at Abu Dhabi’s ADGM rose 5% year-on-year in March to 284, and a spokesperson has previously said the hub has more than 100 applications in the pipeline.
Bain Capital’s new office there will be led by Nacho Font, who joined the firm this year as a managing director on its investor relations team. Font was previously at Brookfield, where he oversaw client relationships and capital raising in the Middle East.
The firm, founded by former US Senator Mitt Romney, has existing ties to Abu Dhabi, including through a partnership with a state-backed entity announced last year.
