Abu Dhabi plans to sell a $2bn slice of its private equity book - Arabianbusiness:
The Abu Dhabi Investment Authority is preparing to sell around $2 billion of its stakes in private-equity funds, amid an increasing push toward direct investments by the sovereign wealth fund, people familiar with the matter said.
ADIA is working with advisers at PJT Park Hill on the proposed transaction, according to the people, who asked not to be identified because the information is private. It plans to start marketing the deal to potential buyers within weeks, one of the people said.
Large investors like ADIA often end up with a multitude of investments run by different private-equity managers, making them cumbersome to administer. The Gulf fund is following other major investors by taking direct stakes in firms - eschewing the fees and limitations of managed funds - to generate returns in a low-interest-rate environment.
Final details about the sale, including the portfolio size, could still change, they said.
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