Abu Dhabi Investment Authority Taps Manulife Exec for US Real Estate - Bloomberg
The Abu Dhabi Investment Authority hired one of Manulife Financial Corp.’s top executives to lead its Americas real estate unit as the $1 trillion sovereign wealth fund seeks to expand its property portfolio in the US.
Pritesh Patel, previously chief investment officer at Manulife’s Americas Real Estate division, will join the Abu Dhabi fund this summer, replacing Gerald Fang who left in 2021, according to a person familiar with the matter, who asked not to be named as the information isn’t public. Patel previously held several senior roles at GE Capital Real Estate, according to his LinkedIn profile.
An ADIA spokesman confirmed Patel’s appointment.
Abu Dhabi’s biggest sovereign wealth fund has been pushing deeper into the US and real estate investments, tapping into opportunities brought on by the pandemic. The fund — with about $993 billion assets, according to data provider Global SWF — has raised its target allocation range for North America to between 45% and 60%. In its 2021 annual review released in October, it said activity levels for real estate investments would remain high in 2022 and beyond, adding that the outlook for real estate was “attractive.”
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