Man City Backer Li Ruigang Open Abu Dhabi Outpost for PE Firm - Bloomberg
Chinese private equity firm CMC Capital Partners has opened an office in Abu Dhabi, adding to the flurry of financial heavyweights who have set up in the emirate over the past year.
The investor, which is led by media mogul Li Ruigang and oversees more than $2.5 billion, registered an entity within the city-state’s international financial center this week, according to records. Managing Partner Lee Wei Choy and Jianan Wu are listed as directors.
Its new branch in Abu Dhabi Global Market coincides with a broader shift in wealth to the capital of the United Arab Emirates, which is home to the world’s richest family and boasts sovereign wealth funds that manage more than $1 trillion.
It wasn’t clear what the new vehicle will be used for. Representatives for CMC didn’t respond immediately to requests for comment.
Hedge fund executives Greg Coffey, Ray Dalio and Alan Howard are among the high net worth individuals who’ve set up entities in the emirate. So too have Czech tycoon Radovan Vitek, Egyptian magnate Nassef Sawiris and the richest man in crypto Changpeng “CZ” Zhao.
This isn’t CMC’s first foray with the UAE. In 2015, the Shanghai-based investor bought a minority stake in City Football Group, the Abu Dhabi-based owner of football club Manchester City. That investment had the PE firm rubbing shoulders with senior Emirati officials, including Sheikh Mansour bin Zayed Al Nahyan and Khaldoon Al Mubarak.
CMC also has tie ups with big film studios as well as companies specializing in artificial intelligence and healthcare.
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