Abu Dhabi Catalyst Partners — a $1.65 billion joint venture between Mubadala Capital and Alpha Wave Global — will commit money to technology-focused Haveli Investment, according to a statement on Wednesday. In return, the Austin-based firm will set up a base in Abu Dhabi Global Market — its first outside of North America.
A cadre of big hedge funds, venture capital firms and crypto companies have set up in the city’s financial center in the past year. That’s part of 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 around $1.5 trillion.
Sheth founded Haveli more than a year after leaving Vista Equity Partners in 2020, soon after his co-founder Robert Smith admitted to tax evasion. Its office in Abu Dhabi will include software and gaming investment and operating professionals.
The firms didn’t disclose financial details.
“We look forward to working closely with the Haveli team and to seeing them build a leading team of enterprise software investment and operating professionals in Abu Dhabi,” Fatima Al Noaimi, the co-head of Mubadala Capital Solutions, which includes ADCP, said in the statement.
A key part of ADCP’s mandate is to encourage firms to set up in Abu Dhabi’s financial center in return for investments. It has invested in 29 companies since 2019, Bloomberg News reported in February.
Haveli, which entered into a strategic partnership with asset management giant Apollo Global Management Inc. in 2022, sees the emirate as an “ideal base” to tap the software and gaming industries in the region.
The firm is looking forward to “leveraging our dedicated team in Abu Dhabi to build enduring relationships with quality investors in the region,” Sheth, who’s also chief investment officer of Haveli, said in the statement.
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