General Atlantic plans to open an Abu Dhabi office by the end of the year and move a dealmaker from London as an inaugural member of the new team, two sources familiar with the matter said.
The New York-based private equity firm, which manages funds totalling $83 billion, has received preliminary approval for a license to operate out of the Abu Dhabi Global Market (ADGM), the sources told Reuters.
Final approval is expected by the end of 2024, they said.
Details of General Atlantic's license application are available on the ADGM's online public register. Representatives for General Atlantic declined to comment.
General Atlantic will join other global asset managers and hedge funds which have set up in the UAE capital's financial centre, lured by opportunities to deepen relationships with its sovereign wealth funds as other funding for buyouts dries up.
Abu Dhabi, which generates most of the Gulf state's oil wealth, is home to some of the world's biggest funds including Abu Dhabi Investment Authority (ADIA) and state investor Mubadala, which together manage more than $1 trillion in assets.
General Atlantic is being backed by asset manager Mubadala Capital, the sources said.
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