New Abu Dhabi asset manager Lunate has invested in 25 deals so far this year, buying stakes in companies from private equity firm CVC to India’s National Stock Exchange.
Managing partner Khalifa al-Suwaidi told the Financial Times that the firm, which officially launched in January, had already invested $5bn this year and hopes to deploy $8-10bn a year, making it an attractive potential client for money managers looking to raise funds.
The dealmaking comes as oil-rich Abu Dhabi seeks to attract foreign hedge funds and asset managers to set up in its financial centre, advertising itself as the “Capital of Capital”.
Lunate manages assets for Abu Dhabi sovereign investor ADQ and others, and is owned by its three managing partners and Chimera Investment. Chimera is part of the sprawling business empire of Sheikh Tahnoon bin Zayed al-Nahyan, the United Arab Emirates’ national security adviser and chair of ADQ.
Abu Dhabi has several sovereign investment funds, including ADIA, Mubadala and AI-focused MGX. But Suwaidi said the emirate was keen to support an independently managed “local champion”. Lunate has also been awarded a UAE licence to manage employee savings schemes, and has launched several passive funds.
Some in the industry, however, question the extent of Lunate’s independence.
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