Abu Dhabi: BlueFive, CICC Capital Plan Fund for Chinese Firms Eying Mideast - Bloomberg
Abu Dhabi-based BlueFive Capital and the private equity arm of China International Capital Corp. are looking to set up a fund backing Chinese companies seeking to expand in the Middle East.
BlueFive and CICC Capital will negotiate terms on a non-exclusive basis, including fund structure, capital commitments and investment strategy, according to a statement on Tuesday. The vehicle will focus on new economy sectors such as technology, digital transformation, green energy and advanced manufacturing.
The fund is intended to help Chinese businesses use the six-nation Gulf Cooperation Council as both a gateway to local markets and a launchpad for global expansion.
For CICC Capital, which manages 450 billion yuan ($63 billion), the collaboration provides access to a range of geographies and high-potential sectors, Chairman Shan Junbao said.
BlueFive, founded by former Investcorp Holdings executive Hazem Ben-Gacem, manages over $2.6 billion in assets. Earlier this month, it sold a stake to Bahrain’s sovereign wealth fund — just weeks after announcing a $2 billion raise to invest across the GCC in sectors including health care, technology, hospitality and aviation.
For its part, Investcorp has set up a vehicle, backed by China Investment Corp., to capitalize on growing ties between Gulf oil exporters and the world’s second-largest economy. The firm has inked a few deals through that entity, an executive said last year.
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