Bahrain's sovereign wealth fund, Mumtalakat, has acquired a stake in BlueFive Capital, the Abu Dhabi-based private equity firm said on Monday.
A growing number of smaller alternative asset managers and private equity firms are selling general-partner stakes in their management companies, allowing them to raise capital without ceding control over operations or investment decisions.
Last year, Abu Dhabi's Mubadala acquired a majority stake in New York-based investment firm Fortress.
BlueFive, founded last year by ex-Investcorp executive Hazem Ben-Gacem, did not disclose the terms of the deal nor the size of the stake.
Mumtalakat manages roughly $18 billion in total assets, according to sovereign-wealth-fund research firm Global SWF, making it one of the smaller sovereign wealth funds operating in the Gulf region.
BlueFive has more than $2.6 billion in assets under management across offices in Bahrain, London, Abu Dhabi and Beijing and is chaired by Sheikh Mohamed Isa Al Khalifa, the former CEO of Bahrain's national pension fund.
BlueFive raised $2 billion in July for a new fund focused on expanding private equity investments in the Gulf Cooperation Council (GCC) region.
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