CVC Is Interested in Buying Mubadala-Backed Fortress - Bloomberg
CVC Capital Partners is interested in acquiring Fortress Investment Group, according to people with knowledge of the matter, as it seeks to expand in private credit.
The European private equity firm has held talks with Fortress and majority owner Abu Dhabi sovereign wealth fund Mubadala Investment Co., but the discussions aren’t currently active, said some of the people, all of whom asked not to be identified discussing confidential information.
CVC discussed options including buying control, with existing shareholders like Mubadala keeping a stake in the combined entity, the people said. Fortress, which has about $49 billion in assets under management, is owned by Mubadala and over 150 Fortress staffers, who collectively hold a 32% stake in the firm.
While CVC remains interested in a transaction, it is unclear whether negotiations will be revived, some of the people said. The potential valuation of Fortress in any deal is a key sticking point, one of the people said. Fortress was valued at more than $2 billion when Mubadala acquired its stake, Bloomberg News has reported.
Representatives for CVC, Fortress and Mubadala declined to comment.
CVC, which listed on the Euronext Amsterdam in April, has explored acquisitions to give it exposure to US private credit. It held on-and-off talks with HPS Investment Partners, Bloomberg has reported, before HPS agreed to a takeover by BlackRock Inc.
Private credit has driven consolidation in the alternative asset management industry, with France’s Wendel agreeing to acquire a majority stake in Monroe Capital, and Italian insurer Assicurazioni Generali SpA agreeing to buy control of New York-based credit investment firm MGG Investment Group.
Thursday, 20 March 2025
#AbuDhabi’s $105 Billion Lunate Eyes Asia Deals With New Venture - Bloomberg #UAE
Abu Dhabi’s $105 Billion Lunate Eyes Asia Deals With New Venture - Bloomberg
Abu Dhabi’s Lunate has launched a new venture focused on the Asia-Pacific region, part of the $105 billion asset manager’s efforts to boost its exposure to faster-growing markets.
The new investment fund, Axight, will largely focus on private equity deals in APAC, according to people familiar with the matter who declined to be identified because the information is confidential.
Axight will look to raise third-party capital over time, they said, without disclosing the initial size of the venture.
Representatives for Lunate declined to comment.
Lunate is a subsidiary of Chimera Investment LLC, and sovereign wealth fund ADQ is an anchor client. Both Chimera and ADQ are part of Abu Dhabi royal Sheikh Tahnoon bin Zayed Al Nahyan’s business empire.
The private markets-focused investment manager previously established Alterra, a climate investment fund, with an initial commitment of $30 billion from the United Arab Emirates.
It took over the management of artificial intelligence firm G42’s China-focused fund, with stakes in units of technology companies including ByteDance Ltd. and JD.com Inc., Bloomberg News reported in July.
Lunate has sealed several other deals since its inception in 2023, including an investment in the glitzy Dubai office tower ICD Brookfield Place. It’s also agreed to buy a 40% stake in Abu Dhabi National Oil Co.’s oil pipeline network, and acquire a minority stake in Adnoc’s gas pipeline business.
Abu Dhabi has launched multiple investment vehicles in the last couple of years including AI and advanced technology investor MGX, and XRG for international natural gas, chemicals and low-carbon energy assets.
Abu Dhabi’s Lunate has launched a new venture focused on the Asia-Pacific region, part of the $105 billion asset manager’s efforts to boost its exposure to faster-growing markets.
The new investment fund, Axight, will largely focus on private equity deals in APAC, according to people familiar with the matter who declined to be identified because the information is confidential.
Axight will look to raise third-party capital over time, they said, without disclosing the initial size of the venture.
Representatives for Lunate declined to comment.
Lunate is a subsidiary of Chimera Investment LLC, and sovereign wealth fund ADQ is an anchor client. Both Chimera and ADQ are part of Abu Dhabi royal Sheikh Tahnoon bin Zayed Al Nahyan’s business empire.
The private markets-focused investment manager previously established Alterra, a climate investment fund, with an initial commitment of $30 billion from the United Arab Emirates.
It took over the management of artificial intelligence firm G42’s China-focused fund, with stakes in units of technology companies including ByteDance Ltd. and JD.com Inc., Bloomberg News reported in July.
Lunate has sealed several other deals since its inception in 2023, including an investment in the glitzy Dubai office tower ICD Brookfield Place. It’s also agreed to buy a 40% stake in Abu Dhabi National Oil Co.’s oil pipeline network, and acquire a minority stake in Adnoc’s gas pipeline business.
Abu Dhabi has launched multiple investment vehicles in the last couple of years including AI and advanced technology investor MGX, and XRG for international natural gas, chemicals and low-carbon energy assets.
Gulf bourses end mixed on geopolitics, Fed outlook | Reuters
Gulf bourses end mixed on geopolitics, Fed outlook | Reuters
Stock markets in the Gulf ended mixed on Thursday as regional tensions escalated, but there were some signs of optimism that the U.S. Federal Reserve could still deliver two rate cuts this year.
The Fed kept interest rates steady on Wednesday, as was anticipated, and reiterated its forecast for two quarter-percentage-point rate cuts before the end of the year.
The Fed's decision affects monetary policy in the Gulf where most currencies, including the Saudi riyal, are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.4%, with oil giant Saudi Aramco (2222.SE), opens new tab advancing 2.6% and ACWA Power Company (2082.SE), opens new tab increasing 1%.
Aramco has launched a pilot direct air capture unit able to remove 12 tons of carbon dioxide per year from the atmosphere, it said on Thursday.
Dubai's main share index (.DFMGI), opens new tab finished 0.3% higher, with toll operator Salik Company (SALIK.DU), opens new tab rising 1.9%. Utility firm Dubai Electricity and Water Authority (DEWAA.DU), opens new tab was up 1.2%.
In Abu Dhabi, the index (.FTFADGI), opens new tab dropped 0.7%, weighed by a 7% slide in the country's biggest lender, First Abu Dhabi Bank (FAB.AD), opens new tab, on trading ex-dividend.
Low oil prices also contributed negatively to the general market performance. This factor may continue to exert pressure as petroleum prices remain at lower levels without signs of a potential rebound, said Joseph Dahrieh, Managing Principal at Tickmill.
Oil prices were little changed as a higher-than-expected fuel inventories drawdown in the U.S. and renewed tensions in the Middle East countered strength in the dollar.
The Qatari index (.QSI), opens new tab lost 0.4%, with Qatar Gas Transport (QGTS.QA), opens new tab falling 2.4%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab climbed 1.1%, led by a 6.5% rise in tobacco monopoly Eastern Company (EAST.CA), opens new tab.
Stock markets in the Gulf ended mixed on Thursday as regional tensions escalated, but there were some signs of optimism that the U.S. Federal Reserve could still deliver two rate cuts this year.
The Fed kept interest rates steady on Wednesday, as was anticipated, and reiterated its forecast for two quarter-percentage-point rate cuts before the end of the year.
The Fed's decision affects monetary policy in the Gulf where most currencies, including the Saudi riyal, are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.4%, with oil giant Saudi Aramco (2222.SE), opens new tab advancing 2.6% and ACWA Power Company (2082.SE), opens new tab increasing 1%.
Aramco has launched a pilot direct air capture unit able to remove 12 tons of carbon dioxide per year from the atmosphere, it said on Thursday.
Dubai's main share index (.DFMGI), opens new tab finished 0.3% higher, with toll operator Salik Company (SALIK.DU), opens new tab rising 1.9%. Utility firm Dubai Electricity and Water Authority (DEWAA.DU), opens new tab was up 1.2%.
In Abu Dhabi, the index (.FTFADGI), opens new tab dropped 0.7%, weighed by a 7% slide in the country's biggest lender, First Abu Dhabi Bank (FAB.AD), opens new tab, on trading ex-dividend.
Low oil prices also contributed negatively to the general market performance. This factor may continue to exert pressure as petroleum prices remain at lower levels without signs of a potential rebound, said Joseph Dahrieh, Managing Principal at Tickmill.
Oil prices were little changed as a higher-than-expected fuel inventories drawdown in the U.S. and renewed tensions in the Middle East countered strength in the dollar.
The Qatari index (.QSI), opens new tab lost 0.4%, with Qatar Gas Transport (QGTS.QA), opens new tab falling 2.4%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab climbed 1.1%, led by a 6.5% rise in tobacco monopoly Eastern Company (EAST.CA), opens new tab.
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