Lunate, a newly set up Abu Dhabi-based alternative investment manager, said on Thursday it was launching with over $50 billion in assets under management (AUM) and a focus on private markets.
The firm is owned by its senior management and Chimera Investment, part of a vast business empire overseen by Sheikh Tahnoun bin Zayed Al Nahyan, the United Arab Emirates’ national security adviser and brother of UAE President Sheikh Mohammed bin Zayed.
Lunate is led by Khalifa Al Suwaidi, Murtaza Hussain and Seif Fikry, its co-managing partners.
“The creation of Lunate follows a multi-party effort to establish an independent investment manager of scale and breadth, headquartered in Abu Dhabi and serving global markets,” Lunate said in a statement.
“Lunate will invest globally through a combination of Limited Partner (LP) commitments, coinvestments and direct investments across private equity, venture capital, private credit, real assets, public equities, and public credit.”
It has 150 employees and aims to expand globally and set up offices in North America, Europe and Asia.
Lunate will also invest in public markets alongside its focus on the private space and will target institutional investors and family offices, it said, adding it was one of the Middle East and North Africa’s largest alternative investment managers.
Based in Abu Dhabi Global Market, the emirate’s financial centre, it has signed long-term separate managed accounts (SMAs) with various clients. The firm will manage their existing assets and said they have committed to deploying new capital. It did not identify the clients.
Chimera is part of Sheikh Tahnoun’s private investment firm Royal Group, which is majority owner of the UAE’s biggest listed firm, International Holding Company. Two of IHC’s subsidiaries, Alpha Dhabi and Multiply Group, are the second- and third-largest listed firms on the Abu Dhabi Securities Exchange.
Sheikh Thanoun also chairs the Abu Dhabi Investment Authority, estimated by wealth fund tracker GlobalSWF to manage $993 billion in assets, and ADQ, Abu Dhabi’s third-largest wealth fund.
ADQ and IHC said in March they would create a multi-asset class investment manager with global private equity firm General Atlantic as a strategic partner and investor.
Reuters