Chimera Investment LLC, part of a business empire overseen by Abu Dhabi’s Sheikh Tahnoon bin Zayed Al Nahyan, set up a $50 billion fund, adding to the plethora of sovereign and state-linked funds in the oil-rich emirate.
Lunate, which will start operations later this year, will manage the funds of outside investors and raise new capital. The entity is owned by Chimera and Lunate’s senior management. It will focus on private and public market investments across private equity, venture capital, private credit, real assets, public equities, and public credit, it said in a statement Friday.
Khalifa Al Suwaidi, head of Abu Dhabi Growth Fund, will be one of three managing partners, along with Murtaza Hussain, chief investment officer at Abu Dhabi wealth fund ADQ, and Chimera Chief Executive Officer Seif Fikry.
Lunate adds another player to a region that’s used energy riches to become a major force in the investing landscape. The move is further example of the blurring lines between the private and sovereign financial empires overseen by Sheikh Tahnoon, after ADQ and International Holding Co. last month combined key real estate assets into a $12 billion property giant.
Abu Dhabi — a city that’s among the few globally to manage over $1 trillion in sovereign wealth capital — already has an array of vehicles, from Abu Dhabi Investment Authority to Mubadala Investment Co. and ADQ, dedicated to diversifying the economy beyond hydrocarbons.
Sheikh Tahnoon, a brother of the United Arab Emirates’ ruler and the country’s national security adviser, presides over many of these investments. Over the past few months, he has gained control of the largest sovereign wealth fund in the UAE, expanding the assets he oversees to almost $1.5 trillion.
“Lunate will launch new products to further grow our assets under management while we continue managing legacy products on behalf of our clients,” Fikry said in the statement. The fund eventually plans to have more than 150 employees, including around 80 investment professionals, with offices in North America, Europe, and Asia.
In March, General Atlantic said it was partnering with Abu Dhabi wealth fund ADQ and IHC, the biggest listed company in the emirate, on a new venture that will invest in alternative assets. It’s not immediately clear how Lunate will fit with those plans.
The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.
Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.
CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.
The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.
Employee accounts, crypto trials and job cuts frame a pivotal year for the Swiss lender.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
