BlueFive Capital has raised $2 billion for a new fund. This fund will focus on private equity investments in the Gulf Cooperation Council (GCC) region.
The fund is registered in the Abu Dhabi Global Market.
It plans to make big investments in the GCC, buying both majority and minority shares in important companies that have the potential to grow in the region and globally.
The fund is registered in the Abu Dhabi Global Market (ADGM) and will focus on healthcare, technology, hospitality, aviation, and industrial sectors, the asset management firm said.
Earlier this week, BlueFive Capital, which started in November last year by Hazem Ben-Gacem (who used to be co-CEO of Investcorp), said the company is worth $120 million and manages over $650 million in assets.
It has offices in Abu Dhabi and other cities, including London, Riyadh, and Beijing.
“The fund will play a pivotal role in expanding the private equity marketplace in the GCC and allow us to partner with exceptional founders and management teams to support establishing global leaders that are originating from the GCC,” founder and chief executive Ben-Gacem said.
More global investment firms, including big buyout companies, are showing interest in GCC assets.
This is because governments in the region want to grow their economies and rely less on oil.
Many private equity firms like GIP (owned by BlackRock), Permira, and General Atlantic have recently started working in the region or expanded their teams there.
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