ADIA to open Hong Kong office
Abu Dhabi Investment Authority (ADIA), a sovereign wealth fund of the government of Abu Dhabi, has announced plans to open an office in Hong Kong.
ADIA Hong Kong will be headed by Dong-Sinh Ngo, its newly appointed chief representative for Asia Pacific, according to a release. The office is intended to help ADIA identify new investment opportunities by improving its network of relationships in China and other Asian markets.
The fund invests across a wide range of asset classes. According to its most recent annual review, investments in developed markets in Asia account for 10-20% of the portfolio. China and India were noted to show a great deal of promise based on ongoing reform efforts focused in China on integrating its capital markets into global markets and in India on opening its markets to outside investment.
ADIA does not publish its financial information, but the US-based Sovereign Wealth Fund Institute estimates its global assets under management as of June 2016 to be $792 billion. The fund reported that private equity makes up 2-8% of its long-term policy portfolio, with both principal investments and fund investments represented.
"ADIA has been investing and building relationships in Asia for more than three decades, with a portfolio that spans multiple asset classes. Our decision to open an office in Hong Kong is a symbol of our confidence in Asia's continued growth and our long-term commitment to the region," said ADIA Managing Director Hamed bin Zayed Al Nahyan.
The fund is an active investor across Asia, with recent commitments including a $150 million investment in GIC Private-backed Indian renewable energy producer Greenko Energy Holdings this June and participating in a consortium to acquire Australia's TransGrid for A$10.26 billion ($7.5 billion) last November. In addition it has contributed to a number of funds in the region, including Hony Capital's latest China-focused vehicle, which closed at $2.7 billion earlier this year.
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