Abu Dhabi's Invest AD targets $400 million
Abu Dhabi's Invest AD is seeking to raise $400 million for its second fund targeting opportunities in Middle East and North Africa, with up to $325 million drawn from third party investors.
Invest AD was previously the Abu Dhabi Investment Company, and is owned by the Abu Dhabi Investment Council, the emirate's domestic and local investment group. Since a 2007 reorganization, it has had a mandate to attract international institutional money into MENA. Its first fund, launched in 2009, was a listed markets fund, the UAE Equities Fund, and attracted $100 million.
The new private equity fund, seeded with $75 million from the Abu Dhabi government, will reportedly seek a net IRR of at least 25%. Fundraising has just begun, with strong reported interest from Asia.
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