ADIA hires Axa executive for emerging markets PE
Abu Dhabi Investment Authority (ADIA) has poached Axa Private Equity COO Christophe Florin to head up its emerging markets private equity team. He led Axa’s Asian operations between 2005 and 2008.
The private equity firm has yet to confirm Florin's departure, but he is no longer listed as an executive board member on its website.
The move is part of a wider push by ADIA to boost its exposure to the asset class, Bloomberg reported. According to sources familiar with the situation, Florin is one of 40 European private equity professionals the Middle East sovereign wealth fund plans to hire.
In December, it recruited Benjamin Weston, CEO of Helvetica Wealth Management Partners, as global head of alternative investments. A year earlier, James Kester arrived as CIO for private equity, replacing George Sudarskis, who had held the role for 10 years. Kester was previously head of private equity at Zurich Alternative Asset Management.
ADIA had about two dozen people in its private equity unit at the end of 2011 and wants to double the headcount. The $627 billion fund is also said to be interested in broadening its geographical expertise in Asia, Africa, Latin America and Australia. ADIA first invested in private equity in 1989. According to the fund's latest portfolio review, PE investments account for 2-8% of total assets, or $12.5-50 billion.
In Asia specifically, ADIA is reportedly looking to make direct investments in Indian real estate rather than operating through third-party fund managers. It has so far committed $400-500 million to the sector, including a $50 million investment in Red Fort Capital's second real estate fund, which closed at $500 million in January.
More on MENA
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.