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(Bloomberg) — Fortress Investment Group and energy-focused private equity firm Kimmeridge are opening Abu Dhabi offices, aiming to make deals and boost assets by leaning on their ties to sovereign wealth fund Mubadala Investment Co.
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Kimmeridge and Fortress are opening Wednesday in the city’s ADGM financial district, and both have existing relationships with Mubadala that they’re looking to expand.
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The wealth fund’s energy division bought into a Kimmeridge unit last month that gave Mubadala its first-ever stake in US gas production. Meanwhile, Mubadala aims to further bolster assets under management with a $1 billion strategic partnership with Fortress after buying a majority holding in the company.
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Kimmeridge and Fortress’s announcements come in the same week US President Donald Trump is scheduled to land in Abu Dhabi, which controls about $1.7 trillion of sovereign wealth funds.
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Trump is sweeping through the Middle East on a three-country tour aimed at highlighting US investment prospects and forging tighter partnerships with the Gulf’s richest energy producers. Saudi Arabia, where Trump landed Tuesday, and the UAE have together pledged over $2 trillion of investments in the US in the coming years. Trump is also visiting Qatar, which has pumped cash into assets such as tech and energy infrastructure.
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Fortress will focus on deals related to corporate credit, real estate and asset-backed strategies as it expands its presence in the region, according to the firm.
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Kimmeridge plans to target US deals and will look at international prospects to tap into growing energy demand in Asia, co-founder Ben Dell said in an interview. The firm wants to develop liquefied natural gas trading by 2027 and will begin to build a team of traders in Abu Dhabi.
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“What’s interesting to me in the LNG market is where your incremental growth is coming from, and that’s really the Asian subcontinent,” Dell said.
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With production centered in the US, he added, Kimmeridge is looking to Asia for investments in the energy distribution and supply chain.
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