UAE’s $115 Billion Lunate Taps ADQ Boss In Quest to Double Size

Article content

(Bloomberg) — The chief executive officer of Abu Dhabi’s $263 billion wealth fund ADQ is stepping down to take on a new role at Lunate, the region’s largest alternatives manager that’s seeking to more than double assets over the next five years.

Article content

Mohamed Hassan Alsuwaidi has been named executive chairman and managing partner at the $115 billion firm, according to a statement on Thursday. In his new role, he’ll oversee a a prolific dealmaker that’s grown into one of the world’s fastest-growing asset managers since it was set up two years ago.

Article content

Article content

Article content

The firm is already playing a central role in Abu Dhabi’s push to become a global financial hub. It has forged partnerships with Wall Street heavyweights, placed bets on the likes of OpenAI, and even bought a stake in Brevan Howard Asset Management. It raised about $17 billion in 2024 for its flagship funds and is targeting a higher amount for this year, Bloomberg News has reported.

Article content

Article content

In Alsuwaidi, Lunate gets a seasoned executive who oversaw a period of significant growth at ADQ, since it was set up in 2018. As founding CEO, Alsuwaidi transformed Abu Dhabi’s newest wealth fund into its fastest-growing, with assets more than doubling over the past four years. 

Article content

“His ability to build at scale, attract global capital, and drive sustained growth will be critical as Lunate continues to accelerate its development as a global investment firm,” Lunate’s managing partners said in a statement. 

Article content

ADQ didn’t immediately disclose details on Alsuwaidi’s successor. Its portfolio now spans everything from a stake in auction house Sotheby’s to Abu Dhabi’s flagship airline. It primarily focuses on helping develop the local economy, and more than a third of its roughly 280 deals over the past five years involved United Arab Emirates-based companies, a Bloomberg News analysis showed.

Article content

Article content

Lunate manages capital for a range of institutions and family offices and counts ADQ and Chimera Investment — both ultimately overseen by Sheikh Tahnoon bin Zayed Al Nahyan — as anchor limited partners. Two of its Lunate’s managing partners, Khalifa Al Suwaidi and Murtaza Hussain, have previously held senior positions at ADQ.

Article content

In all, Abu Dhabi sits atop $2 trillion in sovereign wealth through a vast collection of investment vehicles, including Mubadala Investment Co., which manages $358 billion, and Abu Dhabi Investment Authority, which manages more than $1 trillion. 

Article content

It has also established a raft of sector-specific entities, including MGX, the AI investor targeting $100 billion of assets, and XRG, the $151 billion energy vehicle. A new entity called L’imad has also emerged on the scene. 

Article content

(Updates throughout with context.)

Article content