New Delhi, July 10 -- BlueFive Capital, an Abu Dhabi-based asset management firm founded by former Investcorp executive Hazem Ben-Gacem last year, said Thursday it has concluded raising its inaugural private equity fund with $2 billion in capital commitments.
The BlueFive Reef Private Equity Fund I, one of the largest PE funds raised in the Gulf region, will target large-cap investments, the firm said in a statement.
The fund, registered with the Abu Dhabi Global Market (ADGM), will target majority and minority investments in high-growth businesses across the UAE and the broader Gulf region. It will focus on five key sectors- healthcare, technology, hospitality, aviation, and industrial.
"The fund will play a pivotal role in expanding the private equity marketplace in the GCC and allow us to partner with exceptional founders and management teams to support establishing global leaders that are originating from the GCC," said Ben-Gacem, founder and chief executive of BlueFive.
Ben-Gacem had stepped down after 30 years at Investcorp in September last year. He had joined Investcorp in 1994 and led private equity investments across North America, Europe, the Middle East, Southeast Asia, and China.
Other key PE vehicles in the region include Bahrain-based Investcorp's Saudi pre-IPO fund, with a targeted corpus of $500 million. Gulf Capital, an Abu Dhabi-based PE firm, is currently raising a fund with a target of $800 million.
Earlier this week, Bluefive Capital announced that it closed its founding shareholders' circle funding round with an oversubscription, valuing the company at $120 million. It saw participation from 25 institutions and family offices, including prominent GCC merchant and royal families, and finance leaders from North America, Europe, and Asia.
BlueFive, which currently manages an AUM of $650 million, recently acquired Dubai-based real estate investment platform Neo Capital in its debut transaction. Neo Capital, which manages assets worth $1 billion, will continue to operate independently until the end of September this year.
BlueFive will focus on investing in the Gulf, Asia, and Latin America. It has a 27-person investment team spanning London, Abu Dhabi, Dubai, Riyadh, Jeddah, Bahrain and Beijing.
The firm operates three entities-BlueFive Financial, BlueFive Asset Management, and BlueFive Advisory.
BlueFive Financial, a permanent capital vehicle, aims to focus on consolidation opportunities in the financial services industry across insurance, private wealth, and public markets in the Global South. BlueFive Asset Management would offer dedicated investment funds across private equity, real assets - infrastructure and real estate - and credit strategies.
BlueFive Financial would serve as the primary funder for the asset management platform, which is not expected to commence operations before the end of 2025. Meanwhile, BlueFive Advisory would offer specialized strategic counsel to institutional investors and corporates in the GCC and Asia for their M&A, capital raise, and debt arrangement needs.
The firm had last year appointed Yasser Bajsair, former CEO and board member of Investcorp Saudi Arabia, as the CEO of BlueFive Liquidity Solutions, one of the anchor offerings by the firm, tailored to private wealth channels. The solution is designed to provide private ultra-high-net-worth clients and investors with liquidity for their otherwise illiquid alternative investment positions.
Published by HT Digital Content Services with permission from VC Circle.