New Delhi, May 1 -- Lunate, an alternative investment manager owned by Chimera Investments, will acquire a strategic stake in global wealth manager Azura Partners. The investment will support Azura's relocation of its headquarters from Monaco to Abu Dhabi, positioning it to tap into the Gulf region's $5-trillion wealth market.
The transaction marks Lunate's entry into the wealth management space. Azura, which manages assets worth $5 billion, serves ultra-high-net-worth (UNHW) and high-net-worth (HNW) individuals, entrepreneurs and single-family offices. It offers investment management and advisory services, private wealth solutions, and strategic investment opportunities. Lunate's investment is aimed at enabling Azura to scale its AUM, hire top talent, implement best-in-class technology and expand its product offerings, including enhanced access to private market opportunities for its clients. The Gulf's wealth market is growing at an annual rate of 8-10%. "Azura's advisory-led model will be a strong addition to the Middle East's relatively underserved market, where wealth is set to grow at a 9.2% CAGR till 2030, outperforming the global average of 7% CAGR," Lunate said in a statement. Founded in 2019 by Ali Jamal, a former Julius Baer managing director, Azura operates seven global offices including in Monaco, Geneva, London, New York, and Miami. Post the transaction, Azura's founder and current management team will retain operational control. "Lunate's investment in Azura Partners marks our entry into the wealth management space and reflects our commitment to further develop the suite of solutions and products that we can offer our growing client base. The partnership, moreover, underpins our strategy of expanding Lunate's footprint across the investor value chain," said Khalifa Al Suwaidi, managing partner, Lunate. Lunate, with over $110 billion assets under management, was set up in September by Abu Dhabi-based Chimera Investments to target global opportunities across private equity, venture capital, private credit, real assets, public equities, and public credit markets. It aims to deploy capital through a combination of strategies such as limited partnership, co-investments, and direct investment opportunities. It is also expected to expand globally and open offices in North America, Europe and Asia. "With global wealth estimated to reach $609 trillion in 2026, individual investors across the world are increasingly seeking alternative investment solutions, fueling the democratization of private markets. Lunate's partnership with Azura aims to capitalize on this trend and the growth trajectory of the wealth management industry," the statement said. Last year, Lunate and US-based investment bank BNY Mellon invested in Alpheya, a wealth technology company based in Abu Dhabi.
Published by HT Digital Content Services with permission from VC Circle.