New Delhi, Feb. 2 -- BlueFive Capital, a UAE-based global alternative investment platform managing over $4.4 billion in assets, has closed its Onyx Fund I with a corpus of $3 billion, the firm said in a statement.
Registered with the Abu Dhabi Global Market (ADGM), the fund will invest in opportunistic technology and growth capital opportunities across the US and Europe.
Founded in 2024 by former Investcorp co-CEO Hazem Ben-Gacem, the PE firm counts Bahrain's sovereign wealth fund Mumtalakat among its over 25 shareholders, after the investor acquired a stake in Abu Dhabi-headquartered fund in 2025.
The firm operates through three parallel entities: BlueFive Financial, BlueFive Asset Management, and BlueFive Advisory. It has offices in Bahrain, London, Abu Dhabi and Beijing, and is chaired by Sheikh Mohamed Isa Al Khalifa, the former CEO of Bahrain's national pension fund.
The Onyx Fund will target businesses at the frontier of innovation, specifically in artificial intelligence, biotechnology, and advanced computing.
While BlueFive did not name its limited partners, it said the fund is anchored by opportunistic sovereign capital from across the GCC, "reflecting a strategic alignment between the region's long-term investment priorities and high-conviction exposure to foundational technological disruption in western markets."
Speaking further about the fund, Ben-Gacem said, "The Onyx Fund aims to target the current inflection points in both computational and biological intelligence, allowing us to partner with visionary entrepreneurs who are defining the next technological epoch. Abu Dhabi Global Market provides the ideal forward-looking regulatory ecosystem to anchor a fund of this global ambition."
The firm is likely to make technology and biotechnology investments in the US in the coming months.
BlueFive Capital raised $2 billion for its GCC-focused BlueFive Reef Private Equity Fund I, which targets large-cap private equity investments in the region. In its inaugural deal, it fully acquired Wusoom Holding, which has a diversified group of companies across real estate, technology, hospitality, aviation, and industrial sectors in the Gulf Cooperation Council (GCC).
Last month, it led the seed funding round of serial entrepreneur Abdallah Abu-Sheikh's latest venture Mal, an artificial intelligence-powered Islamic digital bank. The $230 million round is the largest seed funding raised in the Middle East and North Africa region to date.
Last year, BlueFive launched a joint private equity fund with Chinese investment firm, CICC Capital, to back Chinese entities with Gulf expansion plans. It also partnered with Saudi Arabia's multibillion-dollar family business conglomerate Al Murjan Group in a cross-shareholding strategic tie-up to launch a global platform for Islamic finance.
Published by HT Digital Content Services with permission from VC Circle.