Abu Dhabi firm closes debut fund on $45m

Abu Dhabi Capital Management Secondary Private Equity Fund is 40% invested. The firm will raise a second fund focused on secondaries ‘in a few months’ with a $100m target.

Abu Dhabi Capital Management has closed its debut secondaries fund on $45 million.

The ADCM Secondary Private Equity Fund was launched in March with an original target of $100 million and a final close scheduled for February 2012, but due to high demand the firm decided to close the fund after only three months of fundraising on $45 million.

Abu Dhabi will launch a new fund “in a few months”, ADCM executive Yumna Yousry told Private Equity International. That fund will have a $100 million target and an anticipated final close in June 2012, which would bring the firm’s total capital under management to $145 million.

ADCM Secondary Private Equity Fund is focused on investing in secondary private equity funds primarily in the MENA region, and is the first private equity fund in the MENA region to close since June 2009, according to a company statement. The fund is 40 percent invested, having acquired secondary private equity interests in the MENA, US and Europe regions.

ADCM was formed this year to manage capital for high net worth individuals and institutions. The firm manages private equity, hedge funds, real estate and listed equities.