Abu Dhabi Capital Management, a newly formed firm, has held a first close on $30 million for its debut secondaries fund targeting $100 million.
A final close on the fund, called ADCM Secondary Private Equity Fund, is set for February 2012, ADCM said in a statement.
The fund will mainly focus on secondaries investments in the Middle East and North Africa, but will also look for opportunities in the US and Europe, according to the statement. The fund will target private equity secondaries, as well as secondaries stakes in real estate funds.
Sellers of private equity stakes in the Middle East could include wealthy families that made incursions into private equity prior to the financial downturn, but have turned insular since the economic crisis.
Generally, sellers will be “different classes of investors … selling because of liquidity and re-positioning of their private equity portfolios”, said Jassim Alseddiqi, chief executive officer of ADCM.
Limited partners in the fund are from “all over the world”, Alseddiqi said.
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.