Former Investcorp executive launches investment platform in Abu Dhabi

BlueFive Capital will invest in the financial services industry across the Gulf and Global South

Hazem Ben-Gacem stepped down as co-chief executive of Investcorp in September. Photo: BlueFive Capital

The former co-chief executive of Investcorp, Hazem Ben-Gacem, has launched a new platform to invest in the financial services sector in the Gulf and the Global South.

Incorporated in the Abu Dhabi Global Market, BlueFive Capital will focus on investing in the Gulf, Asia and Latin America through two parallel entities amid the continued economic momentum, the company said in a statement on Monday.

BlueFive Financial will undertake “consolidation opportunities” in the financial services industry, while BlueFive Asset Management will focus on investments in the private equity and infrastructure sectors that prioritise digitisation and automation.

BlueFive Financial is intended to serve as the primary funder for the asset management platform, which will be unveiled next year, the company said.

The company did not reveal details on the total size of the platform or how much it plans to invest.

Mr Ben-Gacem stepped down as co-chief executive of Bahrain-based alternative asset manager Investcorp in September following a 30-year stint with the company, which has more than $50 billion assets under management. During his tenure, he was involved in more than 40 of the firm’s private equity investments across North America, Europe, the Middle East and Asia.

“We aim to provide savers, retirees, wealth managers and their advisers the most digitally native and innovative investment platform across thriving emerging economies ... with the goal of generating attractive returns by means of consolidation, scale efficiency and the deployment of technology,” Mr Ben-Gacem said.

Apart from Abu Dhabi, the company will also have offices in Bahrain and London, with a group of 15 founding shareholders.

The launch of the new company at the ADGM comes as Abu Dhabi continues to lure global investors to set up their operations in the emirate as it boosts its financial sector to support economic diversification plans.

In September, Stonepeak, a US-based alternative investment company with $71.2 billion of assets under management, received regulatory approval to set up a base in the ADGM to arrange and advise on investment opportunities in the UAE.

PGIM, the global asset management business of the New York Stock Exchange-listed Prudential Financial also opened an office in Abu Dhabi the same month to expand its operations in the Middle East.

Established in 2015, the ADGM is one of the world's fastest-growing financial districts. It has recorded rapid growth as Abu Dhabi focuses on attracting more international companies and investors.

In the first half of this year, the capital’s financial centre registered 231 financial services companies – up 31 per cent on the same period last year – with the total number of companies setting up in the ADGM reaching 2,088 by the end of June.

By the end of June, the number of fund and asset managers operating in the ADGM reached 112, managing 141 funds.