Abu Dhabi-based global alternative investment management company Lunate and hedge fund manager Brevan Howard are setting up a $2 billion investment platform focused on macro and digital assets.
The platform, which will be based in Abu Dhabi’s financial hub ADGM, will also deploy capital through the existing investment strategies of Brevan Howard, which manages $34 billion in client assets globally, Lunate said on Tuesday.
Lunate is committing $2 billion in long-term financing for the investment platform. The new funding, exclusive to the partnership, is expected to be raised over time from local and international investors, the company said, without giving the timeframe for the same.
As part of the deal, Lunate will also acquire a minority stake in Brevan Howard, which will help the company with $110 billion assets under management to expand and diversify its range of products and investment solutions for clients in the Gulf region as well as in markets globally.
“Our new partnership with Brevan Howard marks our expansion into hedge funds and reflects our commitment to work with the best investment firms in the world, offering our clients access to unique strategies to further diversify their portfolios, said Khalifa Al Suwaidi, managing partner at Lunate.
Brevan Howard has grown over the past two decades, offering institutional investors access to its macro assets including currencies, bonds, equities and commodities – as well as trade structuring investment strategies. The company, whose investors include sovereign wealth funds, corporations, public pension platforms, foundations and endowments, established its regional headquarters at ADGM in early 2023. It is now the company’s largest office by assets managed globally.
“The long-term partnership with Lunate reflects our deep and ongoing commitment to the region and we look forward to building on this foundation over time,” Brevan Howard’s founder Alan Howard said.
Lunate in recent quarters has formed several funds and investment partnerships to expand its asset base and its suite of investment products for its clients.
In May, Lunate teamed up with New York Stock Exchange-listed Brookfield Asset Management to set up a $1 billion joint venture to invest in the real estate sector across the Middle East amid a property market boom.
The investment platform would focus on build-to-sell and “opportunistic” buy-to-sell residential assets across the UAE, Saudi Arabia and other markets in the Middle East, the two companies said at the time, adding that Lunate has committed a “significant cornerstone investment” to the joint venture.
The announcement followed Lunate’s acquisition of a 49 per cent stake in Dubai's 53-storey ICD Brookfield Place building last year. Saudi conglomerate Olayan Financing Company was also part of the deal.
In April, Abu Dhabi-based company acquired a 40 per cent stake in Adnoc Oil Pipelines (AOP) from BlackRock and KKR.
Our new partnership with Brevan Howard marks our expansion into hedge funds and reflects our commitment to work with the best investment firms in the world, offering our clients access to unique strategies to further diversify their portfolios
Khalifa Al Suwaidi,
Managing Partner, Lunate
The acquisition, made by one of Lunate's funds, was executed through the purchase of a 100 per cent stake in a special purpose vehicle jointly held by the two institutional investors' managed funds.
Adnoc Oil Pipelines was set up in 2019 to lease ownership interests in 22 pipelines from Adnoc for 23 years through a concession agreement. Lunate’s stake acquisition came nearly five years after BlackRock, the world’s largest asset manager, as well as global private equity firm KKR paid $4 billion upfront through a SPV to invest in Adnoc’s pipeline assets.
Lunate, which has interests in private equity, venture capital, private credit, real assets, public equities and public credit markets, also launched a fund in February that allows private companies nationwide to offer their employees investment returns on end-of-service benefits for the first time in the UAE.
The Ghaf Benefits scheme permits employers across the UAE to transfer employees' end-of-service gratuity to the fund to receive potential investment returns.
Zimbabwe v UAE, ODI series
All matches at the Harare Sports Club:
1st ODI, Wednesday, April 10
2nd ODI, Friday, April 12
3rd ODI, Sunday, April 14
4th ODI, Tuesday, April 16
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
The specs
Engine: 2.5-litre, turbocharged 5-cylinder
Transmission: seven-speed auto
Power: 400hp
Torque: 500Nm
Price: Dh300,000 (estimate)
On sale: 2022
Venom
Director: Ruben Fleischer
Cast: Tom Hardy, Michelle Williams, Riz Ahmed
Rating: 1.5/5
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
Results:
CSIL 2-star 145cm One Round with Jump-Off
1. Alice Debany Clero (USA) on Amareusa S 38.83 seconds
2. Anikka Sande (NOR) For Cash 2 39.09
3. Georgia Tame (GBR) Cash Up 39.42
4. Nadia Taryam (UAE) Askaria 3 39.63
5. Miriam Schneider (GER) Fidelius G 47.74
Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
SCORES
Yorkshire Vikings 144-1 in 12.5 overs
(Tom Kohler 72 not out, Harry Broook 42 not out)
bt Hobart Hurricanes 140-7 in 20 overs
(Caleb Jewell 38, Sean Willis 35, Karl Carver 2-29, Josh Shaw 2-39)
Diriyah%20project%20at%20a%20glance
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Match info
Bournemouth 1 (King 45 1')
Arsenal 2 (Lerma 30' og, Aubameyang 67')
Man of the Match: Sead Kolasinac (Arsenal)
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
'The Last Days of Ptolemy Grey'
Rating: 3/5
Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro
Writers: Walter Mosley
Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins
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Kandahar%20
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