Abu Dhabi Investment Authority, one of the world’s biggest sovereign wealth funds, is investing up to $1.5 billion in Singapore-based GLP to help the logistics investment company grow across markets.
Adia, through one of its wholly owned subsidiaries, is investing $500 million in initial capital, which will help strengthen GLP’s financial position, the two companies said in a statement on Thursday.
The funding will boost GLP group’s investment across its logistics, digital infrastructure and renewable energy platforms. The company aims to expand its presence in these sectors, which are benefiting from tailwinds from e-commerce growth, adoption of AI and cloud technologies, as well as the global shift towards cleaner and more sustainable energy sources.
The latest Abu Dhabi investment is in line with GLP's strategy of strengthening its relationship with global investors, the company said.
“With this enhanced capital base and strategic alignment, this investment further positions us to accelerate growth and take advantage of the significant market opportunities we see associated with the secular expansion of new economy sectors in which we operate,” said Ming Mei, co-founder and chief executive of GLP.
GLP, through its asset management arm GLP Capital Partners, manages about $80 billion of assets.
“We have successfully invested in GLP funds for a number of years,” Mohamed Al Qubaisi, executive director of the real estate department at Adia, said.
“This transaction will allow us to deepen that relationship, support the company in its next phase of growth and scale our exposure to new economy sectors, in line with our strategy.”
Adia, which does not disclose its assets, invests on behalf of the Abu Dhabi government. It is the largest sovereign wealth fund in the Gulf and among the largest in the world, with assets touching $1.1 trillion, according to consultancy Global SWF.
executive director of the Real Estate at Adia
Adia makes direct and indirect investments across asset classes such as equities, fixed income, infrastructure, private equity and property.
In 2023, Adia increased its private equity allocation as sovereign investors sought long-term investment opportunities and to further diversify its portfolio, it said in the annual review released in October last year.
In June last year, a subsidiary of the Abu Dhabi sovereign fund, together with global private equity investor Advent International, agreed to invest up to $3 billion for a minority stake in Fisher Investments, the money management company founded by billionaire investor Ken Fisher.
The investment by Advent and Adia of at least $2.5 billion valued FI at $12.75 billion, the Texas-based company said at the time.
Fisher Investments, which manages more than $275 billion for about 150,000 clients globally – including 120,000 US private clients and 185 institutional clients, said the transaction was part of Mr Fisher's long-term estate planning.
