New equity man for Abu Dhabi Investment Authority

The Abu Dhabi Investment Authority appoints chief investment officer with experience in the US and Germany for its private equity department.

The Abu Dhabi Investment Authority (ADIA), one of the world's largest sovereign wealth funds, today appointed James Kester as chief investment officer of its private equity department.

Mr Kester comes to ADIA from Zurich Alternative Asset Management in the US, where he was head of private equity and a member of the investment committee since 2006. He had spent six years prior to that as co-chief executive of Allianz Private Equity Partners in Germany.

"James has an excellent reputation and impressive track record of developing and managing private equity portfolios for major financial institutions,"  Hareb al Darmaki, the executive director of ADIA's private equity department, said in a statement.

The appointment follows a number of recent additions to ADIA's growing roster of financial professionals.

The fund appointed Ted Chu as its first chief economist in September and installed Keith Collins as its first chief accounting officer the following month. In his new role, Mr Kester will oversee ADIA's private equity strategy.

Private equity is a form of investment where institutions and funds buy stakes in private companies, typically aiming to sell after several years and generate big returns.