Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomePMN BusinessAbu Dhabi Revamps New $300 Billion Fund to Aid Dealmaking PushAbu Dhabi’s newest wealth fund is overhauling its executive ranks and reorganizing parts of its portfolio as the $300 billion investor overseen by an influential royal prepares for a more central role in the emirate’s dealmaking ambitions.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.u5}[(41o)81hqr1ma}uuq(2y_media_dl_1.png Global SWF(Bloomberg) — Abu Dhabi’s newest wealth fund is overhauling its executive ranks and reorganizing parts of its portfolio as the $300 billion investor overseen by an influential royal prepares for a more central role in the emirate’s dealmaking ambitions.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorL’imad Holding has been working with Boston Consulting Group to recruit senior professionals, according to people familiar with the matter. The fund is also reviewing certain existing roles and has asked some executives who transferred from ADQ following an acquisition earlier this year to reapply for their positions, the people said.The moves offer a glimpse into how officials within Abu Dhabi are looking to reshape the sovereign wealth fund. Created last year, L’imad soon absorbed ADQ, one of the world’s fastest-growing sovereign investors with assets spanning everything from a stake in Sotheby’s to Abu Dhabi’s flagship airline and other marquee local holdings.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againL’imad inherited not just those assets, but a broader mandate that’s expected to place it at the heart of Abu Dhabi’s push to bolster its defence and infrastructure investments, as well as deals in China and the US.For Wall Street banks and private equity firms vying for Abu Dhabi’s cash, the reshuffle now underway offers a window into the thinking of L’imad Chairman, Crown Prince Sheikh Khaled bin Mohamed, and Chief Executive Officer Jassem Bu Ataba Al Zaabi.The reorganization at L’imad, one of the world’s largest pools of capital, spans investment and operational roles, people familiar with the matter said. While many employees have transitioned into the combined entity, management is seeking to streamline reporting lines and eliminate overlap, the people said. The changes are likely to impact headcount, according to one of the people, leading to a degree of uncertainty within the fund. External partners with longstanding ties to ADQ, too, are grappling with the prospect of having to rebuild ties with new power brokers within L’imad, some of the people said.BCG is helping the fund recruit senior executives, beginning with a rigorous initial screening, according to the people, who declined to be identified as the information is confidential. Select candidates then face multiple rounds of interviews before meeting with Chief Financial Officer Samer Khalife or Chief Investment Officer Hashem Al Dabbas, they said.The consulting behemoth has deep ties to the region and the mandate will help bolster its business at a time when it’s facing a slowdown in some markets. BCG was instrumental in helping develop plans to overhaul the Saudi economy and has worked extensively with the kingdom’s $1 trillion Public Investment Fund.As part of the changes, the Abu Dhabi fund is also looking to hire a CEO for L’imad Capital, which is expected to oversee investment activities across global markets, according to the people. In particular, it aims to strengthen its presence in the US and has hired executives from leading Wall Street institutions in recent months, one of the people said.Representatives for L’imad and BCG declined to comment.Get the Mideast Money newsletter, a weekly look at the intersection of wealth and power in the region.Abu Dhabi has repeatedly consolidated its sovereign investment vehicles as part of efforts to reshape its financial architecture. The biggest overhaul came in 2017, when it merged Mubadala Development Co. with International Petroleum Investment Co. to create Mubadala Investment Co. The transaction combined roughly $125 billion of assets and was designed to streamline overlapping portfolios, cut costs and create a larger global investor after the collapse in oil prices.The city deepened that consolidation by transferring Abu Dhabi Investment Council into Mubadala, bringing another portfolio of domestic and international holdings under the same umbrella. The moves reflected a broader strategy of concentrating state assets into fewer, larger institutions with clearer mandates while giving them greater scale to compete for global investments.That also established a pattern the emirate has returned to repeatedly: Folding investment entities together to simplify governance, eliminate duplication and create national champions capable of deploying larger pools of capital internationally. For instance, ADIC is gradually breaking from its low-profile past and pushing into newer ground across its $160 billion portfolio. The fund has launched a secondaries business, now staffed by 12 professionals with ambitions to deploy up to $10 billion over three years, while deepening exposure to private credit, insurance and hedge funds as it targets returns of at least 10%. The decision to fold ADQ into L’imad was also aimed at simplifying Abu Dhabi’s investment ecosystem while giving the new platform greater scale. The emirate is already home to Mubadala and Abu Dhabi Investment Authority, which have for decades led the government’s attempts to diversify away from energy. In recent years, they’ve been joined by dedicated entities like artificial intelligence investor MGX and asset manager Lunate.The L’imad-ADQ transaction handed Sheikh Khaled, who’d previously focused on the political and social aspects of running the country, a more prominent role in dealmaking. ADQ had been helmed by the prince’s uncle, Sheikh Tahnoon bin Zayed, who also oversees the $1.19 trillion ADIA and MGX.Under the crown prince and Al Zaabi, L’imad has already taken steps towards finding its niche in the emirate’s investment strategy. It helped finance Paramount Skydance Corp.’s acquisition of Warner Bros. Discovery Inc., joined BlackRock Inc. and Temasek Holdings Pte. in a partnership targeting as much as $30 billion of infrastructure investments, and has been tasked with helping build national champions while pursuing strategic investments overseas. In addition, the integration with ADQ has brought some of Abu Dhabi’s largest corporate holdings under a single umbrella, including stakes in companies such as the $81 billion utility known as Taqa as well as AD Ports Group.L’imad’s hiring plans also reflect a broader trend among Gulf sovereign investors, which have increasingly sought to recruit senior executives from Wall Street, private equity firms and global asset managers to compete directly for complex cross-border transactions.For instance, Saudi Arabia’s PIF has built out a New York subsidiary, hiring from firms including Goldman Sachs Group Inc. and Point72 a few years ago. MGX, backed by Mubadala and G42, has recruited executives from Apollo Global Management, Warburg Pincus and other Wall Street firms. Mubadala Capital, too, has steadily expanded its North American investment platform in recent years. 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