Private equity firm EQT launches Middle East platform, opens Abu Dhabi office
Private equity firm EQT launches Middle East platform, opens Abu Dhabi office By Federico Maccioni
ABU DHABI, Sept 23 (Reuters) - Swedish private equity firm EQT EQTAB.ST is launching a Middle East platform, it said on Wednesday as it opened an office in Abu Dhabi, establishing an on-the-ground presence in the Gulf and joining a slew of firms that have expanded in the region in recent years.
The platform will deepen support for EQT's existing portfolio companies, build on its institutional relationships in the region and pursue new investment opportunities, the company said in a statement.
Jimmy Mahtani, who was appointed chairman of the company's Gulf operations, leads the platform, while its office in Abu Dhabi's financial centre is led by Middle East head Smiyet Belrhiti.
The office will also welcome a team spanning private capital and infrastructure investment alongside capital raising and business operations.
EQT has $389 billion in assets under management. Its portfolio companies with an active presence in the Gulf region include Nord Anglia Education.
Global investment firms have increased their Gulf footprint, lured by proximity to some of the world's largest sovereign wealth funds.
They are also attracted by a growing pipeline of deals as regional governments diversify away from hydrocarbon revenue.
The inflow comes amid the Middle East conflict, which has brought turmoil, with heavy disruption to travel and supply chains.
“The launch of EQT's Middle East platform reflects our conviction in the scale and momentum of opportunity across the GCC (Gulf Cooperation Council)," EQT CEO and Managing Partner Per Franzén said.
Abu Dhabi is home to the vast majority of the United Arab Emirates' oil reserves and its sovereign funds are estimated to collectively manage over $1.8 trillion in assets.
The number of financial services entities operating from Abu Dhabi's financial centre rose 27% in the first half of the year to 392.
(Reporting by Federico Maccioni; Editing by Jamie Freed)
((federico.maccioni@thomsonreuters.com, +971 527370852))