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Abu Dhabi is rolling its $263 billion fund ADQ into the newly formed L’IMAD, as the Emirate aims to create a sovereign investment powerhouse under its crown prince, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan.
L’IMAD — which burst onto the scene late last year, first acquiring real estate assets and then backing Paramount Skydance’s bid for Warner Bros. Discovery — plans to invest in the UAE and internationally, targeting a wide range of sectors, including infrastructure, real estate, financial services, advanced industries and technologies, and urban mobility.
ADQ’s holdings dovetail with those ambitions: Its assets include Etihad Airways, Emirates Nuclear Energy Company, and the Abu Dhabi stock exchange ADX.
It has been chaired by Sheikh Tahnoon bin Zayed, who was not named in Friday’s announcement about L’IMAD. Abu Dhabi’s deputy ruler also chairs the UAE’s largest sovereign wealth fund, the $1 trillion Abu Dhabi Investment Authority, as well as technology investment vehicle MGX and listed conglomerate International Holding Co.
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The head of ADQ stepped down to take over at UAE alternative asset manager Lunate the day before ADQ was rolled into L’IMAD. Mohamed Hassan Alsuwaidi — also the UAE’s investment minister — was named executive chairman and managing partner of Lunate, which manages about $115 billion.
Since its launch in 2023, Lunate has grown quickly, taking a minority stake in hedge fund Brevan Howard, and creating investment platforms with Brookfield and Blue Owl. It’s also invested in OpenAI and cloud-computing firm CoreWeave. Like other prominent UAE investors, it is increasingly raising money from third parties.
Alsuwaidi was closely involved in the launch of Lunate, which had ADQ and Chimera Investment — both connected to Sheikh Tahnoon bin Zayed — as anchor limited partners. Announcing Alsuwaidi’s new position, Lunate managing partners Khalifa Al Suwaidi, Murtaza Hussain, and Seif Fikry pointed to his “ability to build at scale [and] attract global capital.”