Abu Dhabi-based BlueFive Capital raised $3 billion for a fund focused on tech investments in the US and Europe. The Onyx Fund will focus on tech and growth capital investments in AI, biotechnology, and advanced computing, and expects to start announcing deals in the next few months. The fund is anchored by sovereign investors in the Gulf.
The latest cash haul adds to a $2 billion private equity vehicle that BlueFive — founded by former Investcorp co-Chief Executive Hazem Ben-Gacem in 2024 — closed about six months ago. BlueFive’s assets under management have now swelled to $7.4 billion. It’s aiming to invest across rapidly growing economies in Asia, the Middle East, and South America.
Even amid a period of low oil prices, the Gulf has still been a prime destination for private equity fundraising, although state-controlled firms are increasingly looking to use their cash to sway asset managers into investing into the region.