Abu Dhabi's Lunate appoints ex-ADQ head to spearhead global growth

ABU DHABI, Jan 29 (Reuters) - Abu Dhabi-headquartered Lunate has appointed Mohammed Hassan Alsuwaidi, the UAE's investment minister and former head of one of its biggest wealth funds, as executive chairman and managing partner to lead the investment firm's global growth strategy.

Lunate, which manages $115 billion in assets and describes itself as an independent, commercial, partner-led alternative investment company, said in a statement that Alsuwaidi would help expand its international presence and deepen institutional capital relationships.

The firm aims to more than double assets under management over the next five years.

Alsuwaidi was the founding CEO of ADQ, which is fully owned by the Abu Dhabi government and is the emirate's third-largest sovereign wealth fund. Its assets have risen to more than $263 billion across sectors including energy, infrastructure, healthcare, food and agriculture since it was established in 2018.

ADQ's portfolio, which includes state carrier Etihad Airways and Abu Dhabi Ports Company, is seen as central to diversifying the emirate's economy and bolstering non-oil growth.

Alsuwaidi's tenure at ADQ had concluded, the statement said, without saying who would replace him. He remains investment minister.

Lunate is a subsidiary of Chimera Investment, part of a conglomerate chaired by national security adviser Sheikh Tahnoun bin Zayed Al Nahyan, brother of UAE President Sheikh Mohamed bin Zayed. Sheikh Tahnoun oversees a business empire in Abu Dhabi and chairs ADQ as well as the Abu Dhabi Investment Authority, the UAE's biggest sovereign wealth fund.

Lunate's co-managing partners also own stakes.

"His (Alsuwaidi's) ability to build at scale, attract global capital, and drive sustained growth will be critical as Lunate continues to accelerate its development as a global investment firm," Lunate's managing partners Khalifa Al Suwaidi, Murtaza Hussain and Seif Fikry said.

In October, BlackRock-owned HPS Investment Partners and Lunate announced plans to launch a new platform to invest in large North American and European corporates, to which Lunate would commit at least $1 billion.

Abu Dhabi holds the vast majority of the UAE's oil reserves and is home to several sovereign wealth funds that collectively manage more than $1.5 trillion in estimated assets.