(Bloomberg) -- Backers of a new $50 billion Abu Dhabi fund, part of Sheikh Tahnoon bin Zayed Al Nahyan’s empire, are considering committing additional capital to the entity to double its portfolio over time, people familiar with the matter said.

Chimera Investment LLC and Abu Dhabi wealth fund ADQ are in talks to commit more capital to Lunate and boost its assets under management to $100 billion over time, the people said, declining to be identified discussing confidential information. Lunate will also look to raise new funds from outside investors, they said.

Talks are ongoing and no final decisions have been made, the people said. ADQ and Lunate declined to comment. Representatives for Chimera and its parent firm, International Holding Co., weren’t available for comment. 

Lunate is the latest player in Abu Dhabi, an emirate that’s used energy riches to become a major force in the investing landscape. The city is home to wealth funds Abu Dhabi Investment Authority, Mubadala Investment Co. and ADQ, which oversee well over a trillion dollars in assets in total. 

Sheikh Tahnoon, a brother of the United Arab Emirates’ ruler and the country’s national security adviser, presides over many of these entities — including ADIA and ADQ — as well as International Holding. 

Owned by Chimera and Lunate’s senior management, the new fund was unveiled in September to invest across private equity, venture capital, private credit, real assets, public equities and public credit. At the time, Lunate had said its team would comprise of more than 150 employees — including about 80 investment professionals — and that it expects to start operations later this year.

--With assistance from Farah Elbahrawy and Nicolas Parasie.

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