(Bloomberg) -- Lone Star Funds is set to open an office in Abu Dhabi, becoming the latest global asset manager to use the emirate as a hub for expansion in the Middle East.
The firm, which has capital commitments of $95 billion, has received in principle approval to establish an office in the emirate’s financial center, according to a statement.
Abu Dhabi sits on 6% of the world’s proven oil reserves, is home to the world’s richest family and boasts sovereign wealth funds that manage $1.7 trillion in assets. That’s helped draw a cadre of hedge funds and venture capital firms, as well as billionaires like Ray Dalio to its burgeoning finance hub.
Lone Star will use the city as a base to expand the presence of its portfolio companies in the Middle East. Its staff in the UAE include two managing directors — Jonathan Ussher and former Citigroup Inc. banker Mihir Unadkat, who worked on Saudi Aramco’s 2019 initial public offering.
The firm invests across equity, real estate, credit and other assets. It’s currently working on a buyout of Carrier Global Corp.’s commercial and residential fire unit valued at $3 billion.
(Updates with details on staffing in the UAE in 4th paragrpah)
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