Bahrain’s sovereign wealth fund Mumtalakat has acquired a stake in Abu Dhabi‑based private equity firm BlueFive Capital. Deal terms were not disclosed.
The move follows a growing trend of private equity managers selling minority “general partner” stakes to raise capital without ceding control over operations or investment decisions.
Blue Five, founded in 2023 by former Investcorp executive Hazem Ben‑Gacem, manages more than $2.6B across offices in Abu Dhabi, Bahrain, London, and Beijing.
Chaired by Sheikh Mohammed Isa Al Khalifa, the firm last year closed a $2B fund to expand private equity investments in the GCC, targeting mid‑market growth opportunities.
Mumtalakat, which manages around $18B in assets, joins other Gulf sovereign funds pursuing GP‑stake deals. The UAE’s Mubadala Investment Company used a similar strategy in 2024 when it acquired a majority stake in US‑based Fortress Investment Group.
The deal underscores growing Gulf sovereign interest in embedding within alternative asset managers as the region’s private markets gain scale and global visibility.
