CICC Capital, the private equity investment platform of China International Capital Corporation Limited, has teamed up with Abu Dhabi-incorporated BlueFive Capital to set up a fund targeting Chinese companies eyeing business expansion in the Gulf Cooperation Council (GCC) markets.
The fund targets Chinese firms operating in the new economy industries such as technology, digital transformation, green energy, advanced manufacturing, and consumer-driven sectors that leverage the GCC as a gateway for Chinese businesses to access local markets and also as a launch pad for their commercial and manufacturing initiatives to other parts of the world, according to a release on Tuesday.
The two firms will work on a non-exclusive, good-faith basis to negotiate definitive agreements, including fund structuring, capital commitments, and investment strategy, the release added.
The fund taps deepening China-Middle East ties and the Gulf region’s push beyond oil to drive cross-border investment and industrial partnerships.
Launched in 2024, BlueFive Capital is an investment platform founded by industry veteran Hazem Ben-Gacem. It has offices in London, Abu Dhabi, Manama, and Beijing.
Most recently, BlueFive Capital hit the close of its $2-billion Reef Private Markets Fund I LP that targets to make large-cap private equity investments in the GCC markets, according to a July announcement.
The fund will be managed from Abu Dhabi and target majority and minority investments in sizable high-growth businesses and conglomerates across the UAE and the broader GCC, with a focus on healthcare, technology, hospitality, aviation, and industrial.
The development came shortly before Bahrain Mumtalakat Holding Company, the sovereign wealth fund of the Kingdom of Bahrain, acquired a stake in BlueFive Capital in August. Mumtalakat’s stake comes after BlueFive Capital sealed an investment round that valued the firm at $120 million in July, with backing from 25 institutions and family offices across North America, Europe and Asia.
CICC Capital currently manages RMB- and USD-denominated private equity funds and fund of funds (FOF), with approximately RMB 450 billion ($62.9 billion) in assets under management (AUM) as of December 31, 2024.
