Abu Dhabi’s Lunate Takes Over G42's China-Focused Fund
Lunate manages assets worth $105 billion, backed by Abu Dhabi sovereign funds.
Abu Dhabi's Lunate, an alternative investment manager, has assumed management of the China-focused fund previously handled by artificial intelligence (AI) firm G42, unnamed sources in the know told Bloomberg. This transition keeps the assets under the control of a prominent member of the emirate’s royal family.[1]
Lunate plans to hire a small team to oversee the 42XFund, which holds stakes in Chinese tech companies such as ByteDance Ltd. and JD.com Inc. G42 initially launched the Shanghai-based tech growth fund in 2022 with a $10 billion investment, headed by Jason Hu, the former head of strategic investments at JD.com. Before Lunate took over, the fund was managed by a G42 subsidiary.
In February, the Financial Times reported that G42 had sold all its Chinese investments, including a $100 million stake in ByteDance, to reportedly align with US partners. This move led to Microsoft investing around $1.5 million in G42. The agreement's second phase involves Microsoft exporting large-scale AI components to the UAE, pending US government approval.[2]
Lunate manages assets worth $105 billion, backed by Abu Dhabi sovereign funds.
Recently, Lunat and Blue Owl Capital, a NYSE-listed asset management firm, have jointly purchased a minority stake in Linden Capital Partners, a healthcare private equity firm based in Chicago.
In April 2024, Lunate and Saudi Olayan Financing Company purchased a 49% stake in ICD Brookfield Place (ICDBP).
