ADIA Becomes Minority Shareholder in Innocap

Innocap Investment Management Inc, has announced that Abu Dhabi Investment Authority (ADIA) has selected Innocap to provide dedicated managed account platform services for parts of its hedge fund and equity exposures.

A wholly owned subsidiary of ADIA will also become a minority shareholder in Innocap, with its stake set to increase over the coming years to 10%, at which point Mohammed Sghayer Khalaf Al Qubaisi, Deputy Director of the Alternative Investments Department at ADIA, will join the Innocap board.

ADIA, which is a subsidiary of $1 trillion state –owned sovereign wealth fund, joins tenured Innocap shareholders including senior management, Caisse de dépôt et placement du Québec (CDPQ), BNY, Walter Global Asset Management and BNP Paribas.

Innocap’s shareholders recognise a clear shift in the industry towards dedicated managed accounts which is notably driven by institutional allocators’ commitment to their fiduciary duty. The resulting network effect is leading to an increased use of platforms, such as Innocap, as a superior way to access, structure and monitor their alternative investments.

Purpose-Built Tech Platform

Innocap Chief Executive Officer (CEO) François Rivard said that ADIA is one of the world’s leading institutional investors, and they were proud to have been selected to provide dedicated managed account platform services.

Welcoming ADIA as a shareholder in Innocap also enhances the robustness and diversification of his company’s shareholder base and will increase the momentum of their industry transformation story and drive the growth of our purpose-built technology platform, he said.

Mohammed Sghayer Khalaf Al Qubaisi, Deputy Director of the Alternative Investments Department at ADIA, said that Innocap’s platform provides ADIA with a more cash efficient structure while allowing for greater investment flexibility for some of its hedge fund and equity exposures.

He also said that Innocap has developed an industry-leading platform which offers a compelling service to asset owners who are seeking more transparency and capital efficiency.

Innocap has identified the Middle East as a key growth market and plans to open an office in Abu Dhabi in 2025. With around $83 billion across 340 funds on the platform, Innocap is the world’s leading provider of dedicated managed account services.

According to media reports, Innocap enables investors to allocate capital across multiple hedge funds with greater control and lower fees.

The UAE has recently attracted global financial firms to Dubai and Abu Dhabi, including Pennsylvania-based Hamilton Lane, Hong Kong-based hedge fund Welwing Capital, tech-focused hedge fund Jetha Global, and New York-based law firm Skadden.