Abu Dhabi’s BlueFive Capital named GP for $4.6bn Chinese industrial fund

Abu Dhabi-headquartered BlueFive Capital has been appointed as the first General Partner (GP) of a major China-backed industrial fund, reinforcing the growing role of Gulf-based capital in shaping global investment flows between the Middle East and Asia.

The fund-of-funds has been established by CICC Capital, the private equity arm of China International Capital Corporation, in partnership with HBIS Group, one of the world’s largest steel producers. The vehicle is targeting RMB32 billion (US$4.6 billion) in total commitments and will have a 15-year investment horizon.

The fund will deploy capital through a combination of fund investments and direct investments aligned with HBIS Group’s industrial priorities. These include traditional heavy industries as well as emerging sectors such as advanced materials, new energy and next-generation information technology. A key focus will be cross-border opportunities, positioning the fund as a platform for international expansion and industrial upgrading.

Structured around three pillars, industry–finance synergy, central–local cooperation and cross-border linkage, the fund aims to create a bridge between Chinese industrial players, local governments and international capital.

BlueFive Capital will work alongside leading industrial and financial institutions, as well as regional partners, to support the fund’s long-term strategy and execution.

The appointment places an Abu Dhabi-based investment platform at the heart of a major Chinese industrial strategy, highlighting the Gulf’s growing influence in global private capital markets. BlueFive Capital is incorporated in Abu Dhabi Global Market (ADGM) and has built a presence across the Middle East, Europe and Asia, positioning itself as a conduit between regional capital and international opportunities.

New fund highlights Gulf-Asia ties

Hazem Ben-Gacem, Founder and Chief Executive of BlueFive Capital, said the mandate reflects the firm’s conviction in long-term economic links between the Gulf and Asia. “BlueFive Capital is deeply rooted in the Middle East with a global footprint. We are bullish about China’s long-term growth potential and see significant opportunities for HBIS Group’s cross-border expansion, particularly in high-end manufacturing and new building materials,” he said.

“This fund-of-funds will be instrumental in identifying high-quality investment opportunities both domestically and internationally, ultimately supporting industrial upgrading and high-quality development.”

The fund was formally inaugurated last month at a ceremony held at HBIS Group’s research and development centre, attended by senior figures from all three organisations, including Sheikh Mubarak Al-Sabah, Vice Chairman of BlueFive Capital.

With $4.4 billion in assets under management, BlueFive Capital focuses on private equity, real estate, infrastructure and financial products. Its appointment as general partner underscores Abu Dhabi’s rising role as a global hub for long-term capital and cross-border investment strategy linking the Gulf with major Asian markets.