BlueFive Capital, the Abu Dhabi-based investment firm, and CICC Capital, the private equity platform of China International Capital Corporation, are in discussions to establish a new fund aimed at supporting Chinese companies expanding into the Middle East, according to a report by Bloomberg.
The two firms will negotiate terms on a non-exclusive basis, including fund structure, capital commitments, and investment mandate.
The vehicle will target high-growth sectors such as technology, digital transformation, green energy, and advanced manufacturing, with a focus on companies leveraging the Gulf Cooperation Council (GCC) region as a strategic base for broader global expansion.
For CICC Capital, which oversees RMB450bn (circa $63bn) in assets, the initiative enhances its exposure to cross-border growth opportunities and emerging sectors across the GCC. The partnership represents a strategic extension of its international investment capabilities.
BlueFive Capital, founded by former Investcorp executive Hazem Ben-Gacem, currently manages over $2.6bn in assets. Earlier this month, the firm announced the sale of a stake to Bahrain’s sovereign wealth fund, shortly after launching a $2bn fund targeting investments across the GCC in healthcare, technology, hospitality, and aviation.
The new collaboration comes amid rising economic and investment linkages between China and the Gulf states. Other regional managers, including Investcorp, have launched China-focused vehicles backed by sovereign capital to capitalise on the growing connectivity between Asia and the Middle East.
