Three Giants, One Hub: Global Fund Managers Converge on ADGM in a Single Month

In a striking signal of Abu Dhabi’s rising stature as a global financial hub, three of the world’s most prominent alternative asset managers — Bain Capital, Barings, and Hillhouse Investment Management — have each established a presence in the Abu Dhabi Global Market (ADGM) this month. Together, the three firms manage well in excess of $700 billion in assets.

The moves underscore a clear and accelerating trend: the world’s leading capital allocators are not merely visiting the Gulf — they are putting down roots.

A Convergence of Global Capital

Barings, which manages $418 billion in assets under management, and Bain Capital, with $215 billion, both announced their ADGM offices within days of each other. Earlier in April, Singapore-headquartered Hillhouse Investment Management, which manages more than $100 billion, announced the opening of its UAE hub in ADGM, with the firm stating that the office would support its investment activity and client partnerships across the Gulf region.

Barings: Deepening Institutional Relationships

Barings’ Abu Dhabi office is its second in the UAE after Dubai, which opened in 2024. The new office is intended to deepen relationships with institutional investors, sovereign wealth funds, and family offices across the Gulf region.

Barings said it continues to see strong appetite for the following strategies among Middle Eastern investors:

• Public credit
• Private credit
• Real estate

Bain Capital: Strategic Partnership with Abu Dhabi

For Bain Capital, the move follows a strategic partnership already in place on the ground. The establishment of the Abu Dhabi office follows Bain Capital’s partnership with the Abu Dhabi Investment Office (ADIO) under the emirate’s Fintech, Insurance, Digital and Alternative Assets (FIDA) cluster, reinforcing the firm’s commitment to supporting the development of next-generation financial infrastructure and services.

The office will focus on sectors aligned to regional priorities, including:

• Aviation
• Healthcare
• Digital infrastructure
• Financial technology

ADGM’s Growing Momentum

The choice of ADGM as the platform of entry is deliberate and telling. ADGM reported that assets under management within the centre rose 36 per cent in 2025, while the number of asset and fund managers climbed to 171, overseeing 244 funds.

Notably, these commitments are being made against a backdrop of regional geopolitical tension. Cross-border deal-making, investment flows in and out of the region, and long-term capital commitments have continued uninterrupted. This resilience is itself a powerful endorsement of Abu Dhabi’s standing as a stable and neutral anchor for international capital.

What This Means from a Legal and Structuring Perspective

For law firms and their clients, these developments are highly significant. The arrival of large alternative asset managers of this calibre in ADGM creates demand across a broad range of legal services:

• Fund formation
• Regulatory licensing
• Investment management agreements
• SPV structuring
• Co-investment arrangements
• Cross-border M&A advisory

Legal Framework and Licensing Pathways

ADGM’s legal framework, based on English common law and supported by its own independent courts, provides the legal certainty that sophisticated global investors require.

Firms establishing in ADGM must navigate the Financial Services Regulatory Authority (FSRA) licensing process, substance requirements, and — depending on the structure chosen — decide between several entity types. Each pathway carries distinct regulatory, tax, and operational implications that require careful legal counsel from the outset:

• Regulated fund manager status
• A prescribed company
• An SPV
• A full holding company setup

Structuring Options for Regional Investors

For institutional investors and family offices in the region looking to co-invest alongside or access the strategies of firms like Bain Capital, Barings, or Hillhouse, understanding the structuring options available will be equally important. These include:

• Feeder funds
• Managed accounts
• Direct co-investment vehicles