Abu Dhabi’s new $237 billion financial-services holding company Judan is buying a majority stake in Alpha Wave Global, an alternative asset manager that holds stakes in leading artificial intelligence firms including SpaceX, Anthropic and OpenAI.
Judan will take a 50.1% stake in Alpha Wave and help accelerate the launch of its AI-native life insurance business, the firms said. Financial terms weren’t disclosed, but the deal indicates that Gulf investors are continuing their global acquisition spree, despite concerns that the Iran conflict could dent activity.
Alpha Wave, which has about $29 billion of assets under management, operates across private equity, private credit, public markets and insurance. The firm has a longstanding relationship with a subsidiary of Judan called Chimera, and the two had joined forces on a giant tech fund four years ago.
Alpha Wave will continue to operate under its existing leadership team that includes Chief Executive Officer Rick Gerson. The firm employs over 100 professionals across 11 offices worldwide, with a base in Miami, Florida.
It focuses on sectors seen key to Abu Dhabi’s diversification push, including companies that stand to benefit from AI and has an active and dedicated life sciences group.
Sheikh Tahnoon bin Zayed Al Nahyan, who is a brother of the United Arab Emirates’ ruler and the country’s national security adviser, is driving many of these efforts as chairman of entities including Judan and the $239 billion conglomerate International Holding Co.
IHC created Judan last month, combining businesses spanning banking, insurance, asset management, alternative investments and financial technology under one umbrella. As part of that move, asset managers Chimera Investment and the $115 billion Lunate Capital as well as brokerage International Securities, were folded under Judan.
The move added another investing heavyweight in Abu Dhabi, which is already home to investors that collectively oversee assets worth about $2 trillion. Many of them are prolific dealmakers across a range of sectors, from finance to AI, and have deep ties to the titans of Wall Street.
Written by: Dinesh Nair @Bloomberg
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