Adia backs China-focused fund as lead investor

Abu Dhabi Investment Authority is expanding its footprint in China as an Adia subsidiary has become the lead investor in a flagship fund run by Beijing-based CDH Investments.

The multi-asset continuation vehicle was valued at $770 million as of December 31, 2024, and invests primarily in mid- to large-cap assets with exposure to China, the sovereign fund said in a statement.

No details were given on Adia’s investment.

A continuation fund is an investment vehicle created by a private equity company to transfer the holdings of some existing investments, allowing investors to maintain or exit their stakes in those assets.

“This transaction underscores our continued interest in investing in high-quality assets in China, and demonstrates our ability to invest flexibly and via different deal structures,” said Hamad Shahwan Aldhaheri, executive director of the private equities department at Adia.

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Established in 2002, CDH is a China-focused alternative asset manager with more than $20 billion in assets under management, according to its website.

Last month Adia backed the initial public offering of Chinese artificial intelligence startup MiniMax as a cornerstone investor.

In April 2024, Adia and Mubadala Investment Company were part of a group that agreed to invest $8.3 billion to acquire a 60 percent stake in the shopping mall subsidiary of Chinese real estate developer Dalian Wanda.