Abu Dhabi government-owned investment vehicle Invest AD aims to raise $400 million in a new private equity fund by mid-2011, a senior executive said on Monday.

Invest AD aims to complete a first closing of the fund by the end of this year for $175 million, including $75 million of its own seed capital, said Samir Assaad, head of private equity.

The remaining amount would be raised in 2011, he told reporters on the sidelines of a conference in Abu Dhabi.

The firm is also considering three investments, one in Turkey, one in the United Arab Emirates and one in Egypt, for a total value of $150 million, Assaad said.

"We aim to close one of these transactions in the coming quarter," he said, adding target sectors included consumer goods and retail.

"(These sectors are) highly attractive given the demographics" in this region, Assaad said.

Earlier this month, Invest AD, established by the Abu Dhabi government in 1977, launched an Iraq equities fund to meet growing interest in the country from institutional and high net worth investors. – Reuters