Abu Dhabi Capital Management, an alternative investment firm based in the UAE capital, has announced the final closing of its first fund which attracted $45 million worth of investments.

An Abu Dhabi-based company, ADCM serves high net worth individuals and institutions, and manages assets in the Middle East and other geographies worldwide.

The ADCM Secondary Private Equity Fund, which was launched in March this year, is the first private equity fund in the Mena region to close since June 2009, the company said in a statement.

The fund is the first secondary private equity fund that mainly focuses on investing in secondary private equity funds in the region.

The Fund acquired secondary private equity funds in the Mena, US and Europe regions in the past three months, and is currently 40 per cent invested, the statement added.

Abu Dhabi Capital Management said it plans to launch a second fund, which will have a target size of $100 million later this year.-TradeArabia News Service