The Abu Dhabi Investment Authority (ADIA), among the world's largest sovereign wealth funds, is ramping up its private equity activities after a relatively subdued period over the past two years, sources familiar with the fund's plans said. Staffing within ADIA's private equity department will likely more than double from its current complement of around two dozen, sources said, although no specific allocation targets have been set. “There are significant plans to increase private equity staffing, several industry executives have been approached in the last month,” said one source who was approached. The Abu Dhabi fund is also looking to significantly boost its investments in infrastructure as it is not satisfied with its current exposure, sources said. ADIA's assets range from Citigroup bonds to a stake in London's Gatwick Airport. The Sovereign Wealth Fund Institute estimates its value at $627 billion and ranks it among the largest in the world. ADIA is looking to raise its allocations to some of the world's largest private equity houses and has arranged meetings with many of them, several sources familiar with the matter said. It is also adding broader geographic expertise in Asia, Africa, Latin America and Australia. “Discussions are on with some leading players and some not so well known names about allocating more on the private equity side,” another private equity source said, who like others declined to be named because of their ties to the fund. ADIA returned 7.6 percent on an annualized basis over a 20-year period, as of December 31, 2010, it said in a review released Tuesday, in which it also raised concerns about global economic growth prospects. Last month, ADIA restructured its external equities department, separating indexed funds from active funds as part of a more focused strategy.
