Gulf Capital in Private Markets
Sovereign funds and family offices in the Gulf are among the most active investors in private markets anywhere, and much of their capital is invested abroad.
Sovereign deployment
US$102 billion in nine months, much of it invested outside the region.
Share of all dealmaking by state-owned investors worldwide over the period
39%
Share of the value invested that went to the United States, the largest of any country
45%
Transactions in the first nine months of 2026
245
Source: Global SWF data reported by Khaleej Times, October 1, 2026. These are deployment figures, covering deals and commitments.
Where it goes
Recent deployment has focused on technology and infrastructure.
Mubadala led regional sovereign deployment in the first nine months of 2026 with US$26.2 billion, followed by PIF at US$14 billion, ADIA at US$12.2 billion, L'imad at US$10.8 billion and QIA at US$10.3 billion.
Source: Global SWF data reported by Khaleej Times, October 1, 2026. Inaya Advisory is not affiliated with any institution named.
Read the storyBy sector
Technology and infrastructure took the largest shares. Real estate took much less.
| Sector | Share of deals by volume | |
|---|---|---|
| Technology | 28% | |
| Infrastructure | 22% | |
| Financial services | 14% | |
| Real estate | 5% |
Technology
28% of deals by volume and close to 30% by value, the largest share on both measures.
Infrastructure
22% of deals by volume. Together with technology, half of all deals.
Financial services
14% of deals by volume.
Real estate
5% of deals by volume and 11% by value, a few large transactions.
Source: Global SWF data reported by Khaleej Times, October 1, 2026. Sovereign funds in the Middle East and North Africa, first nine months of 2026.
Allocation targets
The Abu Dhabi Investment Authority has made more room for private equity and hedge fund strategies.
| Asset class | Previous range | New range |
|---|---|---|
| Private equity | 12% to 17% | 15% to 20% |
| Financial alternatives, including hedge funds | 5% to 10% | 7% to 12% |
| Real estate | 5% to 10% | 2% to 7% |
Source: Abu Dhabi Investment Authority 2025 Review, as reported by The National, September 10, 2026, and Enterprise, September 11, 2026.
Gulf allocators
How sovereign funds and family offices in the region engage with managers.
Large investors with long horizons
The region's sovereign funds invest directly and through funds, with teams organised by asset class. Many ask managers about co-investment alongside a fund commitment, and about the funds that will follow this one.
Learn more about sovereign wealth fundsFamily capital, often from operating businesses
Many family offices in the Gulf manage wealth built in family businesses. They compare a fund commitment with direct deals they already see, and they give their time to people they know.
Learn more about family officesRelationships before commitments
Gulf allocators commit to foreign managers they have come to know, often over several meetings in person. A manager should expect to present the strategy more than once, to more than one team.
Read the storyWhat a manager should have ready
The people reading the materials often invest directly in the same kind of deals, so the materials have to hold up with a specialist reader. Shayan Mohammed, our Managing Director, leads our investor coverage across North America, Europe and the Gulf.
Learn more about Shayan Mohammed