Abu Dhabi's IHC launches move to buy Chimera Investment and its Dh22b asset portfolio
Chimera had advised IHC on its 2022 deal in Turkey for Kalyon Enerji
Dubai: Abu Dhabi investment entity IHC has launched a move to buy Chimera Investment, which has a portfolio of Dh22 billion in ‘proprietary’ assets. The latter’s wholly-owned subsidiary Chimera Capital Holding manages over Dh48 billion of assets under management.
Chimera also offers corporate finance advisory services, and in fact had advised IHC on its acquisition of 50 per cent of Kalyon Enerji Holding in Turkey in 2022, as well as, Q Holding’s buy of Tamouh Investment in 2021.
The bid for Chimera 'aligns with IHC's local and international growth plans within the financial services and asset management space and lays the foundation for the development of a regional champion," the ADX-listed IHC said in a statement.
IHC intends to bring Chimera Capital into its fold under the ‘common control’ method. This entails a ‘combination in which all combining companies or businesses are ultimately controlled by the same parent company before and after the combination’.
Therefore, the transaction of Chimera Investment will ultimately be controlled by the same parent company.
Chimera's credentials
Chimera focuses on building 'unique products for third-party clients' across asset classes, including public markets, private equity, venture capital and credit strategies. With over $10 billion, Chimera is the largest venture capital asset manager in the MENA markets.
Chimera also manages 10 ETFs, thus 'making it the largest ETF issuer in the MENA region with capabilities to manage onshore and UCITS-regulated ETFs'. By end December last, Chimera managed more than Dh48 billion of assets under management and also owns stakes in GPs (general partners) with AUM of Dh26 billion.