DIC creates private equity arm with $6bn assets(3)

Dubai International Capital is restructuring its business to create a specific private equity arm as it looks to expand the company and its buyout arm over the next two years.

Dubai International Capital has restructured its business creating a buyout arm, DIC Private Equity, which currently manages $6 billion (€4.4 billion) of assets. The company intends to grow this amount to $10 billion over two years according to a statement.

Sylvain Denis, previously head of direct investments, will become chief executive of DIC Private Equity.

In the restructuring Dubai International Capital has also created three other arms: DIC Emerging Markets, DIC Global Equities and DIC Asset Management. The emerging markets arm will invest in buyouts as well as listed equities, seed capital, and single country and sector specific funds. It has also widened its investment scope. Instead of just targeting the MENA region as it did previously, the arm will invest in Latin America, eastern Europe and Asia.  

Sameer Al Ansari, executive chairman and chief executive of Dubai
International Capital, said the company’s recent growth and its plans to have $25 billion of assets under management within the next two years necessitated the restructuring.

Dubai International Capital sold its majority stake in wax work company The Tussauds Group to US buyout firm The Blackstone Group for $1 billion earlier this year, although it retains a 20 percent stake in the enlarged group which has been combined with Merlin Entertainments Group. It pulled out of the bidding for Liverpool football club in January this year after buyout veteran Tom Hicks made a higher £470 million ($955 million, €694 million) bid.