Abu Dhabi Investment Authority, among the world’s biggest sovereign wealth funds, named Colm Lanigan head of Principal Investments in its private equity unit.
Lanigan, who formerly worked at Credit Suisse First Boston and his own private equity firm, starts immediately and reports to Hareb Al Darmaki, executive director of the fund’s private equity department, ADIA said today in an e-mailed statement.
Abu Dhabi, capital of the United Arab Emirates and home to about 6 percent of the world’s proven oil reserves, is trying to diversify away from oil by investing globally. ADIA invests across more than 24 asset classes, including equities, fixed income and private equity, where it takes minority stakes.
Lanigan will work on developing strategy and managing principal investments in which ADIA acquires equity stakes, according to the statement.