The Abu Dhabi Investment Authority is seeking to capitalise on western investors’ retreat from China by offering to buy at a discount their stakes in funds managed by Hong Kong-based PAG.
The move from Abu Dhabi’s main sovereign wealth fund, described by four people with knowledge of the matter, is a sign of how some Gulf investors are looking to snap up bargains as US-based investors cut their China exposure.
“It’s a transition from US investors who [previously] favoured China, towards Middle Eastern investors that don’t have the same concerns they do,” a person briefed on the plans said.
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