On 23 September 2026 Sweden’s EQT AB — Europe’s largest private-markets manager with USD 389 billion in client assets — announced the launch of its Middle East platform and opened its first regional office at Abu Dhabi Global Market. Private Capital and Infrastructure are live from day one; Real Estate and Secondaries will follow as opportunities develop. Jimmy Mahtani takes on Chairman of GCC, Smiyet Belrhiti heads the ADGM office as Senior Executive Officer.
What EQT actually announced
According to the EQT AB press release distributed via PR Newswire on 23 September 2026, the firm is launching a Middle East platform and opening its first physical presence in the GCC — an office at Abu Dhabi Global Market. Until now EQT had invested in the region via its global funds and worked with Middle Eastern sovereign investors as LPs, but did not have a local team on the ground. That changes now: a full on-the-ground team of investment professionals covering Private Capital and Infrastructure, plus capital-raising and operational colleagues, is being set up.
The firm emphasises its "One EQT" approach — a single integrated platform for regional deals rather than an isolated local fund. As the market matures, EQT plans to bring Real Estate and Secondaries strategies into the regional mix, drawing on its global capabilities.
Who runs the show
Jimmy Mahtani becomes Chairman of GCC. At the same time he remains Chairman of India and Southeast Asia for EQT Private Capital and a member of the Asia Investment Committee. He has been with EQT (and its predecessor BPEA/Baring Private Equity Asia, which merged into EQT in 2022) for over two decades, running the India and Southeast Asia franchises. Extending his remit into the GCC means the region will be managed in a single Asia + Gulf investment vertical.
Smiyet Belrhiti is Head of Middle East and Senior Executive Officer of the ADGM office. She brings over two decades of experience in private equity, corporate development and investment across the GCC and MENA, and has built long-standing relationships with regional institutional investors and sovereign wealth funds. She will run the Abu Dhabi office day-to-day and act as the primary interface with the ADGM Financial Services Regulatory Authority (FSRA), Abu Dhabi’s sovereign investors and local GPs.
Per Franzén, CEO and Managing Partner of EQT, commenting on the launch: "The launch of EQT’s Middle East platform reflects our conviction in the scale and momentum of opportunity across the GCC." Jean Eric Salata, Chair of EQT AB since May 2026 (succeeding founder Conni Jonsson), added that "Abu Dhabi is a place where EQT has had the privilege of developing close ties over the past three decades."
Why ADGM, not DIFC
The UAE’s two leading financial centres are competing openly for global private-markets managers: DIFC in Dubai has attracted BlackRock, Brevan Howard and Ares; ADGM in Abu Dhabi — General Atlantic, Marex and now EQT. The firm explicitly justified its Abu Dhabi choice by pointing to the emirate’s "globally connected financial ecosystem, strong regulatory framework and institutional environment".
In practice, three factors weigh in ADGM’s favour for private-markets managers in 2026. First — proximity to sovereign LPs: Mubadala, ADIA, ADQ and their subsidiaries are headquartered in Abu Dhabi, not Dubai, and EQT under Jean Eric Salata (who is both Chair of EQT AB and the founder of the Asia business through BPEA) has long-standing sovereign-investor relationships in the region. Second — the ADGM Financial Services Regulatory Authority (FSRA) regime for fund managers and managed investment funds is close to international standards (English common law), which simplifies structuring of private-markets vehicles. Third — Abu Dhabi’s deliberate policy of attracting global asset managers via long licensing windows and an institutional tone of voice, well suited to B2B private-markets players. How these zones differ in profile, cost and specialisation is covered in our review of DMCC, IFZA, Meydan, DIFC and ADGM.
What EQT already has in the region
Even without a prior office, EQT flagged five portfolio companies with over ten years of GCC presence: Nord Anglia Education (international schools), Virtusa (IT services), Banking Circle (bank payment infrastructure), Nothing (consumer electronics) and SAUR (water infrastructure and environmental services). Between them they cover education, financial technology, industrial infrastructure and consumer — the same sectors the platform is now positioning around.
Separately, EQT named the Middle East platform’s priority sectors: healthcare and life sciences, education, digital and technology, industrials, business services, infrastructure and energy transition. With a specific emphasis on digital and AI infrastructure. That list overlaps closely with Abu Dhabi’s public policy, including G42’s AI investments and the wider UAE digital-sovereignty push.
What it changes for the UAE private-markets ecosystem
EQT’s arrival is the fourth major private-markets move into the UAE in the past year — following BlackRock in DIFC, Brevan Howard in ADGM and General Atlantic in Abu Dhabi. The overall pattern: the centre of gravity for alternative investments is shifting from London and Zurich to the GCC hubs, and within the GCC — towards Abu Dhabi for pure asset-management operations and Dubai for brokerage and trading. For the local market this means three concrete things:
- More mid-cap regional buyers. EQT typically writes tickets of USD 100 million and up; a physical office means mid-cap GCC companies (Series C/D, growth, buyout at USD 200–800 million) get an additional potential buyer or lead investor in-region — previously these deals required a London or Singapore intake.
- Demand for local fund services. Fund administration, English-law legal work, depositary, audit and fund IT — demand grows for specialised providers in Abu Dhabi, not only in DIFC and Dubai. The regulatory environment supporting this is covered in our guide on UAE business regulation 2026.
- Faster fundraising for local GPs. EQT’s ADGM presence reinforces the UAE’s status as a "home base" for institutional private-markets mandates; local GPs will find it easier to raise from regional LPs for their next fund by pointing to "the globals are here too".
What businesses and investors should do now
- Companies raising capital. Check whether your trajectory fits EQT’s Private Capital strategies (buyout and growth in digital, healthcare, education, industrials) or Infrastructure (energy transition, digital infrastructure, transportation). Stage and cheque size matter more than sector: EQT plays in mid- and large-cap deals, not early-stage.
- Local GPs and family offices. Consider EQT as a potential co-investor or LP for your own vehicles; reach the ADGM team via ADGM Investor Relations or directly through EQT’s capital-raising team.
- Specialist service providers. Fund administrators, legal, audit and fund IT — align your pitch around ADGM-native structures, not only DIFC-native ones.
- Private-markets employers. Watch the talent market: EQT’s arrival means sharper competition for investment professionals with Middle East and Asia experience, with rising compensation at associate and senior levels.
Bottom line
The opening of the EQT office at ADGM on 23 September 2026 is more than an office opening. It confirms that the global private-markets world is building serious, long-term regional presence in the GCC — and that Abu Dhabi is the preferred hub for asset-management-focused operations. For the UAE’s B2B audience this is one more reason to view the local private-markets ecosystem as a self-contained circuit with its own rules, teams and capital — no obligatory London or Singapore intermediary required.
This material is for information only and is not investment or financial advice. Details of EQT’s strategies, team and plans are based on the firm’s primary press release and may be adjusted. For specific decisions on ADGM/FSRA structuring, registration or transactions with private-markets managers, consult qualified legal and financial advisers.