ADQ-Sheikh Tahnoon vehicle eyes $200 mn stake in Aadhar Housing Finance

An investment vehicle backed by Abu Dhabi sovereign investor ADQ and partly owned by Sheikh Tahnoon bin Zayed al-Nahyan is in advanced discussions to buy a minority stake in Blackstone-backed Aadhar Housing Finance, said people in the know.

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Sheikh Tahnoon is the United Arab Emirates national security adviser as well as ADQ chair.

The $200-225 million investment (Rs 1,750-2,000 crore) will be made through the secondary sale of shares for a 10-12% stake in the affordable housing finance company, which held an IPO in 2024. A formal announcement is expected in the coming weeks, said the people mentioned cited above.

This will follow a larger, near $2 billion (Rs 17,335 crore) capital commitment, by Blackstone along with two of its sponsors or limited partners (LPS). This will be through the transfer of most of Blackstone's existing threefourths shareholding into a new 'continuation' vehicle, similar to what it did in Mphasis in 2021.

Blackstone declined to comment about the identity of the new investor or any other details. ADQ and Sheikh Tahnoon's office didn't respond to queries.

Over the weekend, the company made a public disclosure that Blackstone funds BCP Asia II Holdco VII Pte, Blackstone Capital Partners (CYM) IX and Blackstone Capital Partners (CYM) IX AIV-FLP have made an open offer to buy 113.5 million Aadhar shares, translating to a 25.82% stake, from public shareholders as per regulations at Rs 469.97 apiece.