A wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA) will invest up to $1.5 billion in Singapore-based global investment manager GLP to support its expansion.

ADIA’s initial capital deployment of $500 million is expected to accelerate GLP’s mission of building differentiated, scaled platforms across logistics, digital infrastructure, and renewable energy. ADIA has been invested in GLP-managed funds for several years.

GLP has been expanding its footprint in logistics real estate, renewable energy, digital infrastructure and data centres. Revenue from its data centre business rose 43% year-on-year, reaching USD 193 million, according to Global SWF.

With the new investment, the Abu Dhabi sovereign wealth fund transitions from being a limited partner (LP) to becoming a direct shareholder in the global investor. GLP manages over $80 billion in assets across real estate and private equity.