DUBAI - BlueFive Capital has raised $2 billion for a new fund focused on private equity investments in the Gulf Cooperation Council (GCC) region, the investment firm said on Thursday.

The BlueFive Reef Private Equity Fund will target majority and minority stakes "in sizeable high-growth businesses and conglomerates" in the United Arab Emirates and broader GCC, which includes Saudi Arabia and Qatar.

The fund is registered in the Abu Dhabi Global Market (ADGM) and will focus on healthcare, technology, hospitality, aviation and industrial sectors, the asset management firm said.

Earlier this week, BlueFive Capital, launched in November last year by Hazem Ben-Gacem, the former co-CEO of alternative investment firm Investcorp, said the firm is valued at $120 million and manages more than $650 million in assets.

It has offices in Abu Dhabi and other cities, including London, Riyadh and Beijing.

"The fund will play a pivotal role in expanding the private equity marketplace in the GCC and allow us to partner with exceptional founders and management teams to support establishing global leaders that are originating from the GCC," founder and chief executive Ben-Gacem said.

The growing interest in GCC assets reflects how global investment firms, including major buyout groups, are increasingly turning to the region as governments there push to diversify their economies beyond oil.

Several private equity groups, including BlackRock-owned GIP, Permira and General Atlantic, have recently set up base or strengthened their presence in the region.

(Reporting by Federico Maccioni; Editing by Sumana Nandy)