Dean Dakolias is under consideration to become chief executive of L'imad Holding's investment arm, say people familiar with the process who asked not to be identified discussing private deliberations. Any move would still require approvals and is not yet final. Dakolias and representatives for L'imad did not respond to requests for comment. Fortress declined to comment.
Per his LinkedIn profile, Dakolias spent close to a quarter century at Fortress and exited at the end of last year. He continued as a managing partner after Mubadala Investment Co. took a stake in Fortress through a unit in 2023.
Within Abu Dhabi Global Market (ADGM), L'imad created corporate vehicles called L'imad First Capital Ltd. According to Bloomberg News in September, the unit is being built out as a worldwide investing platform expected to allocate capital to private equity alongside other fund types, and to make direct investments in companies.
The rollout is staged: start by assembling a performance history through one-off deals, co-invests and tie-ups, then pursue third-party capital. A first fundraising could arrive as early as next year.
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If L'imad brings in external investors, it would underscore how Abu Dhabi is moving from primarily deploying state capital to courting institutions to join its platforms. We have already seen signs of that shift: July saw MGX bring in nearly $50 billion from regional sovereign funds, global pension plans and other institutions for artificial intelligence investments, while Mubadala Capital rolled out a venture to raise third-party money for the first time in its home market.
L'imad itself is becoming a key actor in the emirate's priorities, including leading a multibillion-dollar program to build infrastructure aimed at countering Iran's grip on the Strait of Hormuz.
L'imad is being overhauled to match its ambitions. One proposed structure envisions L'imad sitting at the apex - functioning like a holding company with stakes in multiple flagship Abu Dhabi enterprises - and L'imad Capital running in a manner comparable to a private equity firm, according to a person with knowledge of the plan. That deal team could pursue transactions that either bolster portfolio companies or are geared mainly toward delivering returns to the parent.
For your money, the takeaway is simple: if L'imad successfully raises external cash and lands an experienced operator like Dakolias, expect more deal flow out of Abu Dhabi and fresh competition for private assets globally. That can shift where growth capital goes, who sets terms in PE deals, and which regions end up driving returns in the next cycle.
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