Abu Dhabi’s giant sovereign wealth fund increased its exposure to direct private equity investments last year as returns slowed across its portfolio, FN's sister publication Private Equity News reports.

Adia—the Abu Dhabi Investment Authority, which has an estimated $828bn under management, according to the Sovereign Wealth Fund Institute—has been one of the biggest backers of private equity funds, targeting an allocation of up to 8% of its assets. But the prospect of lower returns has led it to rethink its strategy and increase its exposure to direct buyout deals.