The Abu Dhabi Investment Authority (ADIA) is buying a “significant minority stake” in French outdoor accommodation firm, the European Camping Group (ECG), through a wholly owned subsidiary.

The France-based private equity firm PAI Partners will be selling its minority stake to the ADIA unit, while retaining its position as the majority shareholder in ECG.

Financial details of the sale to ADIA have not been disclosed.

The transaction is subject to customary regulatory approvals and is expected to close in Q2 2025, the companies said.

PAI first invested in ECG in 2021, across the group’s sites and mobile-homes fleet to upgrade facilities and enhance amenities. In 2023, PAI further acquired VacanceSelect to add the European campsite and mobile-home operators to the ECG fold.

ECG currently operates across 11 European countries through its main brands Eurocamp and Homair.

ADIA, which currently has close to $1.06 trillion in assets under management, has been making significant investments in Europe over the last few years, across sectors. According to LSEG data, ADIA’s European investments account for 22% of its current portfolio, its second-largest after Asia Pacific, which accounts for 38%.

In March 2024, the sovereign wealth fund increased its financial commitment to Cheyne Capital’s real estate private credit strategy in Europe that targets senior lending against real estate in Europe. The undisclosed amount took Cheyne’s total commitment to $836 million.

In June, ADIA also served as anchor investor for European private credit manager Pemberton Asset Management’s NAV strategic financing strategy. The exact size of the investment was not disclosed, but it was expected to edge the strategy’s first close to over $1 billion, media reported at the time.

(Writing by Bindu Rai, editing by Brinda Darasha)

bindu.rai@lseg.com