Pantheon has opened an office in Abu Dhabi Global Market and appointed Firas Mallah as managing director and head of Middle East, establishing a local base for its regional fundraising activities.
Mallah will work from Abu Dhabi and report to Chief Client Officer Florence Dard. He joins from Sagard, where he was managing director and head of Middle East and North Africa. Pantheon said the opening takes its office network to 13 locations across four continents, following almost two decades of relationships with investors throughout the Gulf Cooperation Council.
The announcement puts Pantheon’s assets under management at approximately $84 billion. The firm reported $83.8 billion in discretionary assets under management as of December 31, 2025.
Florence Dard, Chief Client Officer of Pantheon, said: "Off the back of a record fundraising year, Pantheon continues to see increasing capital formation across the platform, with a growing share coming from the GCC. With this office, Pantheon reaffirms its commitment to the region and to enhancing and deepening the relationships we have built with clients across every Gulf country for nearly two decades. We are particularly pleased to welcome Firas Mallah to the team - his track record raising capital from a broad range of investors speaks for itself, and his appointment strengthens our ability to serve clients across the Middle East directly.”
Mallah Returns to a Familiar Regional Assignment
The appointment gives Pantheon a regional executive who previously helped establish another alternative investment manager’s presence in the same financial center. In September 2023, Sagard announced its first Middle East office in Abu Dhabi, naming Mallah to lead the operation.
His responsibilities at Sagard included developing its investor base and building regional partnerships, including connections for portfolio companies. The firm’s announcement described his background as spanning public and private markets, with particular experience in Middle Eastern fundraising and institutional investor relationships.
That earlier assignment provides a concrete point of comparison for his move to Pantheon. Both appointments accompanied the establishment of an Abu Dhabi office, and both placed investor relationships at the center of the regional role. Pantheon’s stated remit focuses on raising capital across several categories of institutional and private investors.
Firas Mallah, Managing Director and Head of Middle East at Pantheon, said: “The Middle East is one of the fastest-growing sources of capital in private markets, and investors here are increasingly sophisticated about how they want exposure to the asset class. Pantheon’s reputation as a global leader in secondaries and innovation in private markets solutions closely matches investor demand, and I’m excited to bring the firm’s private markets expertise to investors across the region. Establishing our presence in ADGM reflects our strong commitment to the region as we deepen our long-term engagement across the wider GCC.:
ADGM’s Growth Provides the Local Backdrop
Pantheon’s opening follows an expansion in ADGM’s asset management community. In its first-half 2026 update, the financial center reported a 54% year-over-year increase in assets under management. The number of fund and asset managers rose to 190 from 154 a year earlier.
Funds managed from ADGM increased to 276, compared with 209 in the first half of 2025. ADGM also reported that managers establishing operations during the first six months of 2026 collectively oversaw more than $2.1 trillion in global assets.
The financial center named Capital Group, Man Group, Barings, and Bain Capital among firms establishing, launching, or expanding a presence during the period. The list places Pantheon’s arrival within a broader movement of international managers building operations in the jurisdiction, although their local activities and investment mandates vary.
Arvind Ramamurthy, Chief Market Development Officer at ADGM, stated: “We are pleased to welcome Pantheon to ADGM's growing ecosystem. The firm's decision to establish its Middle East presence in Abu Dhabi reflects the continued appeal of ADGM as a destination for leading global private markets firms seeking to deepen their engagement with the region's sophisticated institutional investor base. Pantheon's extensive experience across private equity, infrastructure and private credit will add further depth to our investment management community, and we look forward to supporting the firm's growth in Abu Dhabi and across the wider region.”
Secondary Investments Bring Liquidity Into Focus
The market backdrop extends beyond the availability of Gulf capital. In a July 2026 outlook, Pantheon Chief Investment Officer Jeff Miller described private equity distributions as remaining below historical levels despite some improvement in exits. He linked investors’ continuing need for liquidity with increased activity in secondary transactions.
Such transactions involve existing investments. An investor can buy another investor’s stake in a fund, while a manager-led transaction can transfer a portfolio into a new vehicle. In its discussion of private credit liquidity, Pantheon explained how these structures can address loans that remain outstanding beyond a fund’s legal term.
