The Abu Dhabi Investment Authority (ADIA) is set to acquire a “significant minority stake” in the French outdoor accommodation company, the European Camping Group (ECG), through one of its wholly owned subsidiaries. This acquisition marks ADIA’s continued investment strategy in European markets.

The private equity firm PAI Partners, which currently holds a majority stake in ECG, will sell its minority interest to ADIA while retaining its controlling position in the company. The financial terms of the transaction have not been disclosed. The deal is expected to receive customary regulatory approvals and is anticipated to close in the second quarter of 2025.

PAI Partners initially invested in ECG in 2021, focusing on upgrading facilities and enhancing amenities across the group’s sites and mobile-home fleet. In 2023, PAI expanded its investment by acquiring VacanceSelect, thereby adding more European campsite and mobile-home operators to ECG’s portfolio. Currently, ECG operates in 11 European countries under its primary brands, Eurocamp and Homair.

ADIA, which manages approximately $1.06 trillion in assets, has been actively increasing its investments in Europe. According to data from LSEG, European investments represent 22% of ADIA’s portfolio, making it the second-largest regional allocation after Asia Pacific, which accounts for 38%. Recently, in March 2024, ADIA boosted its financial commitment to Cheyne Capital’s real estate private credit strategy in Europe, targeting senior lending against real estate, with the total commitment to Cheyne rising to $836 million.

In addition, ADIA acted as the anchor investor for Pemberton Asset Management’s NAV strategic financing strategy in June, although the specific amount of this investment was not disclosed. Reports suggested it would help bring the strategy’s first close to over $1 billion.