Middle East sovereign funds are known for their secrecy. As limited partners in funds and as direct investors, their assets as well as their motivations are often clouded in mystery. The Abu Dhabi Investment Authority is no exception. But secretive as the fund may be it has become increasingly involved in investing in real estate vehicles. “ADIA is becoming a bigger and bigger player in the market,” notes one European GP. “They tend to put a very significant amount up and become the anchor, either up front or in a second close.” ADIA has committed large amounts of capital to the asset class, and most of its private real estate fund investments are in funds that fall into the value-added or opportunistic category. Georges Sudarskis is the chief investment officer for private equities at the fund, and GPs describe him as a significant player with a large amount of capital behind him. Sudarskis joined ADIA in 1998 and has since built a reputation as an active player. Sudarskis is aided in the firm's real estate activity by Fouad Kamal, investment officer for real estate. Though his employer is highly secretive, Sudarskis recently began speaking at conferences. Last month he spoke at Asian Venture Capital Journal's Middle East Private Equity and Venture Conference in Abu Dhabi. Like his employer, Sudarskis is described as being a significant, if sometimes unpredictable, investor. One GP described a situation where for months he heard nothing from the fund, and didn't get calls or emails returned, but suddenly ADIA came to them with a very large commitment. Another GP described ADIA as the most unpredictable investor he knew.