Schonfeld Backs Abu Dhabi Hedge Fund Startup With $500 Million

Schonfeld Strategic Advisors is backing a new hedge fund in Abu Dhabi, allocating about $500 million to Omar Newera, a former Waha Capitalportfolio manager, according to people familiar with the matter.

The long-short equity fund, expected to start operating later this year or in early 2026, will trade exclusively for Schonfeld for a period of time, the people said, requesting anonymity to discuss private information. Schonfeld has reserved the right to increase its allocation over time.

While Abu Dhabi and neighboring Dubai have emerged as growing hubs for the industry, homegrown hedge fund startups remain rare. Newera’s debut ...