McLaren Stake Hints at Broad Remit for Abu Dhabi’s Newest Fund L’imad

Abu Dhabi has folded the owner of McLaren Automotive and its stake in Chinese electric vehicle maker Nio Inc. into state-owned L’imad Holding Co., indicating a broad remit for the emirate’s newest investment vehicle.

CYVN Holdings LLC, a mobility-focused investment firm owned by the government, has been transferred under L’imad, according to people familiar with the matter. The move is aimed at building up L’imad and simplifying the management of some of Abu Dhabi’s investments by putting them under one roof, the people said, asking not to be identified discussing private information.