Citi has won its second mandate to advise Carlyle Group on the sale of a stake in its management company after the government of Abu Dhabi today joined a rush of Middle East investors buying into Western financial services firms with its purchase of a 7.5% stake in US alternative investments firm.

The Mubadala Development Agency, a strategic investment company owned by the Abu Dhabi government, paid $1.35bn (€960m) for the stake. The acquisition values Carlyle at $20bn (€14bn) once a 10% "liquidity" premium above Mubadala's purchase price is added, according to Carlyle in a statement.