On November 24, 2025, the Financial Services Regulatory Authority (“FSRA”) of the Abu Dhabi Global Market (“ADGM”) published Consultation Paper No. 12 of 2025 (the “CP”), proposing significant reforms to the ADGM’s private funds regulatory framework.[1] The proposals introduce two streamlined regulatory regimes for: (i) fund managers with a maximum committed capital of $200 million; and (ii) fund managers that exclusively target institutional investors. The CP also proposes to clarify that Employee Investment Vehicles are exempt from fund licensing requirements. At the same time, the FSRA proposes to strengthen regulatory oversight and local nexus requirements for Foreign Fund Managers operating ADGM domiciled funds.