\u201cI\u2019d like to think that I\u2019m more than just riding a wave,\u201d Cefaratti told the Financial Times. \u201cIt\u2019s not completely by accident\u2009.\u2009.\u2009. I spend a lot of time thinking about and researching these things\u2009.\u2009.\u2009.\u2009not being like most investment bankers, really getting into the tech.\u201d<\/p>\n
\u201cHe\u2019s an invisible kingpin in data centres,\u201d said Andy Tang, partner at Draper Associates.<\/p>\n
Dalma advised companies in the G42 group, including on a \u201cpartnership with a tier one hyperscaler\u201d. Microsoft acquired a $1.5bn stake in the Abu Dhabi-based company last year. Cefaratti also sourced the French data centre deal between G42 subsidiary Core42 and France\u2019s DataOne, which closed this year. <\/p>\n
This May, Dalma was joint arranger for Telegram\u2019s $1.7bn bond issuance, which was led by Jefferies. Cefaratti had previously arranged meetings for Telegram with Abu Dhabi investors.\u00a0<\/p>\n
For Cefaratti, the UAE\u2019s bet on becoming an AI hub<\/a> is a natural fit: \u201cAI consumes massive amounts of energy and it\u2019s very capital intensive.\u201d The nation can then become \u201can exporter of intelligence\u201d.<\/p>\n Cefaratti\u2019s Dubai office features a sculpture of Babar the elephant holding a bag of bitcoin, a gift from the daughter of Dubai property tycoon turned data centre investor Hussain Sajwani. Cefaratti said he counted Binance founder Changpeng Zhao, another UAE resident who served jail time in the US, as a friend.<\/p>\n The AI boom came after Cefaratti suffered a career low. Between 2019 and 2023, he was investigated by the financial centre\u2019s watchdog, which had become stricter after Dubai investment firm Abraaj imploded under its supervision.<\/p>\n He was charged with misleading the regulator, and hit with a $162,500 fine and barred from acting as senior executive officer for two years. The Dubai Financial Services Authority accused him of giving \u201cfalse, misleading and deceptive information\u201d about trades placed in 2016 on Dalma\u2019s behalf, by a person who was not employed by the fund.<\/p>\n \u201cI think the big mistake I made was not taking it seriously,\u201d said Cefaratti. \u201cIt just seemed like such a small thing from so long ago.\u201d<\/p>\n Cefaratti\u2019s early career was as a child actor appearing in shows such as Star Trek: Deep Space Nine, while his grandmother encouraged him to invest his earnings in bonds and shares.<\/p>\n He dropped out of college to care for his father in 2009, starting a small health insurance brokerage business to cover medical bills. He returned to his studies and joined students opening a hedge fund; they were mocked as \u201cClueless Capital\u201d.<\/p>\n The finance-focused student left an impression on academics at Franklin University Switzerland. Cefaratti was \u201cone of those students you don\u2019t forget\u201d, remarked his former professor Roberto Cordon, saying he would receive emails from Cefaratti at 4am.<\/p>\n Cefaratti headed to the Gulf in late 2012. \u201cI bought what [Dubai was] selling,\u201d he said. \u201cI probably bought it a little too early.\u201d His fledgling hedge fund Dalma Capital managed just a \u201ccouple of million dollars\u201d, and local investment never materialised.<\/p>\n Pivoting, Cefaratti used his expensive Dubai International Financial Centre licence as a platform for other funds, including one in cryptocurrency, and later started an investment conference.<\/p>\n Recommended<\/p>\n
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