The Abu Dhabi Investment Authority (ADIA) is set to invest US$450 million in Qualitas, an Australian private credit fund.
The investment will effectively double the sovereign wealth fund’s stake in the fund after it invested the same sum in the opening funding round held last August.
Qualitas currently has around $4.82 billion in assets under management.
According to co-founder Andrew Schwartz, it has around $1.48 billion available for investment and “to take advantage of the further dislocation in the financing market, as traditional financiers appear to continue to retreat, particularly in the residential and development sectors”.
The private credit market has proved alluring for institutional investors and SWFs in the Mena region. In May, the Abu Dhabi Global Market introduced new rules for private credit funds due to the rising interest in the asset class.
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