Two Abu Dhabi-based investment firms are targeting the global credit market with a newly formed joint venture (JV).
Alpha Dhabi and Mubadala Investment Company plan to deploy up to US$2.5billion over the next five years.
State-owned Mubadala will be the majority partner in the JV with an 80% share, with Alpha Dhabi taking the remaining 20% stake.
The credit market has been of interest to firms in the Mena region as allocations to the private asset class continue to increase.
“We have continued to assess the private credit market asset class recently with a keen interest, particularly given the current global market environment,” said Hamad Salem Al Ameri, chief executive officer and managing director of Alpha Dhabi.
The JV comes a month after Bahrain-based alternatives firm Investcorp acquired Marble Point Credit Management, a US-based credit-focused asset manager.
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