Abu Dhabi-based sovereign wealth fund Mubadala has struck a US$1 billion deal with Goldman Sachs Asset Management to pursue private credit deals in Asia.
The arrangement will see a team from Goldman’s alternatives division deployed across the region with a particular focus on India.
For Mubadala, it is another partnership designed to boost its activity in the alternatives space.
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In March 2023, Mubadala formed a joint venture with alternative asset manager Ares to launch a $2 billion global private credit fund.
In the same year, Mubadala also committed $1 billion to a private credit platform run by Blue Owl Capital.
In December, Mubadala chief executive BBB told a London conference that the sovereign wealth fund would focus it’s investments more on Asia than the US and Europe. “The growth is in the east today,” he said.
Meanwhile the deal represents a reversal of fortune for GSAM. The Wall Street firm had been snubbed in the UAE due to its involvement in the 1MDB scheme involving the Malaysian sovereign wealth fund. However, GSAM opened an office in Abu Dhabi last year and has now bagged a $1 billion investment from Mubadala.