Abu Dhabi-based fund manager Chimera Capital has partnered with Alpha Wave Global for the launch of an open-ended credit fund.
The Alpha Wave Private Credit fund has secured initial capital commitments of US$2 billion.
According to both firms, the fund is hoping to develop a “diversified portfolio of credit investments reflecting attractive risk-reward characteristics irrespective of the path of interest rates”.
The initial investment focus will be on private loans and other credit instruments on an “opportunistic basis”.
The fund launch follows Chimera’s establishment of a credit strategies department, a move that was inspired by the growth of its venture capital business.
“We think there is a clear need and large opportunity across cycles for private credit for both investors who desire yield in a low-risk structure and for companies seeking credit solutions,” said Rick Gerson, chairman of Alpha Wave Global. “We see this as an important, enduring and growing area.”
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