The New York Stock Exchange-listed Ares says its partnership with Mubadala will enable it to scale its offering significantly. Bloomberg
The New York Stock Exchange-listed Ares says its partnership with Mubadala will enable it to scale its offering significantly. Bloomberg
The New York Stock Exchange-listed Ares says its partnership with Mubadala will enable it to scale its offering significantly. Bloomberg
The New York Stock Exchange-listed Ares says its partnership with Mubadala will enable it to scale its offering significantly. Bloomberg

Mubadala and Ares form joint venture to invest in secondary private credit market deals


Sarmad Khan
  • English
  • Arabic

Ares Management Corporation, an alternative investment company that manages $352 billion in assets, and Abu Dhabi’s sovereign investor Mubadala Investment Company have formed a joint venture that will invest in global secondary market private credit opportunities.

The joint venture, anchored by Mubadala, will initially aim to invest about $1 billion as it seeks to capitalise on the anticipated growth and substantial demand from private equity companies and investors that commit capital to them for "customised liquidity solutions for the credit secondaries asset class", the two companies said in a statement on Wednesday.

The joint venture represents a key milestone for both partners and will enhance Mubadala’s positioning within the secondaries credit market. It will also enable New York-listed Ares to significantly scale its offering.

The partnership is a natural extension of Ares’s leading credit and secondaries platforms, which respectively, had approximately $214 billion and $22 billion in assets under management at the end of last year, the statement said.

The joint venture with Mubadala “underscores our view that private credit secondaries offer a compelling opportunity for investors seeking diversified exposure to the attractive return profile of private credit assets”, said Michael Arougheti, chief executive and president of Ares Management.

"Building on our position as a leading global direct lender and a secondaries market pioneer, we believe the expansion of the Credit Secondaries strategy alongside Mubadala helps to further differentiate Ares in the market as a comprehensive solutions provider.”

Mubadala, which is at the centre of the UAE's efforts to diversify its economy, manages more than $284 billion in assets globally.

In recent years, it has stepped up its investment in health care, technology, mobility, clean energy and life sciences and has partnered with the private equity companies and other investors to invest in alternative asset classes as it expands its portfolio.

In December, Mubadala Capital, the asset management subsidiary of Mubadala, announced a $2.1 billion private equity partnership transaction with France's private investment house Ardian.

In October, Mubadala and private equity firm KKR also forged an alliance to jointly invest across performing private credit opportunities in the Asia-Pacific region to address a shortage of capital and support the long-term growth plans of businesses.

Private credit has become a relevant and important part of institutional portfolios, which has led to the growth and development of the private credit secondaries industry
Fabrizio Bocciardi,
head of Credit Investments at Mubadala

Dave Schwartz will serve as partner and head of the Credit Secondaries strategy of the new entity. The senior leadership team also includes Sebastien Burdel and Luca Salvato, partners in the Ares Secondaries Group, as well as Nate Walton, partner and head of the Private Equity Secondaries strategy.

By leveraging Ares's and Mubadala’s global footprint, the venture will benefit from access to a broader network, differentiated market intelligence and new transaction opportunities, the companies said.

“Private credit has become a relevant and important part of institutional portfolios, which has led to the growth and development of the private credit secondaries industry,” said Fabrizio Bocciardi, head of Credit Investments at Mubadala.

“We believe that Ares is particularly well-positioned as a global leader to capitalise on the growing demand for diversified credit secondaries opportunities.”

There has been a substantial increase in credit secondaries transaction volume as the primary private credit market grew over the years, Mr Schwartz said.

“Against this market backdrop, we see a meaningful supply-demand imbalance requiring dedicated capital to meet the liquidity needs of General [private equity companies] and Limited [PE investors] Partners,” he said.

“We believe that our partnership with Mubadala, combined with the scale, underwriting capabilities and experience of our private credit and secondaries businesses, will allow us to take advantage of these attractive market dynamics.”

DMZ facts
  • The DMZ was created as a buffer after the 1950-53 Korean War.
  • It runs 248 kilometers across the Korean Peninsula and is 4km wide.
  • The zone is jointly overseen by the US-led United Nations Command and North Korea.
  • It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
  • Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
  • Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
  • Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012. 
  • Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
The biog

Age: 32

Qualifications: Diploma in engineering from TSI Technical Institute, bachelor’s degree in accounting from Dubai’s Al Ghurair University, master’s degree in human resources from Abu Dhabi University, currently third years PHD in strategy of human resources.

Favourite mountain range: The Himalayas

Favourite experience: Two months trekking in Alaska

Springsteen: Deliver Me from Nowhere

Director: Scott Cooper

Starring: Jeremy Allen White, Odessa Young, Jeremy Strong

Rating: 4/5

THE BIO: Martin Van Almsick

Hometown: Cologne, Germany

Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)

Favourite dessert: Umm Ali with dark camel milk chocolate flakes

Favourite hobby: Football

Breakfast routine: a tall glass of camel milk

UAE jiu-jitsu squad

Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)

Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

The National in Davos

We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.

MATCH INFO

Tottenham Hotspur 3 (Son 1', Kane 8' & 16') West Ham United 3 (Balbuena 82', Sanchez og 85', Lanzini 90' 4)

Man of the match Harry Kane

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  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
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Wayne Rooney's career

Everton (2002-2004)

  • Appearances: 48
  • Goals: 17
     

Manchester United (2004-2017)

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England (2003-)

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Healthy tips to remember

Here, Dr Mohamed El Abiary, paediatric consultant at Al Zahra Hospital Dubai, shares some advice for parents whose children are fasting during the holy month of Ramadan:

Gradual fasting and golden points - For children under the age of 10, follow a step-by-step approach to fasting and don't push them beyond their limits. Start with a few hours fasting a day and increase it to a half fast and full fast when the child is ready. Every individual's ability varies as per the age and personal readiness. You could introduce a points system that awards the child and offers them encouragement when they make progress with the amount of hours they fast

Why fast? - Explain to your child why they are fasting. By shedding light on the importance of abstaining from food and drink, children may feel more encouraged to give it there all during the observance period. It is also a good opportunity to teach children about controlling urges, doing good for others and instilling healthy food habits

Sleep and suhoor - A child needs adequate sleep every night - at least eight hours. Make sure to set a routine early bedtime so he/she has sufficient time to wake up for suhoor, which is an essential meal at the beginning of the day

Good diet - Nutritious food is crucial to ensuring a healthy Ramadan for children. They must refrain from eating too much junk food as well as canned goods and snacks and drinks high in sugar. Foods that are rich in nutrients, vitamins and proteins, like fruits, fresh meats and vegetables, make for a good balanced diet

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Celta Vigo 2
Castro (45'), Aspas (82')

Barcelona 2
Dembele (36'), Alcacer (64')

Red card: Sergi Roberto (Barcelona)

UAE currency: the story behind the money in your pockets
Terror attacks in Paris, November 13, 2015

- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France

Know before you go
  • Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
  • If you’re driving, make sure your insurance covers Oman.
  • By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
  • Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
  • Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.

 

Getting there

The flights

Emirates and Etihad fly to Johannesburg or Cape Town daily. Flights cost from about Dh3,325, with a flying time of 8hours and 15 minutes. From there, fly South African Airlines or Air Namibia to Namibia’s Windhoek Hosea Kutako International Airport, for about Dh850. Flying time is 2 hours.

The stay

Wilderness Little Kulala offers stays from £460 (Dh2,135) per person, per night. It is one of seven Wilderness Safari lodges in Namibia; www.wilderness-safaris.com.

Skeleton Coast Safaris’ four-day adventure involves joining a very small group in a private plane, flying to some of the remotest areas in the world, with each night spent at a different camp. It costs from US$8,335.30 (Dh30,611); www.skeletoncoastsafaris.com

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Tuesday results:

  • Singapore bt Malaysia by 29 runs
  • UAE bt Oman by 13 runs
  • Hong Kong bt Nepal by 3 wickets

Final:
Thursday, UAE v Hong Kong

SPECS
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The National in Davos

We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.

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Five personal finance podcasts from The National

 

To help you get started, tune into these Pocketful of Dirham episodes 

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Balance is essential to happiness, health and wealth 

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What is a portfolio stress test? 

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What are NFTs and why are auction houses interested? 

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How gamers are getting rich by earning cryptocurrencies 

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Should you buy or rent a home in the UAE?  

Prop idols

Girls full-contact rugby may be in its infancy in the Middle East, but there are already a number of role models for players to look up to.

Sophie Shams (Dubai Exiles mini, England sevens international)

An Emirati student who is blazing a trail in rugby. She first learnt the game at Dubai Exiles and captained her JESS Primary school team. After going to study geophysics at university in the UK, she scored a sensational try in a cup final at Twickenham. She has played for England sevens, and is now contracted to top Premiership club Saracens.

----

Seren Gough-Walters (Sharjah Wanderers mini, Wales rugby league international)

Few players anywhere will have taken a more circuitous route to playing rugby on Sky Sports. Gough-Walters was born in Al Wasl Hospital in Dubai, raised in Sharjah, did not take up rugby seriously till she was 15, has a master’s in global governance and ethics, and once worked as an immigration officer at the British Embassy in Abu Dhabi. In the summer of 2021 she played for Wales against England in rugby league, in a match that was broadcast live on TV.

----

Erin King (Dubai Hurricanes mini, Ireland sevens international)

Aged five, Australia-born King went to Dubai Hurricanes training at The Sevens with her brothers. She immediately struck up a deep affection for rugby. She returned to the city at the end of last year to play at the Dubai Rugby Sevens in the colours of Ireland in the Women’s World Series tournament on Pitch 1.

APPLE IPAD MINI (A17 PRO)

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Biometrics: Touch ID, Face ID

Colours: Blue, purple, space grey, starlight

In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099

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Drishyam 2

Directed by: Jeethu Joseph

Starring: Mohanlal, Meena, Ansiba, Murali Gopy

Rating: 4 stars

Match info

Uefa Nations League A Group 4

England 2 (Lingard 78', Kane 85')
Croatia 1 (Kramaric 57')

Man of the match: Harry Kane (England)

Seemar’s top six for the Dubai World Cup Carnival:

1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition

Updated: March 22, 2023, 1:32 PM