Abu Dhabi Investment Company, better known as Invest AD, a wholly owned subsidiary of Mubadala Investment Company, has launched a vehicle that will allow UAE investors to invest in private credit.
The Invest AD Blackstone Private Debt Fund, a UAE Securities and Commodities Authority-regulated fund, will offer “local feeder access to Blackstone’s US and European private credit strategies”, Invest AD said on Monday.
It is the first global private credit fund of funds vehicle for professional investors in the UAE, which broadens access to an asset class that has “historically only been primarily accessible to institutional investors”, the company said.
“This strategic partnership with Blackstone will enable us to provide our clients with access to semi-liquid private credit platforms,” said Mohammad Saleemi, chief executive of Invest AD.
“Private credit has the potential to generate strong returns as part of investors’ portfolios, and we look forward to partnering with the leading player in this space to broaden access to this asset class.”
Demand for private credit – lending to companies by financial institutions other than banks – has grown significantly in recent years.
Unlike most bank loans, private credit solutions can be tailored to meet borrowers’ needs in terms of size, type or timing of transactions.
The size of the private credit market at the start of 2023 was about $1.4 trillion, compared to $875 billion in 2020, and is estimated to grow to $2.3 trillion by 2027, according to a Morgan Stanley report.
Blackstone Credit is one of the world’s largest credit managers and currently makes up more than half of Blackstone's $295 billion credit and insurance platform.
It invests primarily in the senior secured debt of large private US and European companies.
The partnership with Invest AD will “expand access to institutional quality private credit solutions for their clients, as we have done in markets around the world”, said Rashmi Madan, head of Europe Middle East and Africa at Blackstone Private Wealth Solutions.
“We are seeing strong demand for private credit today [and] we believe the current double-digit yields we’re seeing in the asset class present a compelling opportunity for returns similar to that of historical equity performance, while taking senior secured risk.”
UAE currency: the story behind the money in your pockets
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
