Abu Dhabi sovereign investor Mubadala Investment Company and Goldman Sachs have signed a $1 billion partnership to co-invest in private credit opportunities in the Asia-Pacific region.
The partnership will be managed by the private credit team at Goldman Sachs Alternatives, with an on-the-ground team across several Asia-Pacific markets, the companies said in a joint statement on Monday.
They plan to invest $1 billion in long-term capital in “high-quality” companies across the private credit spectrum in the region, with a particular focus on India.
“The diverse and rapidly growing economies, as well as the increasing private equity deal volumes, are significantly driving demand in [the] Asia-Pacific for customised credit solutions from non-traditional lenders,” said Omar Eraiqat, deputy chief executive of diversified investments at Mubadala.
The partnership will boost Mubadala's private credit exposure in the Asia-Pacific region, which “is central to Mubadala’s strategic growth initiatives”, he said.
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 modified to meet borrowers’ needs in terms of size, type or timing of transactions.
The size of the private credit market is estimated to grow to $2.3 trillion by 2027, from about $1.4 trillion at the start of 2023, according to a report by Morgan Stanley.
Goldman Sach's global private credit team currently oversees more than $110 billion in assets under management, with a presence across the Asia-Pacific region.
Last year, the company opened an office in Abu Dhabi Global Market to boost its regional presence and forge closer ties with key domestic players.
Goldman Sach's partnership with Mubadala is expected to enable both businesses to continue scaling their investment activity in the growing Asia-Pacific credit market, they said.
The opportunity in private credit in the Asia-Pacific region is “expansive”, said Greg Olafson, global head of private credit at Goldman Sachs Alternatives.
“With strong economic growth in the region and favourable conditions for private lenders to support the growth of leading companies by providing flexible, long-term capital, we believe we are at the early stages of a defining era for private credit in [the] Asia-Pacific.”
Global investors are increasingly allocating resources to the private credit market, with a host of banks and asset managers pouring capital into the fast-growing industry.
Mubadala’s credit investments unit focuses on direct lending to middle market and large cap companies across several industries and asset classes.
In September, Mubadala teamed up with New York-based alternative asset manager Blue Owl Capital to co-invest in private credit opportunities.
The partnership was established with a $1 billion commitment to Blue Owl’s credit platform and will initially focus on its technology lending strategy, which provides financing solutions for several technology and software companies, Mubadala said at the time.
In January last year, Mubadala also signed a joint venture with Alpha Dhabi Holding, a unit of Abu Dhabi's International Holding Company, to co-invest in private credit opportunities.
Fabrizio Bocciardi, head of credit investments at Mubadala, said that India, in particular, stood out as a key market with “significant opportunities in private credit”.
We believe we are at the early stages of a defining era for private credit in Asia Pacific
Greg Olafson,
global head of private credit at Goldman Sachs Alternatives
India remains a key focus for Mubadala, which manages more than $284 billion in assets globally and plays a key role in the UAE's economic diversification strategy.
Last year, Mubadala revealed new investment deals in India as part of its expansion in the world’s most populous country.
In April, Mubadala and the British Columbia Investment Management Corporation, a Canadian pension fund, became anchor investors in Cube Highways Trust, an infrastructure investment trust in India.
This month, the company also said it was investing in India’s Manipal Health Enterprises as part of its continued expansion in Asia’s third-largest economy.
List of alleged parties
May 15 2020: PM and Carrie attend 'work meeting' with at
least 17 staff members
May 20 2020: PM and Carrie attend 'bring your own booze'
party
Nov 27 2020: PM gives speech at leaving do for his staff
Dec 10 2020: Staff party held by then-education secretary
Gavin Williamson
Dec 13 2020: PM and Carrie throw a flat party
Dec 14 2020: London mayor candidate Shaun Bailey holds staff party at Conservative
Party headquarters
Dec 15 2020: PM takes part in a staff quiz
Dec 18 2020: Downing Street Christmas party
Specs
Engine: 3.0L twin-turbo V6
Gearbox: 10-speed automatic
Power: 405hp at 5,500rpm
Torque: 562Nm at 3,000rpm
Fuel economy, combined: 11.2L/100km
Price: From Dh292,845 (Reserve); from Dh320,145 (Presidential)
On sale: Now
KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Wes%20Ball%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Owen%20Teague%2C%20Freya%20Allen%2C%20Kevin%20Durand%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
What it means to be a conservationist
Who is Enric Sala?
Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.
What is biodiversity?
According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
On sale: now
Scores in brief:
Boost Defenders 205-5 in 20 overs
(Colin Ingram 84 not out, Cameron Delport 36, William Somerville 2-28)
bt Auckland Aces 170 for 5 in 20 overs
(Rob O’Donnell 67 not out, Kyle Abbott 3-21).
WHY%20AAYAN%20IS%20'PERFECT%20EXAMPLE'
%3Cp%3EDavid%20White%20might%20be%20new%20to%20the%20country%2C%20but%20he%20has%20clearly%20already%20built%20up%20an%20affinity%20with%20the%20place.%3Cbr%3E%3Cbr%3EAfter%20the%20UAE%20shocked%20Pakistan%20in%20the%20semi-final%20of%20the%20Under%2019%20Asia%20Cup%20last%20month%2C%20White%20was%20hugged%20on%20the%20field%20by%20Aayan%20Khan%2C%20the%20team%E2%80%99s%20captain.%3Cbr%3E%3Cbr%3EWhite%20suggests%20that%20was%20more%20a%20sign%20of%20Aayan%E2%80%99s%20amiability%20than%20anything%20else.%20But%20he%20believes%20the%20young%20all-rounder%2C%20who%20was%20part%20of%20the%20winning%20Gulf%20Giants%20team%20last%20year%2C%20is%20just%20the%20sort%20of%20player%20the%20country%20should%20be%20seeking%20to%20produce%20via%20the%20ILT20.%3Cbr%3E%3Cbr%3E%E2%80%9CHe%20is%20a%20delightful%20young%20man%2C%E2%80%9D%20White%20said.%20%E2%80%9CHe%20played%20in%20the%20competition%20last%20year%20at%2017%2C%20and%20look%20at%20his%20development%20from%20there%20till%20now%2C%20and%20where%20he%20is%20representing%20the%20UAE.%3Cbr%3E%3Cbr%3E%E2%80%9CHe%20was%20influential%20in%20the%20U19%20team%20which%20beat%20Pakistan.%20He%20is%20the%20perfect%20example%20of%20what%20we%20are%20all%20trying%20to%20achieve%20here.%3Cbr%3E%3Cbr%3E%E2%80%9CIt%20is%20about%20the%20development%20of%20players%20who%20are%20going%20to%20represent%20the%20UAE%20and%20go%20on%20to%20help%20make%20UAE%20a%20force%20in%20world%20cricket.%E2%80%9D%C2%A0%3C%2Fp%3E%0A
Major honours
ARSENAL
BARCELONA
- La Liga - 2013
- Copa del Rey - 2012
- Fifa Club World Cup - 2011
CHELSEA
- Premier League - 2015, 2017
- FA Cup - 2018
- League Cup - 2015
SPAIN
- World Cup - 2010
- European Championship - 2008, 2012
