Abu Dhabi-listed Alpha Dhabi Holding has increased its ownership in MICAD Credit JV, managed by Mubadala Capital, to 40% from 20% and doubled its capital commitment to $1 billion.
Under the revised partnership agreement, the joint venture will expand its mandate beyond its existing US and European direct lending activities to include additional private credit strategies available through Mubadala Capital’s relationships, according to the company.
MICAD manages approximately $1.7 billion in assets across 45 portfolio companies. Alpha Dhabi said the expanded partnership reflects its view of private credit as a strategic part of its investment portfolio and will provide access to a broader range of global opportunities.
Omar Eraiqat, president and chief investment officer for credit and solutions at Mubadala Capital, said the agreement’s evolution reflects the partners’ approach to building investment platforms with institutional investors.
Source: Gulf Today
