2023-03-22 05:56:21 ET
- Ares Management ( NYSE: ARES ) and Mubadala Investment formed a JV for buying secondhand stakes in private-credit funds.
- It will be anchored by the Abu Dhabi-based sovereign-wealth fund and will initially invest ~$1B in deals involving portfolios acquired from investors in private funds and deals instigated by fund managers.
- Most of these investors are selling assets to make up for liquidity shortfalls.
- Wall Street Journal says that the amount of capital made available for investment will increase as the credit secondary market expands.
For further details see:
Ares forms $1B joint venture with Mubadala Investment as credit secondary venture