A wholly owned subsidiary of Abu Dhabi Investment Authority, Abu Dhabi, made a further commitment to Cheyne Capital's real estate credit holdings program, bringing the total committed by the sovereign wealth fund to £650 million ($836 million).
The subsidiary committed an undisclosed amount to the ninth vintage of Cheyne's program, known as the capital solutions strategy.
The strategy focuses on senior lending against European real estate, across subordinated debt, hybrid credit and commercial mortgage-backed securities.
"We have invested with Cheyne for a number of years and welcome the opportunity to grow our relationship," said Mohammed Al Qubaisi, executive director of ADIA's real estate department, in a Cheyne news release. "The capital solutions strategy aims to meet the increasing demand for various forms of real estate credit by drawing on Cheyne's expertise in the European real estate lending market. We see this as a compelling investment proposition in a market that is looking to private credit lenders for capital."
ADIA does not disclose its assets, but the Sovereign Wealth Fund Institute estimates its holdings to be $993 billion.
Cheyne has $11 billion of assets under management, about half of which are accounted for by real estate investments.
Further details were not being disclosed, an ADIA spokesperson said.