Abu Dhabi Investment Authority, Abu Dhabi, committed an undisclosed amount to European private credit firm AlbaCore Capital, according to a news release.
AlbaCore Capital's recently launched Senior Direct Lending Strategy has secured anchor investments from ADIA and Japan’s Mitsubishi UFJ Trust and Banking Corp. The strategy's first close brought together $1.8 billion in capital. It is understood that the fund is targeting a $2.5 billion close.
The strategy leverages AlbaCore’s knowledge of European corporate capital structures to build a diversified portfolio of senior direct lending investments, focusing on downside protection and delivering attractive risk-adjusted returns, the release said.
“This anchor commitment presented the opportunity to grow our existing relationship with AlbaCore, which has established itself as a leading specialist European credit manager," Hamad Shahwan Al Dhaheri, executive director of the private equities department at ADIA, said in the news release. "AlbaCore’s strategy is well placed to address the significant and growing demand from European corporates for private credit solutions.”
ADIA is a sovereign wealth fund with $1.1 trillion in assets as of Dec. 31.
U.K.-based AlbaCore Capital has assets under management of $9.4 billion as of Dec. 31. Its senior investment team consists of David Allen, Bill Ammons, and Deborah Cohen Malka, who previously worked together in the London branch of the principal credit investments business at Canada Pension Plan Investment Board, Toronto.
