Mubadala Investment Co., the Abu Dhabi-based sovereign wealth fund, has committed $1 billion to Blue Owl Capital's credit platform, with an initial focus on the New York-based alternative manager's technology lending strategy, a spokesman for the $276 billion sovereign wealth fund confirmed.
Fabrizio Bocciardi, Mubadala's head of credit investments, said in a news release that his firm's partnership with Blue Owl comes as Mubadala moves to extend its credit investment strategy into technology lending — an area that Blue Owl Co-CEO Doug Ostrover, in the same news release, called a focus of the manager's direct lending capabilities.
Mr. Bocciardi said Blue Owl is well positioned to capitalize on "increasing demand for debt capital from well-established and high-growth software and technology businesses."
As of June 30, Blue Owl's credit business had $73.8 billion in assets under management, just under half of the firm's total AUM of $150 billion, according to Blue Owl's latest earnings release.
A spokesman for Blue Owl called the Mubadala mandate one of the largest commitments yet for the technology lending strategy the firm launched in 2018. As of June 30, Blue Owl's AUM for the strategy came to $17.7 billion.
Mubadala said in the release that it has invested in private debt since 2009, focusing on opportunities in North America and Europe, but that it is moving now to boost exposure "in the rapidly growing Asia-Pacific credit market."
The Mubadala spokesman said Mubadala's partnership with Blue Owl will focus primarily on the U.S.