Mubadala Investment Co. and KKR & Co. have announced a strategic partnership seeking private credit co-investment opportunities in the Asia-Pacific region.
The Abu Dhabi sovereign wealth fund with $284 billion in assets and the alternative money manager plan to deploy at least $1 billion in capital, according to a joint news release on Monday.
Mubadala will deploy its capital alongside KKR's existing capital, which will include the KKR Asia Credit Opportunities Fund, which recently raised $1 billion.
"Expanding into the Asia Pacific region is a core pillar of our strategy as this market presents unique credit investment opportunities, driven by its rapid growth and high demand for non-bank capital," said Omar Eraiqaat, co-head of credit investments at Mubadala, in the news release. "We are very pleased to collaborate with KKR, an experienced and high-caliber partner, and we look forward to leveraging their deep experience and capabilities in Asia Pacific to pursue credit opportunities and deliver value to our stakeholders."
KKR has about $178 billion in global credit assets under management and has deployed almost $3 billion in Asia-Pacific since 2019, according to the news release.
As of June 30, KKR had $429 billion in AUM firmwide.