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DUBAI (Reuters) – Chain Capital secures stake in European real estate bond fund from subsidiary of Abu Dhabi’s largest sovereign wealth fund, following Gulf investor appetite for private credit boom, according to a joint statement on Tuesday did.
The London-based hedge fund said the investment from its Abu Dhabi Investment Authority unit is for the ninth round of the Chain Real Estate Credit Holdings (CRECH) program, also known as Capital Solutions Strategy, and will bring ADIA’s total commitment to It was announced that it would cost $650 million. Pound ($831.3 million).
The statement did not disclose the size of the investment.
The Capital Solutions strategy focuses on senior lending for European real estate and includes subordinated debt, hybrid credit, and commercial mortgage-backed securities (CMBS) services.
Cheyne is an active lender in the residential real estate market, investing in student accommodation, affordable housing, and senior housing projects.
Rising global interest rates have hit commercial real estate valuations, leaving borrowers with maturing loans facing a cash crunch as lenders require additional capital injections before approving debt facility renewals. is occurring.
The improved profit margins from these opportunities attracted capital from Gulf sovereign investors.
ADIA, which manages the Gulf emirate’s surplus from oil exports, is the largest of Abu Dhabi’s three sovereign wealth funds apart from Mubadala and ADQ.
The firm announced last year that its private equity arm would position itself for growth in private markets, including private credit, but Mubadala last month joined Goldman Sachs to drive private credit deals in Asia. signed a $1 billion contract.
On Tuesday, US banking arm Goldman Sachs Asset Management declared it aims to expand its private credit portfolio from the current $130 billion to $300 billion over five years.
($1 = 0.7819 pounds)
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