Abu Dhabi sovereign wealth fund Mubadala will be an anchor investor for New York-based private equity firm Blue Opal Capital’s second venture capital fund ahead of its IPO, state news agency Wam reports. Details on the size of Mubadala’s investment in the fund were not disclosed.

About the fund: The fund will target identifying and investing in entrepreneurial VCs, primarily those based in the US, through a platform that operates as a fund of funds.

Mubadala is ramping up its private credit investments to capitalize on the growing demand for debt capital from high-growth tech businesses, its head of credit investments Fabrizio Bocciardi said in September. The sovereign wealth fund also agreed with Goldman Sachs last month to co-invest USD 1 bn in private credit in “high quality companies and sponsors” in the Asia-Pacific region, and earmarked USD 1 bn each for alternative asset manager Blue Owl Capital ’s technology lending strategy to finance tech and software companies in September and its JV with Ares Management in March last year.

And some more: Mubadala set up a USD 2.5 bn JV with Alpha Dhabi to co-invest in global credit last year. The wealth fund also took on the role of anchor investor for a private credit fund set up by Starz Real Estate and targeting European property in November 2023.

Mubadala isn’t alone: The Abu Dhabi Investment Authority also ventured into private credit in September, backing a USD 5 bn fund launched by Wells Fargo alongside asset manager Centerbridge and making a USD 932 mn investment in Australian real estate private credit company Qualitas Diversified Credit Investments. The asset class is expected to balloon to USD 2.3 tn in size by 2027, according to Morgan Stanley.

OTHER INVESTMENT NEWS-

#1-Saudi Venture Capital invests USD 30 mn Olive Rock Partners’ private equity fund:Saudi Venture Capital(SVC) poured USD 30 mn in Abu Dhabi-based Olive Rock Partners ’ maiden private equity fund Olive Rock Partners Fund I, Saudi state news agency SPA reported yesterday, citing a SVC statement. Olive Rock Partners is an independent GCC-focused private equity fund based in the Abu Dhabi Global Market (ADGM).

Details are scant: The fund will focus on investments in “mid-market buyouts that are geographically advantaged and technologically enabled,” according to the statements. No further details were provided on the fund or its planned investments.

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