Mubadala and AXA IM Prime take minority stakes in Hayfin Capital: Mubadala Investment and AXA IM Prime, the private markets arm of AXA Investment Managers, will acquire minority interests in UK-based private credit manager Hayfin Capital Management, according to a statement. The move comes as the sovereign wealth fund ramps up exposure to private credit, and follows a management buyout of Hayfin completed earlier in the year.

What we know: Investment manager Arctos Keystone, which backed the buyout transaction earlier in February, is now offloading part of its stake to Mubadala and AXA IM Prime as part of a strategy to include more strategic shareholders. While the companies did not share details about the size or valuation of the stakes, the statement mentioned that Hayfin’s strategy, leadership, and day-to-day operations will remain unchanged.

What they said: The move “reflects our conviction in Hayfin’s platform and leadership team and reinforces our strategy of backing high-quality asset managers that deliver value to all their stakeholders,” Omar Eraiqaat, deputy CEO of Mubadala’s credit and special situations platform, said in the statement.

Background: Mubadala grew its private credit portfolio to USD 20 bn last year — its best-performing asset class for three consecutive years. This included a USD 1 bn partnership with Fortress Investment Group and a separate one of a similar size with Goldman Sachs, a multi-bn partnership with Apollo, and a USD 2.5 bn private credit JV with Alpha Dhabi.

Though it hasn’t been without obstacles: Mubadala recently winded down its private credit venture with BlackRock in Asia amid difficulties sourcing viable transactions.

About Hayfin: Founded in 2009, the alternative asset management platform, which oversees around EUR 33 bn in assets, offers solutions across private credit, liquid credit, and private equity, according to its website.

Bloomberg also had the story.

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