{"id":90716,"date":"2024-04-03T00:00:00","date_gmt":"2024-04-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adia-earmarks-usd-1-bn-for-barclays-agl-private-credit-vehicle\/"},"modified":"2024-04-03T00:00:00","modified_gmt":"2024-04-03T00:00:00","slug":"adia-earmarks-usd-1-bn-for-barclays-agl-private-credit-vehicle","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/04\/03\/adia-earmarks-usd-1-bn-for-barclays-agl-private-credit-vehicle\/","title":{"rendered":"ADIA earmarks USD 1 bn for Barclays, AGL private credit vehicle"},"content":{"rendered":"

The Abu Dhabi Investment Authority (ADIA) is pouring USD 1 bn into Barclays <\/strong>and <\/strong>AGL Credit Management\u2019<\/a><\/strong>s new private credit fund<\/strong>, Bloomberg<\/a> reports, citing a source familiar with the matter. With Adia\u2019s backing, the fund now holds more than USD 2 bn of dry powder ready for deployment. The three firms declined to confirm the exact size of the investment. <\/p>\n

ADIA and AGL go way back:<\/strong> Founded in 2019, AGL was launched with a USD 500 mn<\/a> investment from Adia, making the sovereign wealth fund a shareholder in the credit investment firm.<\/p>\n

ADIA is stepping up its private credit investments:<\/strong> ADIA recently said it is ramping up its commitment to London-based alternative asset manager Cheyne Capital\u2019s capital solutions strategy to GBP 650 mn<\/a>, as a \u201ccompelling investment proposition in a market that is looking to private credit lenders for capital,\u201d Executive Director of ADIA\u2019s real estate department Mohamed Al Qubaisi said. ADIA previously ventured into private credit in September, backing a USD 5 bn fund<\/a> launched by Wells Fargo alongside asset manager Centerbridge and making a USD 932 mn investment<\/a> in Australian real estate private credit company Qualitas Diversified Credit Investments.<\/p>\n

About the vehicle: <\/strong>The private credit fund will operate as an independent manager with a primary focus on investments in senior secured debt and offering private credit financing to major corporate borrowers, Bloomberg reports, citing a statement it has seen. The fund will give AGM \u201ccomplete control\u201d over origination, asset selection, portfolio construction and portfolio management .<\/p>\n

AGM will hold full control under an agreement with Barclays, which will give AGL access <\/strong>to all of Barclays\u2019 entire private credit portfolio. <\/strong>The agreement will allow AGL to choose to participate in the credit financing transactions, which will help AGL \u201cbenefit from more information than other pure-play direct lenders and asset managers,\u201d AGL Chief Executive Peter Gleysteen told Bloomberg. <\/p>\n","protected":false},"excerpt":{"rendered":"

The fund has over USD 2 bn of capital<\/p>\n","protected":false},"author":1,"featured_media":90717,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1557],"tags":[185,1654,1129,7,25,951],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-adia","tag-agl","tag-barclays","tag-enterpriseam-uae","tag-investment-watch","tag-private-credit","wpautop","entry"],"acf":{"mongo_id":"f63d2de3-6c33-4583-b209-498f1de2767e","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1981.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ADIA earmarks USD 1 bn for Barclays, AGL private credit vehicle","related_issue":[90707],"teaser":"The fund has over USD 2 bn of capital","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.4b930d78-0558-4ac4-949d-bed803020793.mp3"},"yoast_head":"\nADIA earmarks USD 1 bn for Barclays, AGL private credit vehicle - 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