Mubadala Investment Company and Carlyle subsidiary AlpInvest Partners have announced the establishment of a new credit co-investment partnership to provide portfolio senior fund financing on a global basis.
The strategic partnership, which builds on Mubadala and Carlyle’s long-standing relationship, represents a key advancement in AlpInvest’s portfolio finance strategy, which launched in 2018.
Since then, AlpInvest has spearheaded approximately $4bn in portfolio fund financing transactions, establishing itself as an early leader in the sector.
Mubadala and Alpinvest
The new partnership will expand AlpInvest’s ability to deliver efficient support to private equity managers, seeking to drive value in their funds.
For Mubadala, expanding its credit investment strategy into senior loans against the value of fund portfolios is an extension into a fast-growing private debt segment that complements its existing co-investment partnerships in direct lending, credit secondaries, real estate debt, infrastructure and technology financing.
Fabrizio Bocciardi, Head of Credit Investments at Mubadala, said: “We are pleased to expand our longstanding relationship with Carlyle through this new strategic partnership which will invest into portfolio senior fund financing, building on AlpInvest’s sector expertise to address this growing market.”
The partnership has already completed its first investment.
Michael Hacker, Global Head of Portfolio Finance at AlpInvest, said: “This new partnership with Mubadala aligns with AlpInvest’s vision of creating transformative financing support for private equity funds as they continue to drive value for their limited partners.
“This is a key milestone for our Secondaries and Portfolio Finance platform and an exciting step forward in expanding our reach and capacity to meet the evolving needs of our partners within the private equity community.”
AlpInvest and Mubadala are strongly committed to pursuing carefully constructed portfolio senior fund financings that support long-term value optimization for the funds to which they are lenders and have fully endorsed recent guidelines published by the Institutional Limited Partners Association (ILPA).
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