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Goldman Sachs and SWF

Goldman Sachs and SWF Abu Dhabi Agree on Investment Alliance. The Abu Dhabi government’s sovereign wealth fund (SWF), Mubadala Investment Company, reached an agreement worth US$1 billion or around IDR 15 trillion with Goldman Sachs.

This combined investment provides capital for equity investment in Asia. Quoting Reuters, Monday (26/2/2024) Mubadala and Goldman Sachs are said to be making the Asia Pacific region an investment target.

However, India is said to be the focus of the two companies. This partnership will be managed by Private Credit at Goldman Sachs Alternatives, with field teams operating in various Asia Pacific markets.

For the record, Mubadala itself is one of the three main SWFs in Abu Dhabi. The other two are Abu Dhabi Investment Authority and ADQ. Mubadala has built its exposure to private credit markets through partnerships, namely taking advantage of opportunities in debt ballooning due to high interest rates.

Meanwhile, financial managers are also competing to get a share of the private credit market that developed after the 2008 financial crisis. SWFs are increasingly competing with banks, including to finance purchases of large companies. This has then attracted the attention of SWFs in the Gulf, including Mubadala worth US$300 billion.

Then in March 2023, Mubadala also formed a joint venture with Ares to invest in global credit market opportunities with an initial target of US$1 billion.

In the same year, Mubadala reallocated US$1 billion to US-based credit platform Blue Owl Capital, which will initially focus on financing technology companies. Since 2009, Mubadala has also invested in private debt opportunities through its credit investment unit, primarily in North America and Europe.

However, Mubadala has recently increased its exposure in Asia Pacific, with the CEO saying last year that the company’s investment focus would increasingly focus on Asia.

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