Abu Dhabi's Chimera Capital, Alpha Wave Global Launch $2B credit fund
The fund will focus on markets in the US, Canada, the UK, EU, and Australia for investment prospects.
, an asset management firm linked to a member of Abu Dhabi’s ruling family, and US-headquartered Alpha Wave Global launched a $2 billion open-ended credit fund, as reported by Forbes Middle East.
Chimera Capital and Alpha Wave Global will jointly manage Alpha Wave Private Credit. The fund will focus on markets in the US, Canada, the UK, EU, and Australia where "capital shortages or idiosyncratic reasons result in attractive investment prospects."
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Alpha Wave Private Credit aims to generate current income for investors through originating or participating in private, senior-secured, floating-rate loans for companies looking for credit solutions.
The announcement follows the recent establishment of the Credit Strategies department at Chimera and comes on the back of significant growth across the venture capital, public equity business, as well as our advisory platform, Seif Fikry, CEO of Chimera Capital, said. He added that the fund will enable Chimera to provide investors with differentiated investment opportunities that combine running yield and downside protection, along with upside potential.
"By broadening the product offering through this and other planned launches, we hope to position ourselves at the forefront of the evolving regional asset management industry."
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Rick Gerson, Chairman of Alpha Wave Global, states that there is a clear need and large opportunity across cycles for private credit for both investors who desire yield in a low-risk structure and for companies seeking credit solutions.
Established in 2007, Chimera manages its investment portfolio of listed and unlisted shares in the local and regional capital markets. The Emirati company is a subsidiary of Abu Dhabi’s Royal Group, an investment conglomerate of more than 60 companies whose investments are focused on a range of industries including real estate, construction, FMfast-moving consumer goods, food and beverages, hospitality, aviation, and healthcare.
Edited by Megha Reddy