Ares and Mubadala forge credit secondaries JV
Ares Management and Mubadala Investment Company, the $284bn U.A.E sovereign wealth fund, formed a joint venture to invest in global credit secondaries opportunities.
Dave Schwartz will serve as partner and head of the credit secondaries strategy and sit on the Ares Secondaries Executive Committee. He most recently served as co-head of Ares’ US direct lending strategy.
The senior leadership team also includes Sebastien Burdel and Luca Salvato, both partners in the Ares Secondaries Group, and Nate Walton, partner and head of the private equity secondaries strategy.
Anchored by Mubadala, it will initially aim to deploy approximately $1bn as it seeks to capitalise on the anticipated growth and substantial demand from GPs and LPs for customised liquidity solutions for the credit secondaries asset class.
See recent moves by Mubadala:
Strategic Value Partners names investing chiefs
Strategic Value Partners, a $17bn private credit firm based in Greenwich, CT, has hired Dave Richards from Advent International as managing director and co-head of its investment-operating team in North America.
Sergei Spiridonov has joined from Sun Capital to serve in the same role in Europe.
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Zebdi spent 11 years at BlackRock, most recently as head of institutional clients in the Middle-East, based in Dubai. The $22bn credit manager has become the latest hedge fund to set up there. Read more on AFI.