Mubadala Investment Company and AlpInvest Partners, a private equity investor and subsidiary of Carlyle, announced a credit co-investment partnership to provide portfolio senior fund financing. The partnership builds on Mubadala and Carlyle’s relationship and advances AlpInvest’s portfolio finance strategy launched in 2018. Since then, AlpInvest has executed approximately $4 billion in portfolio fund financing transactions.
The partnership will expand AlpInvest’s ability to support private equity managers. For Mubadala, expanding its credit investment strategy into senior loans against fund portfolios complements its co-investment partnerships in direct lending, credit secondaries, real estate debt, infrastructure and technology financing.
“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,” said Fabrizio Bocciardi, Head of Credit Investments at Mubadala.
The partnership has completed its first investment.
Michael Hacker, Global Head of Portfolio Finance at AlpInvest, stated, “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 will pursue portfolio senior fund financings and have endorsed recent guidelines published by the Institutional Limited Partners Association (ILPA).
