Abu Dhabi sovereign investor Mubadala Investment Company and Alpha Dhabi Holding’s joint venture has acquired a $0.6bn (£0.45bn) European direct lending portfolio managed by Apollo Global Management.
The investment firms said Apollo will continue to manage and grow the portfolio following the acquisition.
The Mubadala–Alpha Dhabi joint venture, established in 2023, focuses on identifying and deploying capital into credit opportunities. It currently holds $1bn in assets, with the addition of Apollo’s European direct lending portfolio bringing its pro forma assets under management to around $1.6bn across 39 obligors.
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“We’ve had a long and fruitful partnership with Mubadala and Alpha Dhabi, and we are pleased to support this transaction as their joint venture seeks to benefit from senior secured European direct lending exposure,” said Jim Vanek, partner and co-head of global performing credit at Apollo.
The firms said the portfolio adds new positions in consumer goods and services to the joint venture, as well as exposure to the healthcare, high-tech, business services and financial services sectors.
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“This acquisition represents a transformative step forward for our joint venture, expanding its exposure to some of the world’s most dynamic markets across sectors driving the economy of the future,” said Eng. Hamad Al Ameri, managing director and group chief executive of Alpha Dhabi Holding PJSC. “Apollo’s European direct lending portfolio will complement our existing assets, positioning us to unlock further growth and diversification opportunities.”
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