Sergio Padilla
Mubadala and Apollo’s Athene will be strategic partners in the enterprise, which focuses on below investment-grade deals.
The pension fund has increased its debt allocation to 5.4 percent, which has netted a 7.8 percent return year-to-date.
Lenders are stretching terms amid an overabundance of dry power and too few deals.
The joint venture plans to lend to sponsor-backed tech companies in the lending space.
The partnership will provide $1bn of commercial property loans in the US.
The amount of commercial real estate debt will peak at $1.27trn in 2027, driven by lower borrowing costs from years’ past.
Including leverage and other capital, the fund has an investment capacity of up to $8bn in total commitments.
The multi-private markets vehicles will be distributed through wealth advisers and aims to tap into vast markets for individual investors.
Ratings outfit expands its private credit team to beef up its practice.
The fund is on the hunt for managers as it begins to implement its 10-year investment plan