Abu Dhabi Investment Authority's (ADIA) subsidiary has invested in Cheyne Capital's ninth round of fundraising for its European real estate debt fund, called Cheyne Real Estate Credit Holdings. The size of ADIA's latest investment was undisclosed but this brings its total commitment in the fund to 650 million pounds. Cheyne Capital focuses on lending against commercial real estate in Europe through senior loans, subordinated debt, and commercial mortgage backed securities (CMBS). Rising interest rates are negatively impacting property values and loan renewals, attracting Gulf sovereign investors to higher return private credit deals. ADIA and other Gulf funds are increasing allocations to private credit as an alternative asset class.
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Cheyne Capital, a London-based hedge fund, has received an investment from a subsidiary of the Abu Dhabi Investment Authority (ADIA) for its European real estate debt fund. This comes as Gulf state investors are showing more appetite for private credit opportunities.
The investment from ADIA's unit was for the ninth round of Cheyne's Capital Solutions strategy, also known as its Cheyne Real Estate Credit Holdings (CRECH) programme. The size of the investment was not disclosed but ADIA's total commitment to the fund has now risen to 650 million pounds.
The Capital Solutions strategy focuses on senior lending against European commercial real estate, including subordinated debt, hybrid credit and commercial mortgage backed securities (CMBS). Cheyne has been an active lender in the residential real estate market for projects like student housing, affordable housing and senior living facilities.
Rising global interest rates have negatively impacted commercial property valuations, creating financing issues for borrowers with maturing loans as lenders now require more capital injections before renewing debt facilities. These higher risk private credit deals are attracting money from Gulf sovereign investors seeking higher returns.
ADIA, which manages the oil revenue surpluses of Abu Dhabi, is the largest of the three sovereign wealth funds in Abu Dhabi along with Mubadala and ADQ. ADIA stated last year its private equity division would focus on growth areas like private credit, while Mubadala recently struck a $1 billion deal with Goldman Sachs for private credit opportunities in Asia.
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