Mubadala is deepening its push into private credit, joining a BNP Paribas unit to acquire a minority stake in London-based Hayfin Capital Management.
The Abu Dhabi sovereign wealth fund has increased its exposure to private credit, a form of non-bank lending, as traditional institutions shy away from the riskier, higher-cost financing.
Private credit was Mubadala’s top-performing asset class for the third consecutive year in 2024, according to its annual report. The fund’s allocation reached about $20 billion last year through partnerships with Apollo, Ares, Carlyle, Goldman Sachs, and KKR. The Hayfin deal adds exposure to one of Europe’s most active direct lenders, which has €33 billion ($38.7 billion) in assets under management.