Abu Dhabi wealth fund Mubadala Investment Co. has formed a strategic partnership with private credit heavyweight Blue Owl Capital, committing $1 billion to the firm’s credit platform.
The investment will initially go toward Blue Owl’s technology lending strategy, which provides financing to technology and software companies, according to a Monday press release.
The deal marks the largest commitment to Blue Owl’s technology lending strategy so far, said a person familiar with the matter, asking not to be identified as the details are private. It’s also Mubadala’s first investment in Blue Owl and comes as Middle Eastern sovereign wealth funds look to diversify away from energy, with particular appetite for US investments and the technology sector, added the person.
Read the full story on Bloomberg here.