Mubadala and Black Rock are agreed to end the credit partnership in Asia

Black Rock and “Mubadala Invest” have agreed to terminate their partnership in the field of special credit in Asia, which focuses on investing in China and Indonesia due to problems with finding appropriate transactions, according to people who are familiar with the matter. The people who asked not to mention their names because of the privacy of the information said that according to this partnership that started in 2023, “Mubadala” was an investment fund owned by the Abu Dhabi government, which is committed to investing the same amount as Black Rock invested. This has come because the most important international asset management enterprises are trying to contract alliances with private credit funds to take advantage of the $ 1.7 trillion credit market. Mubadala expands its portfolio, is an ‘exchange’ of the most active investor in this area as it has built an investment portfolio of 73.5 billion dirhams ($ 20 billion), supported by partnerships with enterprises such as “Apollo Global Management” and “Carlyle Group” and “Carlyle Group” and “Carlyle Group” and “Carlyle Group” and “Carlyle Group” and “Carlyle” KKR & Co. Black Rock did not at a request Mubadala refused to comment on the subject. People added that the partnership invested only a limited amount of capital, pointing out that the closing of transactions in China was difficult due to the target return, which ranges between 13% and 17% annually. People explained that the head of the private credit sector in Indonesia, Christopher Ganes, departed in the early stages of cooperation to join the Indonesian investment authority Sovereign Wealth Fund, making the process of closing transactions in the country. Celia Yan, head of the Special Credit Division of the Asia -Pacific region in “Black Rock”, recently left to join Apollo, while Black Rock is about to complete the process of melting his business with HPS investment partners. The Black Rock agreement in a separate context, Black Rock agreed last year to acquire HPS in a shares of about $ 12 billion. The agreement is expected to be completed in the middle of this year after the necessary organizational approvals have been obtained. According to an internal memorandum, the joint platform will expand to include a team of 22 specialists in private market investments, with senior investors joining Singapore and Sydney.