Abu Dhabi: Chimera Capital, an affiliate of Abu Dhabi-based Chimera Investment, and investment company Alpha Wave Global on Monday announced the launch of Alpha Wave Private Credit, an open-ended credit fund, with initial commitments of $2 billion.
The perpetual fund, which will be jointly managed by Chimera Capital and Alpha Wave Global, will invest primarily in private loans, as well as other credit instruments. The fund has a global mandate, with a primary focus on the US, Canada, UK, EU, and Australia.
Syed Basar Shueb, Chairman of Chimera Capital, commented: “The first close of our inaugural credit fund represents another key milestone for Chimera, and provides investors with access to the private credit markets globally. Together with our partners at Alpha Wave Global we bring the expertise and access needed to position the fund for success, and ambition to continue playing an active role in cementing Abu Dhabi’s position as a global hub for capital solutions.”
Rick Gerson, Chairman of Alpha Wave Global, said: “We are excited about the launch of Alpha Wave Private Credit with our partners at Chimera Capital. We think there is a clear need and large opportunity across cycles for private credit for both investors who desire yield in a low risk structure and for companies seeking credit solutions. We see this as an important, enduring, and growing area.”