Chimera Capital, an affiliate of Abu Dhabi-based private Chimera Investment, partnered with Alpha Wave Global to launch an open-ended credit fund with $2 billion in initial commitments.
Alpha Wave Private Credit targets global private credit opportunities and establishes Chimera’s credit strategies vertical, officials said on Monday.
Jointly managed by Chimera and Alpha Wave, the new fund will invest primarily in private loans, as well as other credit investments on an opportunistic basis. The primary focus on the U.S., Canada, UK, Europe and Australia. The managers will seek out situations and themes where capital shortages or idiosyncratic reasons will result in attractive investment prospect.
“The first close of our inaugural credit fund represents another key milestone for Chimera, and provides investors will access to the private credit markets globally,” said Syed Basar Shueb, chairman of Chimera Capital, which has historically offered ETFs and venture capital products. “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.”
Chimera’s credit strategies arose on the back of the firm’s significant growth across its venture capital, public equity business, as well as its advisory platform, according to Seif Fikry, CEO of Chimera Capital. He added that there are other planned launches in broadening its product offering.
“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 seeing credit solutions,” said Rick Gerson, chairman of Alpha Wave Global. “We see this as an important, enduring and growing area.”