Latin American Bank Turns to Asia, Middle East for Fresh Capital - Bloomberg
Corporacion Andina de Fomento, a Latin American development bank that will lend over $14 billion this year, is seeking to add new members from Europe, the Middle East and Asian countries to finance new projects in the region.
The Caracas-based bank known as CAF, one of Latin America’s largest lenders, is in conversations with several countries including Saudi Arabia, Qatar, India and Korea to join its existing 21 members, President Sergio Diaz-Granados said. The new shareholders could get a stake of as much as 15% of the bank and two seats on its board but CAF will continue to be controlled by Latin American nations, he said.
“We are in this process of seeking partners that contribute to the bank without the bank losing its essence,” Diaz-Granados told reporters in Mexico City on Friday. “The idea is to double the size of the bank by 2030, and you can do that basically with capitalization by the countries.”
The process of expanding the bank to new members will take time, with CAF more immediately focused on adding some Caribbean nations to reach between 27 and 28 members. Spain and Portugal are currently the only two members that aren’t from the region.
Saturday, 23 September 2023
Blue Owl Plans to Open #AbuDhabi Office to Strengthen Ties With Mubadala - Bloomberg
Blue Owl Plans to Open Abu Dhabi Office to Strengthen Ties With Mubadala - Bloomberg
Private credit lender Blue Owl Capital Inc. is working to open an office and hire a team in Abu Dhabi focused on capital raising, a move to help strengthen its relationship with wealth fund Mubadala Investment Co., according to a person with knowledge of the matter.
The office has become a priority for Blue Owl as it expands its presence in the Middle East, said the person, who asked not to be identified as the details are private. The private credit lender recently secured a $1 billion investment commitment from the Abu Dhabi wealth fund.
Representatives for Blue Owl and Mubadala declined to comment.
Blue Owl, which has about $150 billion under management, is one of the largest players in the private credit market. Some of its recent deals include a $2.65 billion debt package to support Francisco Partners and TPG Inc.’s acquisition of New Relic Inc. as well as a $2.7 billion financing to help fund BradyIFS’s acquisition of Envoy Solutions.
Blue Owl has also been formalizing plans to open an office and hire a team in nearby Dubai to tap into growing demand from Middle Eastern wealth funds in alternative assets. The firm plans to invest directly in the region once the new offices are established, the person said.
The Middle East offices will add to the nearly dozen locations around the globe where the firm already has a presence including Hong Kong, London, Singapore and Tokyo.
Private credit lender Blue Owl Capital Inc. is working to open an office and hire a team in Abu Dhabi focused on capital raising, a move to help strengthen its relationship with wealth fund Mubadala Investment Co., according to a person with knowledge of the matter.
The office has become a priority for Blue Owl as it expands its presence in the Middle East, said the person, who asked not to be identified as the details are private. The private credit lender recently secured a $1 billion investment commitment from the Abu Dhabi wealth fund.
Representatives for Blue Owl and Mubadala declined to comment.
Blue Owl, which has about $150 billion under management, is one of the largest players in the private credit market. Some of its recent deals include a $2.65 billion debt package to support Francisco Partners and TPG Inc.’s acquisition of New Relic Inc. as well as a $2.7 billion financing to help fund BradyIFS’s acquisition of Envoy Solutions.
Blue Owl has also been formalizing plans to open an office and hire a team in nearby Dubai to tap into growing demand from Middle Eastern wealth funds in alternative assets. The firm plans to invest directly in the region once the new offices are established, the person said.
The Middle East offices will add to the nearly dozen locations around the globe where the firm already has a presence including Hong Kong, London, Singapore and Tokyo.
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