Cheyne Capital has secured investment from a subsidiary of Abu Dhabi's biggest sovereign wealth fund for its European real estate debt fund, according to a joint statement on Tuesday, as appetite from Gulf state investors for private credit booms.
The London-based hedge fund said the investment, from the Abu Dhabi Investment Authority's unit, was for the ninth round of the Cheyne Real Estate Credit Holdings (CRECH) programme, also known as its Capital Solutions strategy, bringing ADIA's total commitment to 650 million pounds ($831.3 million).
The statement did not specify the size of the investment.
The Capital Solutions strategy is focused on senior lending against European real estate and includes subordinated debt, hybrid credit and commercial mortgage-backed securities (CMBS) services.
Cheyne has been an active lender in the residential real estate market, investing in student accommodation, affordable and senior housing projects.
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