Barclays, AGL Launch Private Credit Partnership Backed by ADIA - Bloomberg

Barclays, AGL Launch Private Credit Partnership Backed by ADIA - Bloomberg

Barclays Plc and AGL Credit Management have teamed up to make a push into the burgeoning $1.7 trillion private credit market with backing from the Abu Dhabi Investment Authority.

The two firms have entered into a cooperation agreement to originate private credit loans that will give AGL exclusive access to Barclays’ deal flow. AGL will have a first look on every deal Barclays originates that includes a private credit option but no obligation to participate.

“It’s going to make us a better lender,” AGL Chief Executive Peter Gleysteen said in a phone interview, arguing that having a direct line into Barclays’ origination pipeline will give his firm an advantage over rivals. “AGL will benefit from more information than other pure-play direct lenders and asset managers.”

ADIA, which has been an investor in AGL since the firm’s founding, has committed $1 billion to the new private credit vehicle, according to a person with knowledge of the matter. Including leverage, the fund will have over $2 billion of capital available to deploy, said the person, who asked not to be named discussing confidential deal terms.