Private credit lender Blue Owl Capital is planning to expand its presence in the Middle East with the opening of a new office in Abu Dhabi staffed by a team focused on capital raising, according to a report by Bloomberg.
The report cites an unnamed source with knowledge of the matter as revealing that the move is aimed at strengthening the firm’s relationship with wealth fund Mubadala Investment Co which recently made a $1bn investment commitment to Blue Owl.
With around $150 billion in asset under management, Blue Owl is one of the largest players in the private credit market. Recent deals include a $2.65bn debt package to support Francisco Partners and TPG Inc’s acquisition of New Relic Inc, as well as a $2.7bn financing to help fund BradyIFS’s acquisition of Envoy Solutions.
As well as the new office Abu Dhabi, Blue Owl has also reportedly been working on plans to establish a presence in neighbouring Dubai, according to Bloomberg’s source.