Ares and Mubadala ink credit secondaries JV

• Dave Schwartz will serve as partner and head of the credit secondaries strategy as well as a member of the Ares secondaries executive committee
• Most recently, Schwartz was co-head of Ares’ U.S. direct lending strategy
• As of December 31, 2022, Ares Secondaries Group had approximately $22 billion in assets under management

Ares Management Corporation and Mubadala Investment Company have formed a joint venture to invest in global credit secondaries opportunities.

Anchored by Mubadala, the JV seeks to deploy about $1 billion.

Dave Schwartz will serve as partner and head of the credit secondaries strategy as well as a member of the Ares secondaries executive committee. Most recently, he was co-head of Ares’ U.S. direct lending strategy.

“We are very pleased to partner with Ares as we expand our investment strategy into the credit secondaries market,” added Fabrizio Bocciardi, head of credit investments at Mubadala, in a statement. “Private credit has become a relevant and important part of institutional portfolios which has led to the growth and development of the private credit secondaries industry. We believe that Ares is particularly well-positioned as a global leader to capitalize on the growing demand for diversified credit secondaries opportunities. We look forward to working with the Ares team to realize the significant benefits of this joint venture.”

As of December 31, 2022, Ares Secondaries Group had approximately $22 billion in assets under management.

Ares Management Corporation was founded in 1997 and is headquartered in Los Angeles.

Based in Abu Dhabi, Mubadala Investment Company is currently managing a $284 billion portfolio that spans six continents with interests in multiple sectors and asset classes.