US-based Apollo Global Management has launched a new private credit fund backed by UAE’s Mubadala Investment Company.

Middle Market Apollo Institutional Private Lending is part of an existing relationship between Apollo and Mubadala, which started in 2020, Bloomberg reported.

The two companies have contributed more than $290 million to the fund, which has over $790 million in assets, the report said.  

The fund has a seed commitment worth $450 million as of March 15, according to a filing with US Securities and Exchange Commission.

The new fund will invest 70% to 80% in loans to US middle-market companies with less than $75 million in earnings before interest, taxes, depreciation and amortisation, the filing added.

Earlier this month, Mubadala said it will be an anchor investor in the US-based Blue Opal Capital’s second venture capital fund.

The UAE sovereign investor, which has a $276 billion portfolio with interests in multiple sectors and asset classes, signed a $1 billion deal with Goldman Sachs to invest in private credit deals in Asia, focusing on India.

(Editing by Seban Scaria seban.scaria@lseg.com)