Alpha Wave Private Credit will give investors access to private credit markets globally. Credit: Joshua Mayo on Unsplash.

UAE-based investment firm Chimera Capital and Alpha Wave Global, an investment company offering numerous funds across asset classes, have introduced Alpha Wave Private Credit.  

The two entities have set aside $2bn as initial commitment for the open-ended credit fund.

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Chimera Capital and Alpha Wave Global will jointly manage the fund, which will focus mainly on investing in private loans and other credit instruments on an opportunistic basis.

Regardless of the direction interest rates take and in light of the expansion of private market for credit solutions, the fund seeks to build a diverse portfolio of credit investments with favourable risk-reward features.

The fund will support investors generate current income via originating or participating in private, senior secured, floating rate loans for companies exploring credit solutions.

The Alpha Wave Private Credit will tap markets across the US, Canada, UK, EU and Australia.

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Chimera Capital chairman Syed Basar Shueb said: “The first close of our inaugural credit fund represents another key milestone for Chimera, and provides investors with access to the private credit markets globally.

“Together with our partners at Alpha Wave Global, we bring the expertise and access needed to position the fund for success, and ambition to continue playing an active role in cementing Abu Dhabi’s position as a global hub for capital solutions.”

Alpha Wave Global chairman Rick Gerson said: “We are excited about the launch of Alpha Wave Private Credit with our partners at Chimera Capital.

“We think there is a clear need and large opportunity across cycles for private credit for both investors who desire yield in a low risk structure and for companies seeking credit solutions. We see this as an important, enduring, and growing area.”