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Abu Dhabi’s Mubadala Investment Company has infused fresh capital into US alternative real estate commercial lender 3650 Capital, following a new round of funding.
The funding round also saw 3650 Capital draw a repeat investment from the California State Teachers’ Retirement System (CalSTRS) for a total of $215 million in new investments.
While financial details of Mubadala’s investment have not been disclosed, the sovereign wealth fund’s website states its real estate team joined 3650 Capital and CalSTRS in committing up to $4 billion to the US real estate credit markets.
3650 Capital said the capital will help with lending strategies and support multiple investment products that provide long-term, fixed-rate financing, as well as transitional loans.
In Q3 last year, 3650 Capital drew close to $430 million in capital commitments from CalSTRS as well as Singapore’s state-backed Temasek. The investment was preceded by a $100 million commitment from Public Officials Benefit Association (POBA), the Seoul, South Korea-based public pension fund.
3650 Capital manages a loan servicing portfolio of approximately $18 billion in commercial real estate loans and securities.
(Writing by Bindu Rai, editing by Brinda Darasha)
