Chimera Capital, Alpha Wave Global launch credit fund

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Chimera Capital and Alpha Wave Global, an investment company with multiple funds across asset classes, on Monday announced the launch of Alpha Wave Private Credit, an open-ended credit fund, with initial commitments of $2 billion.

The perpetual fund, which will be jointly managed by Chimera Capital and Alpha Wave Global aims to develop a diversified portfolio of credit investments reflecting attractive risk-reward characteristics irrespective of the path of interest rates and in the context of growth in the private market for credit solutions.

The fund will invest primarily in private loans, as well as other credit instruments on an opportunistic basis. The fund has a global mandate, with a primary focus on the US, Canada, UK, EU, and Australia, and will seek to identify situations and themes where capital shortages or idiosyncratic reasons result in attractive investment prospects.

The primary objective is to generate current income for investors, through originating or participating in private, senior secured, floating rate loans for companies looking for credit solutions.

Syed Basar Shueb, chairman of Chimera Capital, commented: “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.”

Rick Gerson, chairman of Alpha Wave Global, 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.”

Seif Fikry, CEO of Chimera Capital, said this announcement follows the recent establishment of the Credit Strategies department at Chimera and comes on the back of significant growth across our venture capital, public equity business, as well as our advisory platform.

"This fund will enable us to seek to provide investors with differentiated investment opportunities that combine running yield and downside protection, along with upside potential. By broadening the product offering through this and other planned launches, we hope to position ourselves at the forefront of the evolving regional asset management industry.”