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Adia pours more funding into QDCI: The Abu Dhabi Investment Authority (Adia) has made a AUD 300 mn (USD 199.8 mn) investment in Australian real estate private credit company Qualitas Diversified Credit Investments (QDCI), with AUD 220 mn (USD 146.4 mn) activated immediately, according to a statement (pdf). The remaining AUD 80 mn (USD 53.3 mn) will be activated “at Adia’s discretion,” either in whole or part.
This is Adia’s third commitment to QDCI: The investment brings Qualitas’ total funds under management to AUD 8.9 bn (USD 5.9 bn), and QDCI’s committed capital to AUD 1.67 bn (USD 1.1 bn). Adia poured AUD 700 mn (USD 465.8 mn) into QDCI back in August 2023, after initially investing AUD 700 mn (USD 465.8 mn) in the fund a year earlier in August 2022.
Commitments in exchange for Qualitas shares: Qualitas granted Adia options to acquire up to 32.6 mn new ordinary shares as part of its initial investment, divided across an initial tranche of 22.8 mn ordinary shares at a strike price of AUD 2.50 (USD 1.66) per share, and three tranches containing 3.3 mn shares each. The options will expire on 1 August 2024, and can only be exercised when Qualitas secures an additional AUD 100 mn (USD 66.5 mn) in commitments from Adia.
Adia’s latest commitment allows it to exercise options to snag 29.4 mn new shares, owing to the activated component increase of AUD 220 mn (USD 146.4 mn).
