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One IM raises more funds for global expansion: Mubadala and Sheikh Tahnoon bin Zayed Al Nahyan’s Royal Group-backed fund One Investment Management (One IM) secured an additional c.USD 1 bn in commitments to boost its size from USD 6.8 bn to USD 8 bn to fuel its expansion plans, Bloomberg reports, citing sources familiar with the matter. The investors were not disclosed.
We already knew this was coming: The fund reportedly had plans to secure more Gulf investments, boosting its size to USD 10 bn, Former SoftBank CEO — and manager of the fund — told Bloomberg earlier this year.
Where will the funds go? The fund plans to open new offices in New Delhi and Japan and is seeking lending and investment opportunities globally, with some of the investments possibly executed in the form of partnerships with existing backers.
Background: The fund was previously focused on deploying capital in the US and Europe, with offices in New York, London, Abu Dhabi, and Tokyo. It partnered with private credit firm Oak Hill Advisors in July to invest up to USD 5 bn in the upper mid-market and large European companies by providing loans, including first-lien and unitranches, according to their press release (pdf).
