Abu Dhabi-based investment firm Lunate has committed $1bn to a new investment platform launched by HPS Investment Partners, deepening its presence in global private markets.

The new vehicle, HPS Strategic Solutions Partners, will focus on privately negotiated equity and debt investments in large corporates across the U.S. and Europe, catering to rising demand for alternative and structured financing solutions.

The platform will be anchored by Lunate’s investment and will also open access to institutional investors in the Middle East, according to HPS.

HPS, which manages around $165bn in assets, was recently acquired by BlackRock in a $12bn all-stock deal, one of the largest transactions ever in the alternatives space. The partnership comes as BlackRock seeks to expand its private markets footprint globally through its newly acquired credit arm.

Lunate, managing $110bn in assets, has been aggressively scaling its exposure to alternative investments since its establishment in 2023 under the Abu Dhabi royal family’s investment network, led by Sheikh Tahnoon bin Zayed Al Nahyan.

The firm has recently anchored TPG’s sports investment fund, acquired a stake in Brevan Howard Asset Management, and joined Blackstone in a $5bn regional logistics platform. It also holds interests in major real estate assets, including Dubai’s largest office tower.

The HPS partnership represents another strategic step in Lunate’s efforts to build long-term collaborations with top-tier global managers and diversify across private equity, credit, and infrastructure.

As corporates increasingly turn to private capital for flexible, large-scale funding, the move positions both HPS and Lunate to capitalise on the growing convergence between private equity and private credit.

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