Silver Lake Partners, the multi-billion dollar tech-focused investment firm, is adding a longterm hedge fund backed by Abu Dhabi’s sovereign wealth fund, Mubadala, to its array of investment vehicles to finance technology companies.

The move into multi-strategy investing represents the diversification of financing vehicles that companies have at their disposal and gives the private equity firm the tools it needs to compete in a world awash with capital and new ways for companies to access public market financing.

It’s probably not a coincidence that the public-private, long-only, investment structure is happening as more tech companies are eschewing later stage financing to find cash on public markets through things like special purpose acquisition companies (SPACS).

Almost everything you need to know about SPACs

According to a statement from the firm, the new strategy has a 25-year deployment life cycle and can be invested across structures, geographies and industries. The agreement makes the two financial entities a couple that will really span time together.

In addition to the new strategy, Silver Lake’s partnership has a new minority shareholder in the Abu Dhabi-backed sovereign wealth fund. Mubadala took a minority stake in the firm by buying up half of the 10% chunk of the firm that Silver Lake’s partners sold to Dyal Capital Partners, a subsidiary of Neuberger Berman.

“Silver Lake is a top performer for Dyal, having innovated, evolved and expanded to prudently grow its assets under management from $23 billion when we first acquired our stake to more than $60 billion today,” said Michael Rees, Managing Director and Head of Dyal Capital Partners, in a statement. “This transaction with Mubadala and their commitment to Silver Lake’s new long-term capital vehicle is a strong endorsement of Silver Lake’s differentiated, global capabilities and underscores our conviction in the ability to generate compelling returns

By Aditya Kalra, Hadeel Al Sayegh and Aftab Ahmed

NEW DELHI/DUBAI, Sept 29 (Reuters)Abu Dhabi state fund Mubadala Investment Co is in advanced talks to invest up to $1 billion in the retail division of India’s Reliance Industries Ltd RELI.NS, two sources told Reuters, as investor interest in the Indian company surges.

Reliance Retail is on a fund raising spree and has secured around $1.8 billion in the past few weeks from KKR & Co KKR.N and Silver Lake Partners.

Reliance, controlled by Asia’s richest man Mukesh Ambani, has approached investors, who collectively pumped more than $20 billion into its Jio Platforms digital business this year, to take stakes in its retail business, which has nearly 12,000 stores and sells everything from groceries and electronics to fashion and shoes.

Mubadala invested around $1.2 billion in Jio Platforms and its executives have held extensive talks in recent weeks with Reliance for investing in its retail venture, several sources familiar with the talks said.

While one source said Mubadala “is ready with” $1 billion for Reliance Retail and doing due diligence, a second source said the talks were at an advanced stage and said the investment could be anywhere between $500 million and $1 billion.

A Reliance spokesman said the company cannot confirm or deny any transaction, adding: the “company evaluates various opportunities on an ongoing basis.”

Mubadala declined to comment. It is the second-biggest state investor in Abu Dhabi after Abu Dhabi Investment Authority, managing about $240 billion in assets.

For Mubadala, any further investment into Reliance will come months after it said it was under-invested in Asia and planned to expand its portfolio in the region.

STRONG INVESTOR INTEREST

Reliance is likely to soon announce a few investments into its retail unit, and those will be