According to sources familiar with the issue, Abu Dhabi Investment Authority intends to invest roughly $1 billion alongside a consortium acquiring medical supplies firm Medline Industries Inc in one of the most leveraged buyouts of all time.

The Abu Dhabi government's largest sovereign wealth fund would back the purchase of Medline by Blackstone Group Inc., Carlyle Group Inc., and Hellman & Friedman, according to sources who asked not to be identified because they were sharing sensitive information. GIC Pte, Singapore's state-owned investor, is also involved in the transaction, which values Medline at more than $30 billion. ADIA verified the investment through a spokesman.

Medline is the largest private U.S. manufacturer and distributor of medical supplies to hospitals and doctors' offices, including gloves, gowns, and exam tables. The private equity group outbid Canadian investment behemoth Brookfield Asset Management Inc., which was bidding on its own, for the acquisition of the company.

ADIA has been looking to capitalize on its position as a supporter of some of the world's largest buyout companies by participating in new acquisitions. It agreed to participate alongside Advent International and Cinven in Thyssenkrupp AG's elevator unit's $19 billion acquisition last year. In 2019, the fund was part of a group that purchased Nestle SA's $10 billion skincare division.

It's also ADIA's second health-care agreement in a row. It acquired a minority share in health-care software developer Dedalus Holding from private equity firm Ardian in May.

The sovereign fund has been creating its own staff of private equity specialists, allowing it to make more direct investments. This month, it recruited another senior hire to its in-house data analysis and artificial intelligence division, which is tasked with developing new investing strategies.