A $230 Billion Wealth Fund Readies Dry Powder for U.S. Deals - Bloomberg:
One of the world’s biggest sovereign wealth funds said it’s ready to use its growing cash pile to buy more stocks and make other overseas equity investments, possibly in the U.S.
Mubadala Investment Co., which has $232 billion of assets, is looking at deals across the globe, according to Saeed Al Mazrouei, deputy chief financial officer and head of mergers and acquisitions at the Abu Dhabi-based firm.
The company would join other sovereign funds from Norway to Saudi Arabia in bulking up on stocks that got hammered during the meltdown in global markets earlier this year as the coronavirus spread and energy prices crashed.
“We have built dry powder over the last two years,” he said in an interview with Bloomberg Television. “We are looking to deploy that across different sectors and asset classes. I believe the U.S. market is very resilient. We don’t see any systemic risk. We see strong capitalization in the banking system.”
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