Abu Dhabi’s Mubadala Builds $20 Billion Private Credit Portfolio - Bloomberg
Mubadala Investment Co. deployed 119 billion dirhams ($32 billion) last year, as the world’s most active sovereign wealth fund deepened its push into sectors such as private credit and artificial intelligence.
The Abu Dhabi-based investor’s assets under management grew to 1.2 trillion dirhams, up 9.1% from the previous year, according to a statement. It reported a five-year rate of return of 10.1%, roughly in line with last year’s figure.
The wealth fund’s private credit portfolio rose to 73.5 billion dirhams, supported by partnerships with Apollo Global Management Inc., Carlyle Group Inc. and KKR & Co., among others.
Private credit has been the fund’s top-performing asset class for three years in a row, its deputy chief executive said in January. It has continued to expand in the space this year, including a $1 billion commitment to private credit and other strategies managed by Fortress Investment Group.
Mubadala Capital, the fund’s asset management arm, now oversees 110.2 billion dirhams. The unit grew in size following its acquisition of Fortress and a 3.6 billion dirham partnership with Silver Rock Financial.
Artificial intelligence was another key focus. Alongside G42, Mubadala was a founding partner of MGX, a technology investment firm launched in March 2024 with the ambition of eventually managing over $100 billion in assets.
In September, MGX joined BlackRock Inc. and Microsoft Corp. in a $30 billion initiative to build data centers and energy infrastructure. Then in January, it backed the $100 billion Stargate venture — alongside OpenAI, SoftBank Group Corp. and Oracle Corp. — to fund AI infrastructure in the US.
Mubadala is one of three main wealth funds in the oil-rich emirate, which together manage $1.7 trillion in assets.
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