SovereignWealthFunds.comMubadala Investment Company
Mubadala Investment Company: what it invests in
Geography Domestic and global
Mubadala Investment Company: how big it is, and on what basis
In US dollars: about USD 385B. Converted at the fixed rate of AED 3.6725 per US dollar; group AUM, not the issuer balance sheet.
Mubadala Investment Company: what it publishes
Published 8 · Partly 2 · Not published 0
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. Mubadala is an Abu Dhabi sovereign investor owned by the emirate's government. It reported AED 1,414 billion of assets under management at end 2025, about USD 385 billion at the 3.6725 peg, spread across more than 50 countries. It invests directly, through the Abu Dhabi Investment Council's fund programme and through Mubadala Capital, and builds UAE national champions in sectors such as semiconductors, life sciences and energy. S6 S1 S3
Key points
- Deployed AED 143 billion (USD 39 billion) in 2025 and received AED 138 billion (USD 38 billion) of proceeds, both records. S6
- Internal rate of return of 10.7 percent a year over five years and 10.3 percent over ten, to end 2025. S6
- By asset class: private 42 percent, public 20, real estate and infrastructure 17, alternatives 16 and credit 5. S7
- By region: North America 44 percent, UAE 24, Europe 15, Asia Pacific 13. S7
- The Abu Dhabi Investment Council arm committed USD 19 billion with outside GPs and fund managers in 2025. S3
- Its UAE portfolio added AED 45 billion to GDP and supported 98,000 jobs; UAE investments returned more than 20 percent in 2025. S3
- Rated Aa2, AA and AA at issuer level; gearing was 10.3 percent after about AED 13 billion of new funding in 2025. S7 S3
Interesting facts
- Adding the Abu Dhabi Investment Council in 2018 took assets under management from AED 469 billion to AED 839 billion in one year. S7
- The Investment Committee met 27 times in 2025, discussed 82 items and decided 21 more by circulation. S3
- Mubadala is a founder of MGX, the AI investor whose consortium closed the USD 40 billion purchase of Aligned Data Centers in July 2026. S8 S3
Mandate and goals
Mubadala aims to deliver sustainable, risk-adjusted returns for its shareholder, the Government of Abu Dhabi, and to build national champions in future industries at home. S3
- Earn sustainable, risk-adjusted returns over long horizons for the Government of Abu Dhabi. S3
- Build UAE national champions in industries of the future and diversify the economy. S3
- Invest behind four themes: a fragmenting world, technology disruption, demographic change and the climate transition. S3
How it invests
| Industries | Technology, Healthcare and life sciences, Renewables and climate, Infrastructure and utilities, Financial services, Real estate, Industrials and manufacturing, Energy: oil and gas S3 S13 |
|---|---|
| Asset classes | Private equity, Public equities, Real estate, Infrastructure, Private credit, Hedge funds and absolute return, Strategic state holdings, Venture capital S7 |
| Stages | Venture, Growth, Buyout, Infrastructure, Real estate, Credit, Public markets S3 S13 |
| Geography | Domestic and global. Active in more than 80 markets; growing in the US, China, India, Japan, South Korea and Europe, with Africa as a long-term theme S7 S3 |
| Direct / through funds / co-invest | Yes / Yes / Yes S3 |
| Ticket size | No minimum or ticket size is published. S10 |
| Deal sizes seen | About USD 200M (Greenlink, 2026) to USD 8.9B (CI Financial, 2025) in the deals listed below |
| External managers | ADIC invests with top GPs and fund managers across private equity, capital solutions, real assets, public markets and secondaries S3 |
| Co-investment programme | Co-invests widely with sponsors and peers; Mubadala Capital Co-Investment Fund I closed above its hard cap at more than USD 550M in 2025 S3 S14 |
Asset mix: Private 42%, Public 20%, Real estate and infrastructure 17%, Alternatives 16%, Credit 5% (as of 2025-12-31) S7
Largest country weights: North America 44%, UAE 24%, Europe 15%, Asia Pacific 13% S7
Past investments
| Year | Investment | Type | Sector | Stage | Amount | Stake |
|---|---|---|---|---|---|---|
| 2026 | Luckin Coffee. Significant minority investment alongside Centurium Capital. S15 | Co-investment | Consumer and retail | Not stated | About USD 1B | |
| 2026 | Intertek. Take-private led by EQT with 76 percent; ADIA unit Luxinva holds 16 percent. S14 | Co-investment | Industrials and manufacturing | Buyout | GBP 10.7B enterprise value (total deal) | 8% |
| 2026 | Greenlink interconnector. Interest in the power interconnector bought from Equitix. S16 | Direct investment | Infrastructure and utilities | Infrastructure | USD 200M | |
| 2026 | Clear Channel Outdoor. Acquisition by Mubadala Capital. S17 | Direct investment | Telecoms and media | Buyout | USD 6.2B | |
| 2025 | CI Financial. Take-private by Mubadala Capital, completed August 2025. S3 S17 | Direct investment | Financial services | Buyout | USD 8.9B | |
| 2025 | Crusoe. Series E in the AI infrastructure company. S13 | Co-investment | Technology | Growth | USD 1.4B round | |
| 2025 | Nord Anglia Education. Stake in the school group with 89 schools in 37 countries. S3 | Co-investment | Education | Buyout | USD 600M | |
| 2025 | PAL Cooling (via Tabreed). District cooling purchase by Tabreed with CVC DIF. S3 | Co-investment | Infrastructure and utilities | Infrastructure | AED 3.87B | |
| 2025 | Loscam. Pallet pooling business; first Asian industrial position. S3 | Direct investment | Transport and logistics | Not stated | Not published | 30% |
| 2025 | Rezolv Energy. Renewables platform backed with Actis. S3 | Co-investment | Renewables and climate | Infrastructure | About EUR 300M | |
| 2025 | Kimmeridge SoTex. Minority stake. S17 | Direct investment | Energy: oil and gas | Not stated | Not published | 24.1% |
| 2024 | Aldar joint ventures. Four property joint ventures with Aldar. S17 | Joint venture or partnership | Real estate | Real estate | Over USD 8.2B (four ventures) | |
| 2023 | Truist Insurance Holdings. Stake later raised in the 2024 purchase of the remaining 80 percent with partners. S17 | Co-investment | Financial services | Buyout | USD 1.95B for 20 percent | 20% |
| 2016 | Investcorp. Minority stake. S17 | Direct investment | Financial services | Not stated | Not published | 20% |
| 2007 | AMD. Stake reached 12.9 percent by 2017 and was sold in 2019. S17 | Direct investment | Technology | Public markets | Not published | 12.9% |
Case studies
Mubadala Bio: building a national champion S3
- What: Launched Mubadala Bio as a UAE life sciences company with 10 facilities worldwide.
- When: 2025
- Size: Not published
- Why: Building national champions in future industries is a core part of the mandate, alongside returns.
Intertek: a sovereign club deal S14
- What: Joined a take-private of the UK testing group led by EQT, taking 8 percent next to 16 percent for ADIA's Luxinva.
- When: Announced June 2026
- Size: GBP 10.7B enterprise value
- Why: Shows the co-investment model: a minority seat beside a lead sponsor and a peer sovereign fund.
CI Financial: growing Mubadala Capital S3 S17
- What: Mubadala Capital took the Canadian wealth and asset manager private.
- When: Completed August 2025
- Size: USD 8.9B
- Why: To scale the GP-led arm that manages money for outside clients and LPs.
- Outcome: Mubadala Capital now manages, advises or administers more than AED 1.5 trillion for clients.
Investment process
The board, chaired by Sheikh Mansour bin Zayed, sets direction. The Investment Committee, chaired by the Managing Director and Group CEO, shapes and monitors strategy and performance. The Supreme Council for Financial and Economic Affairs oversees Abu Dhabi's funds. S5 S11 S4
| Committee | Role |
|---|---|
| Investment Committee | Develops and monitors investment strategy; met 27 times in 2025 S11 S3 |
- Platforms originate deals: UAE Investments, Real Assets, Private Equity, and Credit and Special Situations. S11
- ADIC places capital with outside GPs; Mubadala Capital runs third-party funds. S3
- The Investment Committee reviews items in meetings or by circulation. S3
- Assets are held long term and recycled; 2025 proceeds were AED 138B. S6
How to approach: No open application is published. GPs usually approach ADIC, sponsors approach the relevant platform, UAE founders approach UAE Investments, and LPs can look at Mubadala Capital funds. The website lists a contact page. S12 S11
Size and returns
- Headline size: AED 1,414B (Assets under management, as of 2025-12-31) S6
- In US dollars: about USD 385B. Converted at the fixed rate of AED 3.6725 per US dollar; group AUM, not the issuer balance sheet.
- Total assets of MDGH, audited: AED 739.0B (Total assets (balance sheet), as of 2025-12-31) S9
- Equity attributable to owner, MDGH: AED 413.9B (Net assets or equity, as of 2025-12-31) S9
- Return, 5 years to 2025: 10.7 percent a year (IRR; 10.1 percent a year earlier) S6
- Return, 10 years to 2025: 10.3 percent a year (IRR; 8.7 percent a year earlier) S6
- Size over time (AED billion): 2011 140, 2012 259, 2013 277, 2014 417, 2015 475, 2016 487, 2017 469, 2018 839, 2019 853, 2020 894, 2021 1,045, 2022 1,015, 2023 1,111, 2024 1,212, 2025 1,414 S7
Leadership
| Name | Title |
|---|---|
| Sheikh Mansour bin Zayed Al Nahyan | Chairman S5 |
| Khaldoon Khalifa Al Mubarak | Managing Director and Group CEO S5 |
| Waleed Al Mokarrab Al Muhairi | Deputy Group CEO S11 |
| Homaid Al Shimmari | Deputy Group CEO and Chief Corporate and Human Capital Officer S11 |
| Carlos Obeid | Chief Financial Officer S11 |
| Ahmed Saeed Al Calily | Chief Strategy and Risk Officer S11 |
| Samer Halawa | Chief Legal Officer S11 |
| Hani Ahmad Barhoush | CEO, Credit and Special Situations S11 |
| Saeed Al Mazrouei | Managing Director and CEO, ADIC S11 S3 |
| Bakheet Al Katheeri | CEO, UAE Investments S11 |
| Khaled Al Shamlan Al Marri | CEO, Real Assets S11 |
| Camilla Languille | Co-CEO, Private Equity S11 |
| Luca Molinari | Co-CEO, Private Equity S11 |
| Sultan Ahmed Al Jaber | Board member S5 |
Governance and transparency
- Legal basis: Public joint stock company wholly owned by the Government of Abu Dhabi; Mubadala Development Company set up by Emiri Decree No. 12 of 2002 S1 S4
- Oversight: Supreme Council for Financial and Economic Affairs, under a January 2026 resolution covering ADIA, Mubadala and L'IMAD S4
- Auditor: PricewaterhouseCoopers, Abu Dhabi, for the issuing entity MDGH S9
- Santiago Principles: IFSWF full member, with a 2025 self-assessment listed S2
- Bond, commercial paper and sukuk documents on the investor page. S12
- The results release has not shown group revenue or net income since 2021; the issuing entity publishes audited accounts. S6 S9
Transparency score: 9.0 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 1984 | IPIC established. S1 |
| 2002-10-06 | Mubadala Development Company established. S1 |
| 2007 | Stake taken in AMD. S17 |
| 2011 | Mubadala Capital established. S1 |
| 2017 | Mubadala Investment Company formed from the merger with IPIC. S1 |
| 2018 | ADIC joins; AUM rises to AED 839B. S7 |
| 2024 | Starts publishing a 10-year IRR. S6 |
| 2025-08 | Mubadala Capital completes the CI Financial take-private. S3 S17 |
| 2026-04-09 | 2025 results: AED 1,414B and record deployment. S6 |
| 2026-06-18 | Intertek consortium announced. S14 |
| 2026-09-10 | Luckin Coffee investment announced. S15 |
For family offices
Mubadala has no general programme for families, but it often invests next to private sponsors and peers, and Mubadala Capital raises third-party funds, including a co-investment fund. S3 S15
Reports
- Annual Review 2025: https://annual2025.mubadala.com/ S3
- MDGH consolidated financial statements 2025: https://www.mubadala.com/~/media/Files/M/mubadala/corp/documents/financial-info-report/Full_Year_2025_Consolidated_Financial_Statements.pdf S9
- 2025 results release: https://www.mubadala.com/en/news/strong-performance-by-uae-portfolio-drives-mubadalas-growth-in-2025 S6
Common questions
How big is Mubadala?
AED 1,414 billion of assets under management at end 2025, about USD 385 billion. S6
What returns does Mubadala make?
An internal rate of return of 10.7 percent a year over five years and 10.3 percent over ten, to end 2025. S6
Who runs Mubadala?
Khaldoon Khalifa Al Mubarak is Managing Director and Group CEO. Sheikh Mansour bin Zayed Al Nahyan is Chairman. S5
How much does it invest each year?
It deployed AED 143 billion (USD 39 billion) in 2025, including ADIC and Mubadala Capital activity. S6
Is Mubadala the same as ADIA?
No. They are separate Abu Dhabi entities, though they sometimes invest together, as on Intertek. S4 S14
How do I approach Mubadala?
There is no open application. GPs go to ADIC, sponsors to the relevant platform and UAE founders to UAE Investments. S12 S11
Related profiles
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- National Development Fund of Iran (NDFI) Iran · About USD 195B (stated, unaudited)
- XRG, ADNOC international investment company (Abu Dhabi) United Arab Emirates (Abu Dhabi) · USD 150B+, estimate
- National Development Fund (NDF) Saudi Arabia · About SAR 430B
- Oman Investment Authority (OIA) Oman · OMR 22.922B
- MGX United Arab Emirates (Abu Dhabi) · USD 49B
All sovereign wealth funds in Middle East · All strategic development funds · All funds in United Arab Emirates
Sources
- S1Mubadala, Our history
- S2IFSWF, members list
- S3Mubadala, Annual Review 2025
- S4WAM, Abu Dhabi resolution consolidating assets and investments
- S5Mubadala, Board of directors
- S6Mubadala, 2025 results release, 9 April 2026
- S7Mubadala, Annual Review 2025, performance overview
- S8AGBI, MGX growth capital for Aligned Data Centers
- S9Mamoura Diversified Global Holding (MDGH), consolidated financial statements 2025
- S10Mubadala, News
- S11Mubadala, Investment Committee
- S12Mubadala, Investors overview
- S13Enterprise, Mubadala deal activity in 2025
- S14Intertek, Rule 2.7 announcement, 18 June 2026
- S15Centurium Capital, Mubadala minority investment in Luckin Coffee
- S16Mubadala, partnership with Equitix in Greenlink
- S17Wikipedia, Mubadala Investment Company
Disclaimer
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