Mubadala’s assets under management rose 9.1% y-o-y to AED 1.2 tn in 2024, according to its annual review. The fund generated AED 109 bn in proceeds, marking a 10.1% y-o-y increase. Mubadala attributed the performance to its “prudent strategy, strong internal capabilities, and robust corporate governance,” according to its financial overview.

The breakdown: Its portfolio allocation included 40% in private equity, 23% in public markets, 17% in real estate and infrastructure, 15% in alternatives, and 5% in credit. Mubadala Investment was the most active sovereign wealth fund (SWF) investor in 2024, deploying USD 29.2 bn across 52 transactions.

The fund recorded a five-year rate of return of 10.1%, Chief Financial Officer Carlos Obeid said. This marks a slight decrease from a 10.3% return in 2023. The fund also raised AED 30.5 bn in debt through various capital market instruments.

Capital deployment surged 33.7% y-o-y to AED 119 bn, placing Mubadala in the top performance quartile across five- and ten-year periods, Managing Director Khalifa Al Mubarak said.

Mubadala’s private credit portfolio grew to USD 20 bn last year, emerging as its top performing asset class for the third consecutive year. It invested over USD 5 bn in private credit partnerships with Apollo, Ares, and Blackstone and launched a USD 1 bn partnership with Goldman Sachs as well as a USD 2.5 bn JV with Alpha Dhabi.

Looking ahead, Mubadala is taking a more cautious approach to global investments amid escalating US-driven trade tensions, particularly those driven by US policy. Investment decisions will now follow a slower, merit-based review process as assumptions are re-evaluated.

Despite the cautious tone, Mubadala has remained active in early 2025, committing USD 1 bn to a partnership with Fortress Investment Group, anchoring a USD 10 bn investment in TWG, acquiring a 24.1% stake in SoTex Holdco, investing USD 215 mn in 3650 Capital, and acquiring a minority stake in Apleona.

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