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Mubadala Capital — the external asset-management arm of Abu Dhabi’s sovereign fund — has raised USD 554 mn for its first dedicated co-investment vehicle, comfortably beating its USD 400 mn target as investors line up for access to the group’s dealflow, co-heads Fatima Al Noaimi and Maxime Franzetti told Semafor.
More on the fund: The vehicle plans to do around eight transactions a year, investing alongside Mubadala Investment Company’s USD 360 bn balance sheet or with other global PE firms. The fund has already started deploying capital, with a focus on North America and Europe, Al Noaimi said without specifying the target sectors or asset classes — though recent capital deployments have focused on real estate, US-based AI firms, and infrastructure players in South America.
Who’s backing it: The fund drew LPs from Asia, Europe, the Middle East, and North America, underscoring broad appetite for co-investment exposure.
Their take: The raise was “one of the fastest” for the firm despite a tough fundraising backdrop. “Global investors recognize the quality and attractiveness of the co-investment dealflow we have access to,” Al Noaimi said.
More to come: Al Noaimi added that a second co-investment fund is already in the works for Mubadala Capital, which manages about USD 30 bn and was the first sovereign platform to take in third-party capital.
Mubadala is no stranger to the co-investment structure, having partnered with Goldman Sachs in a USD 1 bn, private credit-focused agreement and with France’s Bpifrance on an Africa-focused venture capital fund over the past couple of years.
