The News
Mubadala has ridden waves of private credit and artificial intelligence to notch some of the highest returns of any sovereign wealth fund in the world.
Assets under management grew to $330 billion for Abu Dhabi’s second-largest fund, up 9.1% from the previous year, according to its annual report, while it reported a five-year rate of return of 10.1%, outperforming all other sovereign investors, according to figures from Global SWF.
Private credit was the best-performing asset class for a third year in a row — and its allocation rose to about $20 billion in 2024 through investments with US firms Apollo, Ares, Carlyle, Goldman Sachs, and KKR, according to a statement.
Mubadala is also investing aggressively in AI as a founding partner of technology fund MGX — alongside Abu Dhabi’s AI firm G42 — which has a target of $100 billion in assets. Last year MGX joined BlackRock and Microsoft in a $30 billion effort to bankroll data centers and energy infrastructure, primarily in the US. MGX has also backed the $100 billion Stargate initiative announced by the Trump administration — alongside OpenAI, SoftBank, and Oracle — to fund AI infrastructure.