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(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.
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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.
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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.
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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.
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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.
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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.
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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.
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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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