Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund, has identified private credit as its best-performing asset class for the past three years, according to Deputy Group CEO Waleed Al Mokarrab. In a Bloomberg Television interview at Davos, Al Mokarrab stated, “We’ve been able to manage that well and not take too much risk… At least over the past two or three years, we’ve been achieving some pretty good returns associated with that.”
The $330 billion fund has established six private credit partnerships across the US, Europe and Asia, collaborating with firms such as Apollo Global Management and Blue Owl Capital. In September 2024, Citigroup and Apollo Global Management announced a partnership to arrange $25 billion in private credit deals over five years, with participation from Mubadala and Apollo’s insurance unit, Athene.
Mubadala, one of Abu Dhabi’s three main wealth funds managing a combined $1.7 trillion in assets, deployed $29.2 billion in 2024, making it the world’s most active sovereign investor that year, as reported by Global SWF.
With 41% of its assets under management in the US, Mubadala remains optimistic about the American market. Al Mokarrab commented, “The US is still the best risk-reward I see, globally speaking.” Additionally, he highlighted opportunities in Asia, particularly in India, Japan and China.
