Mubadala Capital has completed the transfer of Mubadala Investment Company's credit business, a portfolio valued at $25 billion, into its platform. This strategic move allows the credit business to accept capital from third-party investors for the first time. To further support the growth of the business, Mubadala is also committing an additional $4.65 billion in incremental capital. This integration signifies Mubadala Capital's evolution from a single-product private equity platform into a diversified global alternative asset manager.
The credit business, which Mubadala began investing in back in 2009, had grown into a substantial $25 billion portfolio. It has invested alongside 14 origination partners across various sectors including direct lending, real estate and infrastructure debt, secondaries and NAV financing, and technology private credit. Following the integration, over 25 investment professionals have transitioned to Mubadala Capital, and the business will continue to be led by Omar Eraiqat, who joins as Senior Partner and President and Chief Investment Officer, Credit and Solutions. Fabrizio Bocciardi also joins as Senior Partner and Head of Credit.
This move by Mubadala Capital is a strategic play to scale its influence in global lending markets and capitalize on the growing private credit market, which has expanded significantly since banks reduced certain lending activities post-2008. By creating co-investment structures, Mubadala can engage in larger deals while diversifying risk and building relationships with institutional investors like pension funds and endowments. This integration comes after a series of deliberate steps, including the acquisition of a 42% stake in Silver Rock Financial LP in December 2024 and a $1 billion partnership with Fortress Investment Group in April 2025. In January 2026, Mubadala Capital also successfully closed a co-investment fund of $550 million for external investors, exceeding its target.
Mubadala Capital's assets under management, advisory, and administration have seen significant growth, rising from $20 billion in 2022 to over $600 billion today. The firm's wholly-owned core alternatives businesses now manage and invest over $60 billion across various platforms. The integration of the credit business underlines Mubadala Capital's ambition to connect distinct pools of capital with prime investment opportunities across different asset classes, geographies, and partnership models. His Excellency Khaldoon Khalifa Al Mubarak, previously Chairman, will continue to serve on the board as Vice Chairman, signaling ongoing conviction in the platform.
The competitive landscape in the Gulf region shows other major sovereign wealth funds, such as the Abu Dhabi Investment Authority (ADIA), also expanding their credit capabilities, with funds from Qatar and Kuwait pursuing similar strategies.
