Abu Dhabi’s sovereign wealth fund Mubadala saw its private credit portfolio rise to AED 73.5bn (approximately $20bn) in 2024, according to its latest full-year financial results.
The increase was supported by “deep, trusted partnerships with institutions including Apollo, Ares, Carlyle, Goldman Sachs, and KKR,” the state-owned investment firm said.
Read more: Mubadala and Fortress agree $1bn private credit partnership
It comes after Mubadala stated in January that private credit has been its best-performing asset class for three years in a row.
In an interview with Bloomberg Television at Davos at the time, Waleed Al Mokarrab, Mubadala’s deputy group chief executive officer, praised the returns that have been delivered by the fund’s private credit investments.
Read more: Mubadala: Private credit is best-performing asset class
Mubadala has partnered with a number of private credit funds in recent years, including Ares, Goldman Sachs, and Apollo.
In 2023, it partnered with Ares and Aldar Properties on a $1bn (approximately £750m) private credit fund, and last year it signed a $1bn deal with Goldman Sachs to invest in private credit across the Asia Pacific region.
Read more: Apollo launches Mubadala-backed private credit fund
Mubadala is the world’s most active sovereign wealth fund, deploying a total of $32bn last year.
“We continue to grow and diversify across sectors and geographies, supported by a strong balance sheet, a low cost of debt, and a conservative gearing ratio of 7.8%, which positions us well for future investments,” said Carlos Obeid, Mubadala’s group chief financial officer.
