The Signal from Abu Dhabi: Mubadala's Play for Credit Dominance

ABU DHABI, United Arab Emirates – July 06, 2026

In a move that sends a powerful signal across the global financial landscape, Mubadala Capital, the asset management subsidiary of Abu Dhabi’s sovereign wealth fund, has completed the integration of its parent’s formidable $25 billion credit business. The maneuver is far more than a simple internal reorganization. By opening the long-standing platform to third-party investors for the first time and injecting it with a fresh $4.65 billion in capital, Mubadala Capital is executing a decisive pivot from a captive manager to a global alternative asset titan, ready to compete at the highest level.

This integration marks the culmination of a deliberate, multi-year strategy. Since becoming an independent subsidiary of Mubadala Investment Company in 2021, the firm has undergone a stunning transformation. Its assets under management, advisory, and administration have skyrocketed from $20 billion in 2022 to over $600 billion today, a staggering increase fueled by strategic acquisitions and partnerships. This latest move, however, is arguably its most significant, transforming the firm into a major force in the booming private credit market.

A Strategic Metamorphosis

The shift is a clear declaration of ambition. Mubadala Capital is evolving from a single-product private equity platform into a diversified global alternative asset manager capable of operating across institutions, insurance, and private wealth. The integration of the credit arm is the capstone of this evolution, providing the scale and product diversity needed to attract a new class of global investors.

“This is a defining moment for Mubadala Capital,” said Hani Barhoush, the firm's Managing Director and Chief Executive Officer. “What changes is the scale of what we can now offer, and the foundation from which we continue to build.”

The conviction behind this move is underscored by two critical actions. First, the $4.65 billion capital commitment from the parent sovereign fund provides immense firepower to pursue new opportunities and signals unwavering support. Second, the appointment of His Excellency Khaldoon Khalifa Al Mubarak, the influential Managing Director and Group CEO of the entire Mubadala Investment Company, as Chairman of Mubadala Capital’s board, solidifies the strategic importance of this venture at the highest echelons of Abu Dhabi's economic leadership.

As Barhoush noted, these are “powerful signals of conviction — in this asset class, in this platform, and in what we are building.” The message is unmistakable: Mubadala is not just participating in the private credit market; it intends to shape it.

Unlocking the Private Credit Vault

For the first time, institutional investors, family offices, and other third parties can now access a credit platform that was incubated and perfected over 15 years within one of the world's most sophisticated sovereign funds. Since Mubadala began investing in private debt in 2009, its credit team has quietly built a $25 billion portfolio, executing over 500 transactions and cultivating deep relationships.

The portfolio is a diversified collection of modern credit strategies, moving far beyond traditional direct lending. It includes allocations to real estate and infrastructure debt, complex secondary and NAV financing solutions, and specialized private credit for the technology sector. A significant focus on Asia, particularly high-growth markets like India, demonstrates a forward-looking approach aligned with global economic shifts. This breadth offers potential investors a multi-faceted entry point into one of today's most sought-after asset classes.

Leadership continuity ensures that the platform’s successful formula remains intact. More than 25 investment professionals have transitioned to Mubadala Capital, led by Omar Eraiqat, now President and CIO of Credit and Solutions, and Fabrizio Bocciardi, Head of Credit. Both are veterans of the Mubadala system, having been instrumental in building the credit business from the ground up.

“The Credit business was incubated and built inside Mubadala Capital. This transfer, in many ways, brings it back to where it all began,” said Omar Eraiqat. “The relationships, the investment process, the team - all of it remains intact. This integration gives us a platform purpose-built to take this business to its next stage.”

A New Power Player in a Crowded Market

Mubadala Capital is entering the third-party private credit arena at a time of unprecedented growth and competition. The asset class has swelled as institutional investors seek higher yields and diversification away from public markets. However, the market is also concentrating, with the largest and most diversified managers capturing a dominant share of fundraising. In 2025, the top 25 managers accounted for nearly three-quarters of all capital raised.

By launching with a $25 billion track record, deep sovereign backing, a fresh $4.65 billion war chest, and a network of 14 established origination partners, Mubadala Capital instantly joins this elite group. The firm is not starting from scratch; it is activating a fully-formed, scaled-up competitor. This move will intensify competition for both high-quality deals and institutional capital, putting pressure on smaller, less-differentiated managers.

Furthermore, the firm has already demonstrated a sophisticated partnership strategy, collaborating with giants like Fortress Investment Group and Goldman Sachs to co-invest and expand its reach in specific credit and real estate strategies, particularly in the Asia-Pacific region. This hybrid approach—building its internal capabilities while simultaneously leveraging best-in-class external partners—gives it a powerful edge in sourcing and executing complex transactions globally.

Abu Dhabi's Expanding Financial Footprint

Viewed from a wider angle, this development is a key component of Abu Dhabi's long-term economic vision. The emirate is methodically leveraging its vast sovereign wealth to build a diversified, post-oil economy and establish itself as a global financial center. Mubadala Capital's transformation is a textbook case of this strategy in action: incubating a world-class investment unit internally, spinning it out to operate with commercial discipline, and empowering it to attract international capital.

The appointment of Khaldoon Khalifa Al Mubarak as Chairman is the ultimate link between the commercial goals of the asset manager and the strategic vision of the state. It ensures that Mubadala Capital's growth trajectory is perfectly aligned with Abu Dhabi's ambition to project financial power and influence on the world stage. By opening its doors, Mubadala is not just seeking returns; it is inviting the world's leading investors to participate directly in the next phase of its economic ascent.