# Mubadala Investment Company: Stated Intent to Enter

> Research page on Mubadala Investment Company by OctumAI. Researched and written by GAR, Octum's research engine, from the public sources below; every figure is checked against its source automatically; this version was reviewed by Octum. First published 2026-10-03, updated 2026-10-05. Canonical: https://octum.ai/research/investors/mubadala-investment-company.html

## The question

What is Mubadala Investment Company's investment thesis: its size, returns and funded status, what it says it wants, what it has invested in and realized, who decides, and how the fund and the press describe it?

## GAR's answer

Mubadala's investment philosophy is centered around investing in high quality companies operating in attractive markets with strong tailwinds.

## What we found

### The numbers

As of 2025, Mubadala Investment Company reported assets under management of 1.4 trillion, representing a 17% figure according to data from www.mubadala.com. The company also cited assets under management of USD 385 BN (in billions) from the same source. In 2024, assets under management were reported as 1.2 trillion USD by www.thenationalnews.com and grokipedia.com, while en.wikipedia.org listed the figure as US$330 billion as of 2007. Additionally, grokipedia.com noted assets under management of $330 billion (in billions) USD as of 2024. For 2025, www.mubadala.com stated assets under management of 1.2 trillion AED. Performance metrics indicate a 5 Year IRR of 10.7% as of 2026, according to www.mubadala.com. The 10 Year IRR was reported at 10.3% as of 2026 by the same source. Returns were recorded at 10.1% as of 2024 by www.thenationalnews.com and grokipedia.com, and as of 2025 by www.mubadala.com. A separate report from www.thenationalnews.com listed returns at 9.5% as of 2024. The change in returns from 2024 to 2025 was calculated as +0.6 as of 2025. The portfolio allocation for 2025, sourced from annual2025.mubadala.com, included 20% in PUBLIC, 17% in REAL ESTATE & INFRASTRUCTURE, and 16% in ALTERNATIVES. In terms of US-listed equity positions, the Form 13F-HR reported $34.8 billion USD as of 2026-06-30, according to www.sec.gov. [2] [4] [5] [6] [10] [13] [14] [15] [20]

### What the plan says it wants

Mubadala’s stated strategy centers on diversifying Abu Dhabi’s economic growth while navigating market cycles. The organization aims to scale future-focused sectors, including artificial intelligence, clean energy, life sciences, semiconductors, and advanced manufacturing, all aligned with national priorities. It seeks to expand in areas where it has long invested with conviction, ranging from clean energy and health care to advanced manufacturing and semiconductors. A core objective is to accelerate the transformation of the UAE's economy by building national world-class champions, fostering vibrant industrial and commercial clusters, and partnering with world-class global entities. Mubadala describes its approach as investing at scale with precision, purpose, and alignment. It aims to unlock opportunities that provide institutional investors, ultra-high-net-worth individuals, and other private investors with proprietary access to high-potential opportunities globally. The firm invests across multiple asset classes and geographies, deploying capital in promising sectors. Its portfolio spans aerospace, technology, healthcare, energy, and financial services. Mubadala states that its investments are not passive financial holdings but strategic positions designed to build domestic industrial capacity, create technology transfer pathways, and generate long-term economic value for Abu Dhabi. The platform ensures that these capital-intensive investments generate steady and visible cash flows across business cycles and deliver attractive risk-adjusted returns. Investment decisions aim to maximize risk-adjusted returns whilst supporting the Government’s strategic objective of a globally integrated and diversified economy. Mubadala endorses the need for a stable global financial system and free flow of capital and investments. It unlocks value through proprietary sourcing from its global network, comprehensive underwriting, and transaction execution. The company reports assets under management of USD 385 BN. Historical data indicates assets under management of US$330 billion as of 2007. The stated intent to enter, grow, own, and partner is recorded as stated only. [5] [10] [12] [13] [16] [17] [18]

### The people

Khaldoon Khalifa Al Mubarak is one of the Middle East’s most prominent and globally-engaged business leaders. He serves as the Presidential Special Envoy to China and leads several significant country files on behalf of the UAE. Khaldoon began his career at ADNOC and held several leadership positions at Tawazun Economic Council, formerly known as the UAE Offsets Group, before assuming his current portfolio of responsibilities. He holds a degree in Economics and Finance from Tufts University in Boston, USA. Waleed Al Mokarrab Al Muhairi serves as Deputy Group CEO of Mubadala Investment Company. Homaid Al Shimmari holds the position of Deputy Group CEO and Chief Corporate & Human Capital Officer. Oscar Fahlgren is the Chief Investment Officer and Global Head of Private Equity for Mubadala Capital. Andrew Wang is the Head of Consumer, Private Equity at Mubadala Investment Company. Hani Ahmad Barhoush is the Chief Executive Officer of Credit and Special Situations. Samer Halawa serves as Chief Legal Officer, while Carlos Obeid is the Chief Financial Officer. Saeed Al Mazrouei is a Managing Director. [7] [8] [9]

### What the fund says

Mubadala is a sovereign investor managing a diverse portfolio of assets in the UAE and abroad, aimed at generating sustainable financial returns for the Government of Abu Dhabi. The fund reports assets under management of USD 385 BN, which is equivalent to AED 1.4 trillion as of 2025. Performance metrics indicate a 5 Year IRR of 10.7% and a 10 Year IRR of 10.3%, both as of 2026. Mubadala’s investment philosophy centers on investing in high-quality companies operating in attractive markets with strong tailwinds. It seeks to identify and back strong management teams, providing capital to support their organic and inorganic growth strategies. The firm leverages deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit while supporting the continued diversification and global integration of the UAE economy. Mubadala describes itself as commercially-focused, deploying capital across promising sectors and geographies. Specific strategic statements include confidence that its sector knowledge and global network will support Luckin Coffee’s continued innovation and long-term development. Additionally, the fund notes compelling long-term opportunities in China’s consumer sector. In the context of Uber’s operations in Türkiye, Mubadala highlights the commitment to investing for the long term within a thriving digital economy and dynamic consumer base. The goal is to support a vibrant and competitive ecosystem that delivers value for consumers, couriers, and merchants. Mubadala Energy plans to expand into liquefied natural gas, blue hydrogen, and carbon capture. Allocation data indicates an 80% share, as reported by multiple sources in 2025 and 2026. AI adoption is noted at 18% as of January 22, 2025. [1] [2] [3] [5] [10] [11] [12] [18] [19]

### What the press says

Mubadala is a sovereign investor managing a diverse portfolio of assets in the UAE and abroad. The organization describes itself as commercially-focused, deploying capital across its portfolio in promising sectors and geographies. Its businesses and investments span more than 80 countries. Mubadala’s assets under management are reported as USD 385 BN, while an earlier figure from 2007 listed US$330 billion. The company acts as a national vehicle contributing to accelerate the transformation of the UAE's economy by building national world class champions, fostering vibrant industrial and commercial clusters, and partnering with world-class global entities. Its Real Assets platform deploys capital in critical assets worldwide, essential to the long-term resilience of economies and communities. Through a future-focused investment approach, this platform ensures capital-intensive investments generate steady and visible cash flows across business cycles and deliver attractive risk-adjusted returns. Mubadala partners with best-in-class investors, industry leaders, and governments globally to deliver vital real estate and infrastructure that supports economic growth and stability. The Private Equity platform executes global direct investments and actively manages a portfolio targeting growth-oriented companies across sectors including technology, healthcare, consumer, financial services, energy, and industrials & business services. Additionally, the Credit and Special Situations platform comprises integrated units that invest across a wide range of asset classes, geographies, and sectors. [5] [10]

## Where the sources disagree

- Publicly available figures for Mubadala's assets under management vary significantly, with one source citing $330 billion and another citing 1.2 trillion, a discrepancy of 264% that complicates accurate benchmarking of the investor's scale. [13] [15]
- The widely cited 80% allocation share lacks independent verification, as it appears only on secondary hosts rather than primary sources or data publishers, suggesting this metric may not be reliable for modeling capital commitments. [18] [19]
- The $330 billion AUM figure is not independently reported by primary sources or data publishers, appearing only on secondary hosts, which limits its utility as a definitive baseline for assessing the investor's capacity. [12] [15]

## Analysis

Mubadala’s stated preference for partnership over sole ownership suggests that managers offering co-investment or minority structures will align better with their investment approach. This makes it advantageous for a GP to propose collaborative structures rather than seeking full control of assets. [5] [12]

## Pros and cons for a GP raising capital from this investor

**Pros**

- Change in returns from 2024 to 2025: +0.6 percentage points (9.5 per cent% to 10.1%). [13] [14]
- Mubadala manages USD 385 billion in assets, providing substantial capital capacity for large-scale commitments. [1] [2]
- The fund achieved a 5-year IRR of 10.7% and a 10-year IRR of 10.3%, demonstrating consistent long-term performance. [2]

**Cons**

- The 10-year IRR of 10.3% is lower than the 5-year IRR of 10.7%, indicating that long-term performance has lagged behind recent results, which may signal a deceleration in value creation for a GP seeking a long-term partner. [2]
- The portfolio is heavily concentrated in public equities, which account for 20% of assets, alongside real estate and infrastructure at 17% and alternatives at 16%, meaning nearly half of the capital is in these three buckets, limiting diversification benefits for a GP looking for broad sector exposure. [6]
- Mubadala’s stated strategy is to build national champions and support UAE economic transformation, which may lead to investment decisions driven by strategic national objectives rather than purely financial returns, creating potential misalignment with a GP’s profit-maximization goals. [5]

## Sources

1. Mubadala Investment Company | Mubadala — https://www.mubadala.com/?trk=public_profile_project-title
2. Strong performance by UAE Portfolio Drives Mubadala’s Growth in 2025 | Mubadala — https://www.mubadala.com/en/news/strong-performance-by-uae-portfolio-drives-mubadalas-growth-in-2025?trk=article-ssr-frontend-pulse_little-text-block
3. AI to Revolutionize Investment Strategies, Mubadala and MGX Report | Mubadala — https://www.mubadala.com/en/news/ai-to-revolutionize-investment-strategies-mubadala-and-mgx-report
4. Strong performance by UAE Portfolio Drives Mubadala’s Growth in 2025 | Mubadala — https://www.mubadala.com/en/news/strong-performance-by-uae-portfolio-drives-mubadalas-growth-in-2025
5. Mubadala Investment Company | Mubadala — https://www.mubadala.com/
6. Performance Overview | Mubadala — https://annual2025.mubadala.com/en/performance-overview
7. His Excellency Khaldoon Khalifa Al Mubarak | Mubadala — https://www.mubadala.com/en/who-we-are/investment-committee/khaldoon-al-mubarak
8. Andrew Wang - Mubadala Investment Company | SuperReturn Asia Speaker — https://informaconnect.com/superreturnasia/speakers/andrew-wang/
9. Oscar Fahlgren | Milken Institute — https://milkeninstitute.org/events/global-conference-2026/speakers/oscar-fahlgren
10. Mubadala Investment Company - Wikipedia — https://en.wikipedia.org/wiki/Mubadala_Investment_Company
11. Mubadala Announces Significant Minority Investment in Luckin Coffee – 大钲资本 — https://www.centurium.com/en/press-en/mubadala-announces-significant-minority-investment-in-luckin-coffee/
12. Uber Doubles Down on Türkiye with Agreement to Acquire Getir's Delivery Business | INN — https://investingnews.com/uber-doubles-down-on-turkiye-with-agreement-to-acquire-getir-s-delivery-business/
13. Mubadala asset base grows to $326bn on AI and future-focused investments | The National — https://www.thenationalnews.com/business/2025/05/08/mubadala-asset-base-grows-on-back-of-ai-and-future-focused-investments/
14. Mubadala Investment Company Reports 2024 Financial Results | Mubadala — https://www.mubadala.com/en/news/mubadala-investment-company-reports-2024-financial-results
15. Mubadala Investment Company — Grokipedia — https://grokipedia.com/page/Mubadala_Investment_Company
16. Mubadala vs Tamkeen — Development Vehicles Comparison | Economic Vision 2030 — https://economicvision2030.com/comparison/entities/development-vehicles/
17. MIC 2019 | IFSWF — https://www.ifswf.org/assessment/mic-2019
18. Mubadala Capital | Global Alternative Asset Management — https://www.mubadalacapital.ae/
19. Mubadala invests Dh120 billion in 40 transactions in 2025 | Khaleej Times — https://www.khaleejtimes.com/business/mubadala-dh120-billion-40-transactions-most-active-swf-2025
20. 13f:tableValueTotal:13F-HR:2026-08-14 via sec-13f — https://www.sec.gov/Archives/edgar/data/1704268/000114036126032980/primary_doc.xml