Mubadala Capital is launching an investment business that it hopes will appeal to family offices and institutions, with strategic partner Apollo Global Management Inc. already signed up to invest.
(Bloomberg) — Mubadala Capital is launching an investment business that it hopes will appeal to family offices and institutions, with strategic partner Apollo Global Management Inc. already signed up to invest.
The Abu Dhabi asset manager is seeding the first strategy within its Mubadala Capital Solutions unit with $2.7 billion from its balance sheet, according to a statement Thursday. Apollo has agreed to contribute an undisclosed sum to this strategy, which will focus on private market opportunities.
The unit will also run separately-managed accounts for investors with specific risk and liquidity requirements. Abu Dhabi Catalyst Partners — Mubadala Capital’s joint venture with Alpha Wave that has $1.7 billion of assets under management — will run a separate strategy, investing in firms in the emirate’s international financial free zone.
Mubadala Capital Solutions will be co-headed by Maxime Franzetti, a founding member of Mubadala Capital, and Fatima Al Noaimi, previously a senior member of Mubadala Capital’s private equity business, it said.
Mubadala Investment Co., Abu Dhabi’s second-biggest sovereign wealth fund, has been building up its asset management arm to run about $20 billion for itself and outside investors. It’s aiming to expand its operations and plans to take a majority stake in US-based Fortress Investment Group.
Apollo, meanwhile, has teamed up with Mubadala on several ventures since agreeing to work together in 2020, including a $2.5 billion private credit platform earlier this year.
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