Key Takeaways
- • Mubadala Investment Company is opening its $25 billion credit platform to third-party capital for the first time, restructuring the business under Mubadala Capital to enable external fundraising across direct lending, infrastructure debt, real estate debt, secondaries, NAV financing, and Asia-focused lending.
- • The Abu Dhabi sovereign wealth fund is committing an additional $4.65 billion to support platform expansion, with management transferred to Mubadala Capital under a long-term agreement that provides flexibility to launch traditional funds, evergreen vehicles, and other external investor products.
- • The credit business will be led by Omar Eraiqat (senior partner, president and chief investment officer for Credit and Solutions) and Fabrizio Bocciardi (senior partner and head of credit), with more than 25 personnel transferred to Mubadala Capital as part of the structural reorganization.
- • Mubadala is positioning the platform to capitalize on institutional demand for private credit and capitalize on banks' retreat from direct lending, particularly in European and Asian markets, building on 17 years of private credit investment experience since 2009.
Summary
Mubadala Investment Company, the Abu Dhabi-based sovereign wealth fund, is making a significant strategic shift by opening its $25 billion credit platform to external investors for the first time. The restructuring transfers management of the existing portfolio to Mubadala Capital under a long-term agreement, enabling the entity to raise third-party capital. The move reflects the fund's recognition of sustained institutional demand for private credit exposure across multiple product categories.
The credit business encompasses a diverse range of asset classes and strategies: direct lending, infrastructure debt, real estate debt, private credit secondaries, net asset value (NAV) financing, technology-focused private credit, and Asia-concentrated lending opportunities. Under the new structure, Mubadala Capital gains the operational flexibility to launch traditional closed-end funds, evergreen vehicles, and other bespoke products tailored to external investor requirements. To support this expansion, Mubadala is committing an incremental $4.65 billion, demonstrating confidence in the platform's growth trajectory.
Leadership of the credit business has been assigned to Omar Eraiqat, who assumes the role of senior partner, president and chief investment officer for Credit and Solutions, alongside Fabrizio Bocciardi, senior partner and head of credit. The transition involved more than 25 personnel transferring to Mubadala Capital, signaling a material operational lift to support external capital management.
Eraiqat highlighted that Mubadala's entry into private credit dates to 2009, with the fund developing its platform through partnerships with specialist managers rather than building a proprietary lending platform from inception. The restructuring positions the firm to capture opportunities created by traditional banks' ongoing retreat from direct lending markets, particularly in Europe and Asia—regions where regulatory pressures and capital constraints have reduced competitive lending supply and created favorable pricing environments for alternative credit providers.
The credit business encompasses a diverse range of asset classes and strategies: direct lending, infrastructure debt, real estate debt, private credit secondaries, net asset value (NAV) financing, technology-focused private credit, and Asia-concentrated lending opportunities. Under the new structure, Mubadala Capital gains the operational flexibility to launch traditional closed-end funds, evergreen vehicles, and other bespoke products tailored to external investor requirements. To support this expansion, Mubadala is committing an incremental $4.65 billion, demonstrating confidence in the platform's growth trajectory.
Leadership of the credit business has been assigned to Omar Eraiqat, who assumes the role of senior partner, president and chief investment officer for Credit and Solutions, alongside Fabrizio Bocciardi, senior partner and head of credit. The transition involved more than 25 personnel transferring to Mubadala Capital, signaling a material operational lift to support external capital management.
Eraiqat highlighted that Mubadala's entry into private credit dates to 2009, with the fund developing its platform through partnerships with specialist managers rather than building a proprietary lending platform from inception. The restructuring positions the firm to capture opportunities created by traditional banks' ongoing retreat from direct lending markets, particularly in Europe and Asia—regions where regulatory pressures and capital constraints have reduced competitive lending supply and created favorable pricing environments for alternative credit providers.
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