DUBAI: Mubadala Capital, the investment arm of Abu Dhabi-based sovereign wealth manager Mubadala Investment Co., has closed its third Private Equity fund, MIC Capital Partners III (Fund III), with total commitments of US$1.6 billion.
Mubadala said its initial target and raised capital commitments from a diverse set of new and existing investors including leading pension plans, endowments, insurance plans, government institutions, family offices and private equity firms across North America, Europe, the Middle East and Asia.
Adib Mattar, Head of Private Equity at Mubadala Capital, said the company began Private Equity investment practice 13 years ago and the closing of Fund III represents a major milestone for the Private Equity team and also for Mubadala Capital.
“To have the opportunity to partner with a group of leading institutional investors from across the world is both a privilege for us and a meaningful vote of confidence by the market in our ability to originate compelling new investment opportunities, partner with leading management teams and create value across our portfolio in order to continue delivering strong risk-adjusted returns to our investors,” he said.
Mubadala Capital’s Fund III is focused on direct investments in North America and Europe across the following core sector areas where the team has a strong network and track record including media, sports and entertainment; consumer and food services; financial services and Industrials and business services.
To date, Fund III consists of approximately US$1.4 billion of investments across nine assets, including REEF Technology, a proximity-as-a-service platform enabling and accelerating the growth of the North American on-demand economy; YES Network, a Regional Sports Network in the New York and Tri-State area; and Peterson Farms, a processor of fresh-cut apples, quick-frozen fruit products and not-from concentrate juice in the United States, among others.
Mubadala Capital said it opened offices in New York and London in order to better capitalize on investment opportunities and portfolio management in its key markets as well as engage more meaningfully with its global investor base.
It manages US$9 billion of assets in third-party managed funds across its private equity, public equities, venture capital and Brazil businesses, and is the first sovereign wealth fund to manage third-party capital on behalf of other institutional investors.
