(Bloomberg) -- Private credit has been the best-performing asset class for Mubadala Investment Co. for three years in a row, according to the Abu Dhabi sovereign wealth fund’s deputy group chief executive officer.
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“We’ve been able to manage that well and not take too much risk,” Waleed Al Mokarrab said in a Bloomberg Television interview at Davos on Monday. “At least over the past two or three years, we’ve been achieving some pretty good returns associated with that,” he said, without disclosing specific details.
Mubadala has six private credit partnerships across the US, Europe and Asia, he said. The $330 billion entity has been making inroads into the space and has established relationships with the likes of Apollo Global Management Inc. and Blue Owl Capital.
Mubadala is one of the oil-rich emirate’s three main wealth funds, which together control $1.7 trillion in assets. It deployed $29.2 billion in 2024, according to research consultancy Global SWF, making it the world’s most active sovereign investor last year.
As Donald Trump returns to the White House for a second term, Mubadala is bullish on the prospects of the market where 41% of its assets under management are located. “The US is still the best risk-reward I see, globally speaking,” he said.
Apart from the US, Al Mokarrab sees opportunities in Asia, in markets like India, Japan and China.
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--With assistance from Nicolas Parasie.
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