Dubai: Mubadala Capital, the asset management unit of Abu Dhabi's wealth fund Mubadala, has closed its third private equity fund - MIC Capital Partners III - with total commitments of $1.6 billion.
Mubadala said the fund surpassed 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. "To have the opportunity to partner with a group of leading institutional investors 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, " said Adib Mattar, Head of Private Equity at Mubadala Capital.
The Fund III is focused on direct investments in North America and Europe across t sectors such as media, sports and entertainment; consumer and food services; financial services; and; industrials and business services. To date, Fund III consists of about $1.4 billion of investments across nine assets including REEF Technology, a proximity-as-a-service platform; YES Network, a regional sports network in the New York and Tri-State area; and Peterson Farms.
Mubadala Capital manages $9 billion of assets in third-party managed funds across its private equity, public equities, venture capital and Brazil businesses.