Abu Dhabi's Mubadala exceeds global benchmarks

Mubadala Investment Company has released its 2022 financial results for the Group.

Despite a challenging macroeconomic environment in 2022 that significantly impacted financial markets and investor sentiment, Mubadala outperformed global benchmarks, supported by active management of its portfolio, robust capital deployment and a considered monetisation programme.

Mubadala invested Dh107 billion in line with its strategy to invest in industries shaping the future, including life sciences, renewable energy and digital infrastructure. Mubadala backed two of the ten biggest deals in healthcare in 2022, investing alongside EQT in Envirotainer, a provider of cold chain solutions for the pharmaceuticals industry; and, together with Warburg Pincus, in the $2.6 billion purchase of Informa Pharma Intelligence — a data and software company for clinical trials and drug development.

After the deal closed, the company acquired and rebranded to Norstella. In renewable energy, Mubadala invested $525 million together with BlackRock Real Assets in Tata Power Renewables, one of the largest renewable energy companies in India, as part of Mubadala’s rapidly growing clean energy portfolio.

Along with co-investors, including Global Infrastructure Partners (GIP) Mubadala also acquired a 100 per cent interest in Skyborn Renewables, the world’s largest private offshore wind developer. The investment included a stake in GIP’s 50 per cent interest in Bluepoint Wind, an innovative 1.6GW project off the coast of New Jersey and New York.

During the year, Mubadala invested heavily in digital infrastructure, with $350 million deployed in PDG, Pan-Asia’s leading data centre platform, along with a further equity commitment of £300 million in CityFibre, the UK’s largest independent Full Fibre platform, building on an initial £500 million investment in the company.

Mubadala made further investments in real estate, infrastructure, and other alternative investments, including private equity and credit. This included starting to deploy capital into European real estate credit via a new joint venture with Ares, an alternative investment company; a $2.1 billion private equity partnership transaction by Mubadala’s wholly-owned asset management subsidiary, Mubadala Capital, with France’s Ardian; and a partnership with KKR to jointly invest across performing private credit opportunities in the Asia-Pacific region.

To support capital recycling into high-potential investment areas, Mubadala received proceeds of Dh106 billion, including from the sale of a 24.9 per cent stake in Borealis, the Austrian market leader in base chemicals and fertilizers. The Group sold Minas de Aguas Teñidas (MATSA) for $1.87 billion with Trafigura. Mubadala also sold its remaining shares in Glencore.

At year-end, Assets Under Management across the group remained above Dh1 trillion.